RBC Capital Markets head of global energy research Greg Pardy made two changes to his Global Energy Best Ideas list of stock picks, removing Neste Oil Oyj and Spain’s Repsol SA,
“In March, the RBC Global Energy Best Ideas List was up 7.2% compared to the iShares S&P Global Energy Sector ETF which was up 8.9% and a hybrid benchmark that was up 8.1% on a sequential basis. Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 186.5% compared to the S&P Global Energy Sector ETF up 39.5%”
The stocks remaining on the list are BP, Suncor Energy, Obsidian Energy, Topaz Energy, Diamondback Energy, Permian Resources Corp., ARC Resources, Tourmaline Oil, Canadian Natural Resources, MEG Energy, Santos Ltd., Enerflex Ltd., Pason Systems, SLB, Altagas Ltd., Pembina Pipeline, Archrock Inc., Energy Transfer LP, Northland Power, Superior Plus and PG&E Corp.
“There were several notable themes that emerged and were evident throughout many of the conference’s sessions. These included the following: Overall, end-market demand outlook commentary was favourable, with most companies seeing relatively healthy market conditions across focus areas. Continued positive commentary regarding the outlook for infrastructure investment across numerous key regions .
“The S&P/TSX gained 3.8% on a price return basis in March, outperforming the S&P 500 for the first time since September 2023. Interestingly this is the first time the TSX has outperformed the S&P 500 in a month of positive returns since April of last year. Indeed, from our perspective we are starting to see the early signs of a broadening out of performance, which we have consistently argued will be a key tailwind for Canadian equities in the second half of the year.
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