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International Energy Outperforms

By  Roger S. Conrad
Issue No.112 . Oct. 4, 2017

We’ve completed our quarterly update to the ratings and comments in our International Coverage Universe. Key takeaways from this exercise include ongoing cost-cutting, deleveraging and consolidation in Canada. Meanwhile, natural-gas prices in Australia have soared, as the upsurge in exports has limited the supply available to the domestic market.

Against this backdrop, the names in our International Portfolio reported solid second-quarter results and affirmed or increased their guidance. All these stocks benefited from the US dollar’s weakness this summer.

The latter tailwind has made it a good year for our International Portfolio, with the conservative sleeve delivering an average total return of 12.6 percent and the aggressive sleeve up 0.5 percent. Over this period, the S&P 500 Energy Index gave up 8.8 percent of its value.

But solid fundamentals also contributed to these returns; all our conservative holdings increased their dividends at least once this year.

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    News flow related to our Focus List picks has been limited in recent weeks, though third-quarter earnings season is just around the corner.

  • International Review

    By Roger S. Conrad on Oct. 4, 2017

    We break down some of the major themes and opportunities in Canada and Australia's energy patches, including consolidation in the oil sands, ongoing takeaway constraints in Alberta and restrictions on LNG exports.

  • Focus Update

    By Elliott H. Gue on Sep. 22, 2017

    The recent rally in upstream oil and gas stocks has bolstered our Focus List.

  • Power Couple

    By Peter Staas on Sep. 22, 2017

    We highlight two energy companies that offer exposure to secular growth stories outside the oil and gas market.

  • In Focus

    By Elliott H. Gue on Sep. 8, 2017

    The challenging energy market has taken its toll on our Focus List, with our poorly timed picks from the upstream segment and oil-field services absorbing the hardest hits. Our lesson from these missteps: We need to remain disciplined and adhere to our own advice about trading these cyclical industries more adeptly, buying when oversold and paring exposure when valuations and sentiment reach the top of their range. These tactical errors are inexcusable and particularly grating when our skepticism toward oil prices at the outset of the year was spot-on.

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  • Portfolios & Ratings

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      Our take on more than 50 energy-related equities, from upstream to downstream and everything in between.

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      Our assessment of every energy-related master limited partnership.

    • International Coverage Universe

      Roger Conrad’s coverage of more than 70 dividend-paying energy names.

    Experts

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Peter Staas

      Managing Editor: Capitalist Times and Energy & Income Advisor