TD - Market Overreacted to Okay Quarter and Reserves
TD Investment Conclusion VII's strategy of modest production growth, focus on growing FCF by moderating the decline rate, and ultimately returning capital to shareholders seems to be the correct direction for a company of its size/maturity. However, there is little investor appetite for Canadian energy equities. This has materially suppressed VII's valuation. For long-term investors, we believe that this could prove to be an attractive entry point.