The Globe and Mail reports in its Thursday, July 9, edition that National Bank analysts Dan Payne and Travis Wood, in their report "In Like A Lion, Out Like a Lamb," predict that commodity prices will remain reasonable in the $70 (U.S.) to $75 (U.S.) per barrel range as Canada's energy sector approaches second quarter earnings season (all subsequent figures Canadian). The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne and Mr. Wood say in a note: "The commodity-price volatility of recent months has been driven largely by geopolitical headlines and temporary spot oversupply rather than a structural deterioration in underlying industry fundamentals. To illustrate the disconnect, we compare 2027 EV/DACF multiples based on commodity strips prior to the U.S./Iran conflict and at current strip prices following the subsequent crude oil selloff and equity weakness. ... In our view, valuations have compressed meaningfully, with the sector now trading at an 30-per-cent discount to January levels despite pristine balance sheets." Mr. Payne and Mr. Wood continue to rate Whitecap Resources "outperform." The gave their share target a $1 boost to $26. Analysts on average target the shares at $19.13.