CALGARY – Alberta Premier Jason Kenney is heading to New York and Ohio next week to meet with private equity firms and investment banks at a time when interest in shorting Canadian energy stocks remains high.
The New York trip will include 14 meetings with institutional investors including large private equity firms that already have holdings in the province, before Kenney flies to Columbus, Ohio, for meetings at the North American Strategy for Competitiveness forum on Wednesday and comes after a bruising summer for Canadian oil and gas investments.
The AltaCorp note showed that more than 10 per cent of the daily trading volumes in each of those stocks had been shorted, driving down share prices at a time when Canadian energy equities are trading at or near historic lows. As many as seven Canadian energy names could drop off the S&P/TSX Composite Index after their market capitalizations fell below the threshold necessary for inclusion in the main index, which would preclude major passive funds and other institutional investors from buying their shares because most large funds have a mandate to follow major indices.
Go look at the website of one of the largest oil company's in the world...their focus is turning.
The Sun is setting on fossil fuels.
So, foreign money is okay to encourage oil use but not to discourage it.
If Kenney wants this investment he needs to get rid of all taxes and royalties and probably offer some incentives. It won’t benefit Alberta too much but at least we’d get more of that precious oil out of the ground. Which is the priority here of course
So Let me get this straight, Jason Kenney is heading to America to get FOREIGN investors to bump up the price of Canadian oil stocks? Why aren't Canadians BUYING oil stocks for cheap, CDN Oil Workers buying shares in Companies they work for? Always a CON! ableg cdnpoli
I thought he was against powerful foreign interests.
Make it happen!