A Surgutneftegas worker near pumpjacks in Surgut Region of the Khanty-Mansi Autonomous Area - Yugra, in the West Siberian petroleum basin.Denmark's Saxo Bank believes the long-term outlook for oil and gas companies appears bleak, but that's not to say there isn't a strategy for investors to consider over the next 12 months.
It comes as the bank's head of equity strategy says energy stocks have outperformed global equities by 24% since the market first received encouraging Covid-19 vaccine news from Pfizer-BioNTech on Nov. 9. Saxo Bank's Peter Garnry said this underscored the perception that investors were positioning themselves for a market normalization in 2021.
Oil and gas companies "are assets you just can't touch if you believe in ESG, which is becoming a bigger and bigger part of the asset management industry that's holding back valuation on oil and gas industries," Garnry told CNBC's "Squawk Box Europe" on Wednesday.
Pro RIG is the strongest and best play . No 1 in the world in rigs and was heavily manipulated for 6 months and finally breaking out. Just added $297 million to this $9 billion dollar backlog .🔥🔥🔥
Pro Who in their right mind would buy fossil fuel stocks these days
Pro Well, it wouldn’t be that hard to do 😂.
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