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  • greatemailslob greatemailslob May 13, 2012 5:52 PM Flag

    desjardins comment

    APRIL 27, 2012
    Research
    Oil & Gas
    Only Mother Nature can turn around natural gas prices this summer,
    ‘bullish’ outlook for oil-weighted equities maintained;
    revising our rating on Argosy to Buy–Speculative from Buy–Above-average Risk,
    and decreasing our targets on Argosy, Equal, NuVista and Waldron
    Desjardins
    Capital Markets
     We are updating our crude oil and natural gas commodity outlook
     We are increasing our 2012 WTI crude oil forecast to US$95.00/bbl (from US$92.50/bbl) while maintaining
    our 2013 forecast of US$100.00/bbl. We are also reducing our 2012 Henry Hub natural gas forecast to
    US$2.60/mmbtu (from US$4.00/mmbtu) and our 2013 forecast to US$3.75/mmbtu (from US$4.75/mmbtu),
    and presenting our 2014 forecast of US$4.50/mmbtu
     We are reducing our price targets for natural gas–weighted companies in our coverage universe, namely
    NuVista Energy (to C$5.00 from C$8.00) in the intermediate/large-cap category, and Argosy Energy (to C$1.40
    from C$2.00), Equal Energy (to C$5.00 from C$5.25) and Waldron Energy (to C$1.25 from C$2.00) in the junior
    category. We are also revising our rating on Argosy to Buy–Speculative (from Buy–Above-average Risk)
    Highlights. We are updating our commodity price forecast to reflect our 2012 and 2013 crude oil and natural gas

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