The Globe and Mail reports in its Wednesday edition that National Bank Financial energy analysts have significantly revised their commodity price forecasts due to ongoing conflicts in the Middle East and Russia's invasion of Ukraine, indicating a prolonged high-price environment for crude and refined products. The Globe's David Leeder writes in the Eye On Equities column that National Bank analysts say in a note: "While the rerating takes place and Canadian names have outperformed U.S. peers year-to-date (approximately 30-per-cent appreciation delta year-to-date), narrowing the valuation gap, we believe the current environment calls for selective investment to capture the meaningful remaining risk-adjusted upside opportunity in names that continue to screen positively due to a favourable setup or an imminent/unfolding catalyst that should support further rerating." One of their "highest conviction ideas" is Whitecap Resources, which they rate "outperform," while jacking up their share target to $27 from $26. Analysts on average target the shares at $21.56. The Globe reported on July 9 that National Bank analysts Dan Payne and Travis Wood rated Whitecap Resources "outperform." The shares could then be had for $15.28.