The Globe and Mail reports in its Wednesday edition that energy equity analysts at Raymond James recommend investors "tactically rotate" out of the oil exploration and production space and into other energy subsectors. The Globe's David Leeder writes in the Eye On Equities column that in a client note released Tuesday, the group said commodities and equities have diverged in "a rare turn of events," leading them to suggest movement into, in order of preference, oilfield services, energy infrastructure, gas E&P, royalties and integrated/oil sands. The James analysts say in a note: "Through our conversations with investors over the last few months, one of the most common questions we've had is why Canadian energy equities have significantly outperformed the underlying commodities in 2025. It's a fair question to be asking, particularly given how much the equities and commodity have diverged. ... Interestingly, the correlation between the stocks and commodity has now gone negative, and hasn't been this negative in at least 15 years (likely much longer)." The James analysts cut Imperial Oil to "underperform" from "market perform" with a $111 share target, up from $110. Analysts on average target the shares at $109.40.