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  • Roger S. Conrad

International Update

By Roger S. Conrad on Sep. 6, 2016

After scrutinizing second-quarter results for all the companies in our International Coverage Universe, we’ve updated our comments on these names and our ratings.

This year has been much kinder of Canadian and Australian energy stocks, in part because of their home currencies have arrested their fall relative to the US dollar—a major headwind to share prices and dividends over the past two years.

(Click graph to enlarge.)
CAD AUD

Meanwhile, stabilizing oil and gas prices have enticed buyers back to the energy sector, with stronger upstream and midstream operators catching the biggest bids.

The stocks in our International Portfolio have benefited from these trends, with our conservative sleeve well in the black and a handful even trading above our buy targets.

Our aggressive picks fared the worst during the selloff late last year and in early 2016, but have rallied hard this year. Shares of Enerplus Corp (TSX: ERF, NYSE: ERF), for example, have roughly quadrupled off their low in late January 2016. ARC Resources (TSX: ARX, OTC: AETUF), Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF) and Vermilion Energy’s (TSX: VET, NYSE: VET) stocks have almost doubled since they bottomed earlier this year.

Here are some of our key takeaways from second-quarter results and commentary from the Canadian and Australian names that we track in our International Coverage Universe.

Takeaway No. 1: The Shakeout Continues

 

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