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Oil Sands Winning Praise from Wall Street

Oil Sands Winning Praise from Wall Street
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Wall Street favor shifting from U.S. shale to Canadian oil sands

Wall Street favor shifting from U.S. shale to Canadian oil sands
By Robert Tuttle and Michael Bellusci on 12/14/2020
CALGARY (Bloomberg) After years in the shadow of the U.S. shale boom, the Canadian oil sands are emerging from 2020âs historic market crash with a slew of upbeat outlooks from Wall Street equity analysts.
Morgan Stanley and Goldman Sachs Group Inc. are the latest firms to point out the industryâs ability to generate healthy cash flow next year as a reason to buy stocks like Suncor Energy Inc., Canadian Natural Resources Ltd. and MEG Energy Corp. That follows similar reports from BofA Securities and BMO Capital Markets. ....

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Valero Energy Corporation (NYSE:VLO), BP p.l.c. (NYSE:BP) - Morgan Stanley Upgrades Diamondback Energy, Valero Energy, Sees 'Sustained Rally' For Oil Stocks

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This year has been a historically brutal one for oil stocks, with a collapse in demand driven by COVID-19 travel restrictions and shutdowns pushing WTI crude oil prices briefly into negative territory for the first time in history.
Yet the oil market has since stabilized, and one analyst said Friday it may finally be time for investors to start dipping their toes in the space in 2021.
The Analysts: Morgan Stanley analysts Devin McDermott and Benny Wong issued rating and price target updates throughout their oil coverage, including the following upgrades:
Diamondback Energy Inc (NYSE: FANG), upgraded from Equal Weight to Overweight, price target raised from $51 to $65. ....

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