RBCNotwithstanding EN's enthusiasm, I've been a bit leery of initiating a position. But it's good to see insider buying and this report caught me by surprise and was the final prompt I needed to jump in this morning. GLTA
RBC Capital Markets head of global energy research Greg Pardy reviewed his top picks in light of a lower commodity price environment,
“We continue to favor companies that possess focused leadership teams, strong balance sheets, capable execution, and resilient business models. From where we sit, the themes of capital discipline, balance sheet deleveraging via absolute debt reduction, and shareholder returns—with an emphasis on share buybacks—will extend into 2025 as producers approach (or have already achieved) their net debt targets … Our favorite Senior producer remains Canadian Natural Resources (Global Top 30 and Energy Best Ideas lists), with Suncor Energy (Energy Best Ideas list) our favorite Integrated, and MEG Energy (Energy Best Ideas list) our favorite Intermediate producer with Cenovus Energy, Baytex Energy and Obsidian Energy rounding out our Outperform roster … On average, our FFO/AFFO [funds from operations/adjusted funds from operations] per share estimates drop by 9% in 2024 and 27% in 2025, primarily due to a lower oil price forecast”