The Globe and Mail reports in its Wednesday, Oct. 21, edition that National Bank Financial analysts Dan Payne and Travis Wood believe Canada's energy sector valuations are "compelling" going into the third quarter earnings season. The Globe's David Leeder writes in the Eye On Equities column that the National Bank stockpickers note that enterprise value-to-debt-adjusted cash flow multiples are down 40 per cent since the beginning of the year, with equities reflecting an oil price of $65 (U.S.) to $70 (U.S.) per barrel, compared with the current spot price of over $100 (U.S.) (all subsequent figures Canadian). Mr. Payne and Mr. Wood say in a note: "Despite a view that a structural shift is underway around global energy prices, equity buying has been somewhat agnostic heading into year-end with tail risk that prices collapse on headlines around a conclusion to war. Again, equities appear to be pricing in much lower prices, providing some relative downside support in our view. ... Our updated target prices imply a total return of 26 per cent." Mr. Payne and Mr. Wood rate Whitecap Resources "outperform." They hiked their share target to $28 from $27. Analysts on average target the shares at $21.23.