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. is an integrated oil company. The Company comprises natural gas, crude oil, and natural gas liquids reserves. Cenovus Energy has established natural gas and crude oil production in Alberta and Saskatchewan as well as refineries in Illinois and Texas.

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Cenovus Energy Inc (CVE CN)

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)

P/E

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