Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

<p>Oil has traded to the upper bounds of its expected price range in 2017 – and is higher than pundits expected only a couple of months ago. We can certainly see names like <a href="https://www.smartkarma.com/entities/12530" target="_blank" data-smartkarma-citation="entities:12530:1">Valero Energy Corp (VLO US)</a> at new 52-week highs. But this is a 20x trailing earnings stock. <a href="https://www.smartkarma.com/entities/811" target="_blank" data-smartkarma-citation="entities:811:1">Exxon Mobil Corp (XOM US)</a>, on the other hand, appears to have merely recovered from a “mind the gap” recent short-term oversold position, while still being a 30x trailing earnings and 10x EBITDA/share stock (ie, not that interesting).</p><p>…</p>

Oil has traded to the upper bounds of its expected price range in 2017 – and is higher than pundits expected only a couple of months ago. We can certainly see names like Valero Energy Corp (VLO US) at new 52-week highs. But this is a 20x trailing earnings stock. Exxon Mobil Corp (XOM US), on the other hand, appears to have merely recovered from a “mind the gap” recent short-term oversold position, while still being a 30x trailing earnings and 10x EBITDA/share stock (ie, not that interesting).…

Energy Plays on Cold Winter/$45-55 Oil… What's Breaking Out

Canada

Cenovus Energy Inc. operates as an oil and gas company. The Company focuses on production of integrated oils. Cenovus Energy serves clients in Canada.

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Cenovus Energy (CVE US)

Energy Plays on Cold Winter/$45-55 Oil… What's Breaking Out

Oil has traded to the upper bounds of its expected price range in 2017 – and is higher than pundits expected only a couple of months ago. We can...

Charles De Trenck

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52-week Range

Market Cap (USDm)

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