Bankers low valuation should have a buoyance effectIf Bankers was trading at a premium valuation like 6 times cash flow or EV/CF of 6 yes if crude dropped significantly the share price would tank. However Bankers is in the opposite situation and trading at an ultra low valuation for a company with 226 MMBBBLs of reserves net debt of less than $60 million, a cash flow multiple of a measly 3.4 times current cash flow and 3.15 times next years cash flow (at current prices) and an EV/CF of just $1057 million/$285 million = 3.70.
So in my opinion, if crude drops, the company would trade at a higher valuation and the share price not drop that much. Look at the valuation of other sectors of the TSX. Quality companies like Bankers are trading at rediculously low valuations because the market is building in a potentially lower crude price already IMO