Sector Update: Energy - Canada Energy Sector "Still Appears To Present Good Value", Says CIBC; Comes As Suncor
Even with their TSX-leading run, oil stocks still aren't stretched, according to CIBC analysis released Friday.
CIBC says Iraq's violence hasn't as yet impacted the major southern fields producing the country's oil exports, but prices could rise further, if the insurgents make further gains. Those facts and the "implausibly sharp" US$10/bbl drop baked into year-ahead futures prices mean that sector of the Canadian equity market still appears to present good value.
Among oil stocks, heavyweight Suncor Energy (SU.TO, SU) has hit 52 week highs today.
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