Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

Positive trend in the Retail business.

[Catscratch]

Here are few comments from today's TD research report on Parkland Fuel.  Supports some positive trends that also benefit Husky's integrated retail business. Below are some excerpts from the reprt.

"Parkland Corp. (PKI-T) C$35.21 Q3/20 Preview: Positive Developments Improve Near-term Outlook

Raising Q3/20 estimates (reporting November 3) generally to reflect stronger retail fuel margins (more than offsetting slightly lower volumes assumptions), higher refinery utilization and crack spreads, and currency.

Q3 should continue to be negatively affected by COVID-19, particularly in the Supply and International segments, but we now see adjusted EBITDA falling only 5% y/y on expectations of higher fuel margin, improving refinery utilization, and a sharp focus on reducing costs.

With some recovery of domestic air traffic out of YVR, refinery utilization is believed to have improved closer to 87% (vs. 96.2% last year and our previous 83% estimate). This, coupled with lower costs and a slightly higher crack spread estimate, boosted our Q3 Supply EBITDA forecast

With another major refinery turnaround in the rear-view mirror, cost-savings initiatives firmly in place, strong capital management, and an eventual volume recovery, we see further upside to Parkland shares. Add to this the potential to apply its $1.6bln of available liquidity for accretive acquisitions and we remain confident in our BUY rating, with 34% upside to our $46.00 target price."

I can't believe Parkland's market cap is almost double that of Husky's.  Perhaps Parkland acquires Husky's retail business or even takes Husky private with Hutchison Whampoa.