ATB Capital Markets analysts Patrick O’Rourke and Amir Arif look ahead to energy markets in 2025 and provide top picks,
“We believe that navigating near-term policy related risks will be one of the most material challenges/uncertainties energy equity investors will have to navigate entering H1/25 at this time with investors grappling with the potential impacts of tariffs , a Canadian Federal government increasingly hawkish on industry emissions , and potential strengthening sanctions of Russian and Iranian crude exports ...
“Commodities Strategist Devin McDermott highlights that oil E&Ps are still down 5% YTD on roughly flat crude prices. Consistent with his view, gas producers have fared better, up 16% on average, as have more defensive Energy plays like the Majors . Looking ahead to 2025, Devin expects many in the industry to realize further efficiency gains but, despite improved valuations post recent weakness, for oil E&Ps this may continue to be outweighed by a soft macro setup for now.
, we call out our ten favorite themes heading into 2025 predicated on five pillars: valuation, growth, quality, revisions, and macro connections. Generally, we barbell between growth themes , Quest Diagnostics , First Solar , Gilead Sciences , and Hormel Foods are added to the portfolio, which post rebalance, is heavily Mid Cap tilted with a slight Value style bias”
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