High oil prices don't make Europe energy stocks attractive to all

LONDON, Sept 20 - Europe's energy shares have hit seven-month highs, thanks to crude oil prices jumping to a 2023 peak and natural gas prices rising almost 40% in two months, but not all investors view this as the perfect opportunity to buy.

Yet the energy-specific index has outpaced the broader STOXX 600 , which has risen just 0.1%, in part because of brewing concerns about the impact of higher oil prices on inflation, which may require central bankers to fight harder against rising prices. "We are bullish on the energy sector, with an overweight rating, as we think it is attractively priced, with strong balance sheet and high cash generation, especially in light of the rebound in the oil price that we are seeing most recently," said Mislav Matejka, head of global and European equity strategy at JPMorgan.

"For now, things are moving very quickly, maybe short-term the oil price might stabilise. We are happy to be market weight in the sector, and fundamentally we believe the sector is interesting," said Cau.

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