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Canada's oil patch set to eke out gains in 2018 after three down years

  • Canada’s oil industry is expected to return to profitability this year after three straight years of losses, in the start of "a very long, slow recovery in terms of the revenue picture,” the Conference Board of Canada says.
  • The group foresees a 1.5% profit margin for the country's oil industry in 2018, with $1.4B in profits on $92B, after losing a cumulative $32B over the previous three years; still, it's a far cry from the $116B in revenue racked up by the industry in 2014.
  • Similarly, National Bank Financial analysts see reasons to be optimistic about a handful of Canadian oil and gas producers even though “regulatory and fiscal headwinds continue to challenge the Canadian sector, creating a difficult investment environment.”
  • The bank raises its price targets on Canadian Natural Resources (NYSE:CNQ), Crescent Point Energy (NYSE:CPG), Enerplus (NYSE:ERF) and Whitecap Resources (OTCPK:SPGYF), all of which it rates at Sector Outperform.
  • Alos, analysts at Peters & Co. expects only CNQ and Tourmaline Oil (OTCPK:TRMLF) to report growing Q/Q production and cash flow when Canadian producers begin reporting Q1 results this month; the firm also rates Cenovus Energy (NYSE:CVE) and Seven Generations Energy (OTC:SVRGF) at Outperform while expecting Husky Energy (OTCPK:HUSKF) and Imperial Oil (NYSEMKT:IMO) to underperform the sector.

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