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Energy Summary for Dec. 16, 2019

2019-12-16 20:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 14 cents to $60.21 on the New York Merc, while Brent for February added 12 cents to $65.34 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.55 to WTI, up from a discount of $20.65. Natural gas for January added four cents to $2.34. The TSX energy index added a fraction to close at 139.71.

In the final week before Christmas, analysts are making their lists and checking them twice as they deliver their top stock picks for 2020. It is not set to be a happy new year. "The world economy is poised to enter 2020 on a weak note," intoned the analysts of Canaccord Genuity this morning, "with 70 per cent of OECD countries posting a deceleration or contraction in Q3 GDP growth." Global rate cuts and fiscal stimulus packages could help stabilize things in the second half of the year, so over all, "global GDP growth should muddle through the bulk of 2020."

Turning to Canadian stock picks, the analysts had 25 recommendations covering various sectors. Three oil and gas producers made the cut. The analysts named ARC Resources Ltd. (ARX: $7.79) as "our top pick in the Canadian E&P [exploration and production] space," citing its "top-tier growth, fully funded dividend and FCF [free cash flow] to spare." They have a price target of $10 on ARC's stock. Meanwhile, Suncor Energy Inc. (SU: $42.26), with a price target of $58, was hailed for its "robust integration and focus on shareholder return." The third and final energy pick was TORC Oil & Gas Ltd. (TOG: $4.23), with a price target of $7.50. The analysts praised TORC's "best-in-class asset base" as well as its "healthy [dividend] yield and upside potential."

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