RBC views Canadian energy stocks as inexpensive, bias towards liquids producers

Kelt Exploration

18/07/2019 12:56

** RBC Capital Markets trims its cash flow per share (CFPS)
estimates and net asset value (NAV) on Canadian E&P companies,
citing lower near-term crude oil, natural gas prices 
    ** Brokerage's 2020 CFPS and NAV estimates fall by 9% and
11%, respectively
    ** WTI forecast for 2019/20 decreases to $60/$62 per barrel
from $64/$66 per barrel; Henry Hub natural gas forecast for
2019/20 reduced to $2.63/$2.63 mmBtu from $2.80/$2.75 mmBtu
    ** RBC continues to view energy stocks as inexpensive and
favours ARC Resources  ARX.TO , Kelt Exploration  KEL.TO ,
NuVista Energy  NVA.TO  and TORC Oil & Gas  TOG.TO 
    ** Cuts PT of Crescent Point Energy Corp  CPG.TO  to C$6
from $7, ARC Resources to C$10 from C$12, Paramount Resources
 POU.TO  to C$9 from C$10, Whitecap Resources  WCP.TO  to C$7
from C$10, Tourmaline Oil Corp  TOU.TO  to C$24 from C$26

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2439, outside U.S. +91 80 6749 2439; Reuters Messaging:
shradha.singh@.thomsonreuters.com@reuters.net))