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Investors staying away from energy stocks despite Canadian oil’s huge rally

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‘When the underlying commodity doubles and the stocks up until recently have done nothing is a real source of frustration,’ says one senior portfolio manager

A massive 87 per cent rally in Canadian crude oil prices since the end of 2018 has not been enough to convince skeptical investors to re-enter the challenging energy sector, leaving a few stocks trading below liquidation values.

Other major names such as Imperial Oil Ltd., which is up eight per cent, and Husky Energy Inc., down one per cent, are lagging far behind. And yet there are no buyers at the moment for Canadian energy stocks, said Nuttall, who added that that’s reflected by trading volumes hovering at 70-80 per cent of their average levels.

Even after investing in Cenovus, Levine remains underweight on the sector — one that he said is ripe with political issues that are stopping him for now from investing any further.

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