From this morning's G&M Canadian Natural Resources Ltd. (CNQ-T +1.91%
increase) was added to RBC’s “Global Energy Best Ideas” list for the second quarter on Monday.
“CNQ is our favorite senior Canadian producer given its strong shareholder alignment, long-life/low-decline portfolio, significant shareholder returns, strengthening balance sheet, and best-in-class operating performance. CNQ is also on our Top 30 Global Ideas list,” said analyst Greg Pardy, who has an “outperform” rating and $90 target for its shares (versus the $82.56 average on the Street.)
He called the Calgary-based company “globally distinguished,” adding: “Canadian Natural Resources’ management committee structure and shareholder alignment are unique factors which distinguish the company globally. CNQ’s long-life, low-decline portfolio—anchored by low sustaining capital—provides the company superior free cash flow generation throughout the cycle.”
Overall, the list now includes 21 stocks, including these TSX-listed equities are: Cenovus Energy Inc. (
); Tourmaline Oil Corp. (
); Arc Resources Ltd. (
); Tamarack Valley Energy Ltd. (
); Secure Energy Services Inc. (
) and Algonquin Power & Utilities Corp. (
)
“In March, the RBC Global Energy Best Ideas List was up 7.8 per cent compared to the iShares S&P Global Energy Sector ETF (IXC) up 7.6 per cent and a hybrid benchmark (75-per-cent IXC, 25-per-cent JXI – iShares Global Utilities ETF) up 7.1%. Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 115.0 per cent compared to the S&P Global Energy Sector ETF up 14.9 per cent,” the firm said.