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Santos oil result could be catalyst for deal
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Australian Broker Call *Extra* Edition - Jul 23, 2021
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Jul 14 2021
While energy might be ‘on the nose for many investors, all brokers expect rapidly changing supply dynamics, fuelled by an unwillingness to invest in large and expensive projects, is likely to support the sector
-Australian energy sector has significantly underperformed global peers
-Rising oil/LNG prices to drive energy stocks higher
-Sharp valuation discounts expected to close
By Mark Story
Given the long overhang cast by covid, carbon concerns and heightened considerations around ESG investing, it’s hardly surprising that the energy sector, both here and globally, has been regarded as something of a pariah by investors.
While stocks in general are seen as overvalued with prices returning to normal following the worst of the pandemic, the Australian energy sector has been left behind by both the broader market and global peers alike.
By Mark Woodruff
Guide:
The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS.
For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.
Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.
Summary
Total Upgrades: 8
Net Ratings Breakdown: Buy 53.80%; Hold 39.20%; Sell 6.99%
For the week ending Friday 9 July, there were eight upgrades and eleven downgrades to ASX-listed companies by brokers in the FNArena database.
Jailhouse Rock
One might have expected the news that Sydney’s lockdown would be extended for a week, flagged ahead of yesterday’s 11am update, and the threat of some council areas going into even stricter lockdown, would be a negative for the stock market. But no.
The ASX200 opened higher yesterday and at the 11am confirmation just kept on going. There was a bit of a wobble in the afternoon but the index bounced off 7300 and kicked to the close. This despite a weak session on Wall Street.
The most notable asset price move yesterday was that of the ten-year bond yield, which fell -10 basis points to 1.36%, a day after the RBA announced tapering. The US equivalent had also dropped overnight, and did so again last night, rather confounding commentators.
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