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Energy Summary for Oct. 16, 2019

2019-10-16 20:30 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 55 cents to $53.36 on the New York Merc, while Brent for December added 68 cents to $59.42 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.00 to WTI, unchanged. Natural gas for November lost four cents to $2.30. The TSX energy index lost a fraction to close at 126.27.

"Fortune favours the bold," proclaimed Canaccord Genuity analyst Anthony Petrucci -- no doubt considering himself a member of that set -- as he wrote a combined 80 pages of research notes this morning on his latest stock recommendations, being ARC Resources Ltd. (ARX: $5.68), Tourmaline Oil Corp. (TOU: $11.97) and Seven Generations Energy Ltd. (VII: $7.81). These are his initial research notes on the companies. He acknowledged that the difficulties facing the Canadian energy sector have left many investors wondering, "Why would anyone invest in this market?" In his view, ARC, Tourmaline and Seven Generations are good bets for "riding out the uncertainty" because they have strong balance sheets, do not need to tap the capital markets for their near-term spending programs and can generate free cash flow even at current commodity prices. Two of them, ARC and Tourmaline, pay dividends (with respective yields of 10.6 per cent and 4.0 per cent). All three are also trading at or near all-time lows.

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