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The Canadian oil and gas sector has seen plenty of volatility over the last few months, Raymond James says. Picture taken March 12, 2020. REUTERS/Todd Korol Top executives at Canada’s mid-cap oil and gas companies sent a bullish signal as commodity prices recently touched multi-year lows, according to Raymond James. Calgary-based analyst Jeremy McCrea says open-market stock purchases by company insiders topped $8.9 million over the last 90 days, enough to give investors confidence at current prices. "The Canadian oil and gas sector has seen plenty of volatility over the last few months, as commodity prices continue to swing," he wrote in a note to clients this week. "This high level of volatility harms confidence, especially for new investors looking at the sector." "Despite some of the lowest commodity prices we’ve seen in the last few years, executives are showing optimism heading into Q2 results," McCrea added. "That . . . should help build investor confidence, especially as it relates to investing alongside management, the expected go-forward profitability, and ultimately, reassurance that there are no ‘skeletons in the closet.’" Tourmaline Oil ( TOU.TO ) CEO Michael Rose made the largest purchases within the sector, buying $1.6 million worth of […]
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