RBC Global Energy Best Ideas RBC Dominion Securities analyst Greg Pardy added Suncor Energy Inc. to the firm’s “Global Energy Best Ideas” list on Wednesday.
The list consists of 24 companies that highlight the firm’s “highest conviction names across the global energy sector at the time of their addition into the list.”
“We believe that Suncor has thread the needle with its hiring of Rich Kruger as its new President & CEO while retaining interim-CEO Kris Smith as its new CFO,” Mr. Pardy said. “We anticipate that Suncor will demonstrate improving operational performance over the coming months which should support relative market outperformance.”
Mr. Pardy has an “outperform” rating and $55 target for Suncor, which was the only addition of the month, replacing HF Sinclair Corp. (DINO-N). The average is $53.89.
Other TSX-listed stocks remaining on the list are:
- Arc Resources Ltd. with an “outperform” rating and $26 target. Average: $23.53.
- Canadian Natural Resources Ltd. with an “outperform” rating and $89 target. Average: $91.90.
- Enerplus Corp. with an “outperform” rating and US$21 target. Average: $24.27 (Canadian).
- Pembina Pipeline Corp. with an “outperform” rating and $58 target. Average: $52.19.
- Superior Plus Corp. with an “outperform” rating and $15 target. Average: $12.82.
- Tamarack Valley Energy Ltd. with an “outperform” rating and $7 target. Average: $6.96.
- Topaz Energy Corp. with an “outperform” rating and $28 target. Average: $28.63.
- Tourmaline Oil Corp. with an “outperform” rating and $89 target. Average: $92.53.
“In February, the RBC Global Energy Best Ideas List was down 2.6 per cent compared to the iShares S&P Global Energy Sector ETF (IXC) down 4.9 per cent and a hybrid benchmark (75-per-cent IXC, 25-per-cent JXI – iShares Global Utilities ETF) down 4.9 per cent,” the firm said. “Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 133.5 per cent compared to the S&P Global Energy Sector ETF up 24.6 per cent.”