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Oct 31, 2018

'Don’t have to get too picky' on energy stock bargains: Portfolio manager

It's not all bad news out there for the stock investor: Portfolio manager

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It may be time for investors to take another look at Canadian energy stocks.

Greg Taylor, portfolio manager at Purpose Investments, said investors may want to consider energy firms like Canadian Natural Resources Ltd., which is currently trading at its lowest level since July 2017.

“This ‘get out of Canada’ trade has gone too far,” Taylor told BNN Bloomberg in an interview Wednesday.

“Look at Canadian Natural … the Canadian benchmark in the country. That stock right now, the valuation it’s trading at is almost unheard of. You don’t have to get too picky. You can just go and see energy stocks in Canada have just been destroyed.”

Canadian energy producers have been hammered by the recent slump in the price of Western Canadian Select (WCS) as well as pipeline capacity constraints. The price differential between WCS and the North American benchmark Western Texas Intermediate (WTI) price recently soared to record highs of about US$45 a barrel.

Taylor added that Cenovus Energy Inc., which reported third-quarter earnings Wednesday, is “still chugging along” despite some of the big industry challenges it faces.

“[Cenovus] had their big acquisitions, they had to reduce debt by making asset sales, we’ve had the [WCS-WTI] differentials blow out – and the numbers aren’t that bad at the end of the day,” Taylor said.

Taylor said investors with a longer time horizon in particular should consider putting their money in the beleaguered Canadian energy sector.

“These companies are not going away,” Taylor said. 

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