Citi analyst believes easy money has been made in oil stocks. Plus, is more pain ahead for BCE? [Globe and Mail, The (Toronto, Canada)]
BCE, Inc. (BCE)
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Source: Globe and Mail, The
BMO senior economist Art Woo, however, believes the bulk of the gains are likely behind us despite the inevitable calls for US$100 crude from energy-focused fund managers. WTI crude oil is trading near US$87 per barrel but Mr. Woo is comfortable with his forecast of an US$80 average price for 2024. He believes that current prices are close to an equilibrium level where Saudi Arabia is happy but it's not yet high enough to spur a supply response from the U.S. shale industry. The economist notes that geopolitical events - further bombing of Russian refineries or spreading of political unrest in the Middle East, for instance - is the primary upside risk for crude. Mr. Woo estimates that even a stronger global economy will not result in oil demand coming in significantly above the International Energy Agency estimate for 2024 of 1.3 million barrels per day. Downside risk for the oil price revolves around excess supply. OPEC nations have remained disciplined about production cuts but
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News
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- BCE Inc. (NYSE:BCE) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- How Much Will BCE Pay in Dividends This Year? [Yahoo! Finance Canada]Yahoo! Finance Canada
- It's Currently 8.7%, but Is BCE's Dividend Safe? [Yahoo! Finance Canada]Yahoo! Finance Canada
BCE
Earnings
- 5/2/24 - Beat
BCE
Sec Filings
- 5/9/24 - Form F-10
- 5/2/24 - Form 6-K
- 5/2/24 - Form 6-K
- BCE's page on the SEC website