Energy stocks beat even the 47 per cent increase in West Texas Intermediate benchmark oil prices, which traded at US$71.11 per barrel on Tuesday.
All of that is somewhat of a vindication for dedicated energy funds, which bet on energy companies’ ability to offset changing investor preferences by rewarding shareholders with dividend hikes and aggressive share buyback programs as commodity prices rose.“There’s a massive appetite to invest in it because it’s just spewing out cash right now,” said Rafi Tahmazian, partner and senior portfolio manager with Canoe Financial in Calgary. Tahmazian’s energy producer-focused fund is up 91.
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