Barclays on North America Oil & Gas: Large Cap E&P - Downgrading CVE, Upgrading CNQ & MEG
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Price: $51.40 +0.73%
Rating Summary:
19 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on North America Oil & Gas: Large Cap E&P
Analyst, Thomas R. Driscoll, said, "Most Canadian oil stocks have lagged this year as the TSE has lagged the S&P (by ~8% YTD) and as Canadian oil prices have lagged WTI. Any portion of the Canadian E&P weakness attributable to the weakness in the TSE vs. the S&P appears to be non- fundamental and will likely be reversed. The portion of the weakness that is attributable to weaker Canadian oil price differentials has a high likelihood of being reversed as well."
Barclays upgrades Canadian Natural (NYSE: CNQ) and MEG Energy (NYSE: MEG) from Equalweight to Overweight. Price target's are $41 and $51, respectively.
Barclays downgrades Cenovus Energy (NYSE: CVE) from Overweight to Equalweight, PT raised from $42 to $43. FY12 EPS estimate raised from $1.75 to $1.95 and FY13 from $1.45 to $1.60.
Driscoll, considering a premium valuation, suggests investors move out of CVE and into MEG.
Analyst, Thomas R. Driscoll, said, "Most Canadian oil stocks have lagged this year as the TSE has lagged the S&P (by ~8% YTD) and as Canadian oil prices have lagged WTI. Any portion of the Canadian E&P weakness attributable to the weakness in the TSE vs. the S&P appears to be non- fundamental and will likely be reversed. The portion of the weakness that is attributable to weaker Canadian oil price differentials has a high likelihood of being reversed as well."
Barclays upgrades Canadian Natural (NYSE: CNQ) and MEG Energy (NYSE: MEG) from Equalweight to Overweight. Price target's are $41 and $51, respectively.
Barclays downgrades Cenovus Energy (NYSE: CVE) from Overweight to Equalweight, PT raised from $42 to $43. FY12 EPS estimate raised from $1.75 to $1.95 and FY13 from $1.45 to $1.60.
Driscoll, considering a premium valuation, suggests investors move out of CVE and into MEG.
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