|By PR Newswire||
|April 4, 2014 09:30 AM EDT||
CHICAGO, April 4, 2014 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the CNOOC Ltd. (NYSE:CEO-Free Report), Chevron Corp. (NYSE:CVX-Free Report), Apache Corp. (NYSE:APA-Free Report), Devon Energy Corp. (NYSE:DVN-Free Report) and Encana Corp. (NYSE:ECA-Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
Here are highlights from Thursday's Analyst Blog:
Canadian Energy Exodus: The Real Story
Not so long ago, the Canadian oil and gas sector was on fire with the country's massive and largely undeveloped resources the focus of acquisitions.
As the shale revolution in the lower 48 states progressed at breakneck speed, competition for acreage in the most prolific plays – the Eagle Ford, Bakken, Marcellus, and Permian Basin – heated up. However, the profitable deals were brokered by the early movers that bought assets at bargain prices compared to the late stage entrants that had to pay more. These companies then turned their attention to Canada's huge reserves that could be obtained significantly cheaper than their U.S. counterparts.
Some large deals included China's CNOOC Ltd.'s (NYSE:CEO-Free Report) $15 billion acquisition of Canadian energy explorer Nexen, Chevron Corp.'s (NYSE:CVX-Free Report) 50% stake buy in Kitimat LNG export project in the western Canadian province of British Columbia, and Malaysian state-owned energy firm Petronas' takeover of Canada's Progress Energy Resources.
But of late, a number of energy biggies have been divesting their Canadian assets.
Earlier this week, U.S. energy firm Apache Corp. (NYSE:APA-Free Report) announced the sale of its Western Canada oil and gas producing properties for a consideration of $374 million. Before that, Oklahoma City-based Devon Energy Corp. (NYSE:DVN-Free Report) agreed to unload certain liquids-rich natural gas properties – again in Western Canada – for C$3.125 billion.
And the U.S. energy companies are not alone in their Canadian exodus. Calgary, Alberta-headquartered Encana Corp. (NYSE:ECA-Free Report) is looking to sell its $1 billion worth Deep Panuke offshore natural gas project.
So, do all the exit news mean that investors should be skeptical about buying Canadian energy stocks? Not really, if we go to the very heart of the matter.
Let us note that most of the sale transactions involve low-return conventional gas-focused properties. In fact, most of the assets selling firms are maintaining their foothold in Canada, albeit with a different focus.
While Apache will keep all its rights in the liquids-rich Montney and other deeper horizons in the Wapiti area, Devon Energy has retained its Horn River assets in northern British Columbia and heavy oil properties in Alberta. The same can be said for Encana and Canadian Natural Resources, both of which are spending millions in other regions of Canada.
Therefore, to conclude, though it appears that energy companies are taking a flight out of Canada, a deeper analysis would reflect that the firms are just getting rid of non-core slow-growth assets in favor of acreage that they believe will give better returns over time.
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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