TSX:ERF - Post Discussion
Post by
retiredcf on Jul 13, 2023 9:15am
BMO
BMO oil and gas analyst Randy Ollenberger sees the upcoming earnings reporting season as “challenging to say the least.”
“We expect to see generally weaker quarter-over-quarter results for the Canadian oil and gas group due to challenges presented by wildfires, heavy oil sands turnaround activity and weaker natural gas prices. On the crude oil side, ongoing fears of a recession and the potential impact on demand have constrained pricing while milder-than-expected weather continued to undermine North American natural gas prices. However, despite these issues, we anticipate our coverage group will generate $5.0 billion of free cash flow (6.3% annualized yield) in the second-quarter, returning roughly $5.5 billion of that to shareholders (~7% annualized yield) … We are anticipating large cap producers to generate a much stronger average yield of 6.7% relative to the small and mid-cap producers (3.5%)”
Mr. Ollenberger has outperform ratings on Imperial Oil, Canadian Natural Resources, Enerplus, Whitecap Resources, Crescent Point Energy, MEG Energy, Tourmaline Oil and Cenovus Energy.
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