ExxonMobil: While Exxon remains one of the most well owned stocks in the Energy sector from an investor penetration standpoint, investor conviction has declined slightly from 1Q. Investor enthusiasm about Pioneer being integrated is still apparent however some of the excitement has dissipated from the previous quarter. Investors have perhaps shifted their attention to competitors such as Chevron and ConocoPhillips given recent acquisitions.
Eni S.p.A: From lower levels, Investor Confidence in Eni thus far in 2Q has increased more than any other Oil & Gas company in the BWI Index. Investor ratings of Eni on all investor confidence metrics improved. The most significant improvements included: Board, Management, Strategy and the Momentum of Investor Confidence. Investor Commitment to Own Eni has seen a sharp uptick this quarter bringing it back in line with the sector. (Click here for some of the Intel on Eni).
EOG Resources: The Momentum of Investor Confidence in EOG Resources has declined sharply over the past 4 quarters. Investors are losing confidence in the Strategy from where it was a year ago. Other large players in the space have made acquisitions to bolster their inventory while EOG has not.
Suncor Energy: Suncor’s recent Investor Day has been a bright spot according to some investors. Investor Commitment to Own Suncor is on the rise so far in 2Q, bucking a 4 quarter decline. Investors say that Suncor has provided a really good blueprint for the next several years. Investor fear around Suncor’s inventory also has been less prevalent among those in the BWI Panel this quarter.
Largest Investment Quality Index Score Increases (2Q 2024 As of June 6th vs. 1Q 2024):
US
EQT Corp 16pts
Diamondback Energy Inc 11pts
Occidental Petroleum Corp. 10pts
Europe
Eni S.p.A 55pts
Galp Energia 37pts
Equinor ASA 26pts
Canada
Tourmaline Oil Corp 48pts
Veren Inc 41pts
Baytex Energy Corp 35pts
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About Brendan Wood International:
Brendan Wood International (BWI), formed in 1970, is a private advisory group which originates performance investigation programs in the capital markets. Brendan Wood Partners debrief large institutional investors worldwide on a daily basis. There are 2000+ live consultations with professionals overseeing +/- $55 trillion invested in the +/- 1400 big cap companies on the BWI Index. Relying on its real time performance intelligence, BWI advises public companies, institutional and activist investors, investment banks and broker dealers on strategy, performance and recruitment of TopGun talent. The firm’s partners have formally presented at 1000+ C level strategy meetings and corporate off-sites in fifty cities. Brendan Wood founded the exclusive TopGun Club, a performance based institution.
Disclaimer:
We wish to emphasize that all reports, evaluations and assessments contained herein, represent Brendan Wood International’s subjective judgment and opinions, based on our years of experience and on information obtained by us in the course of our research. Much of the factual information contained in the reports has been obtained by us from third parties on whose responses we have relied in good faith, independent verification by Brendan Wood International being, under the circumstances, impossible. While we believe that you will find our reports to be an invaluable tool in formulating your own strategies and judgments, the foregoing should be borne in mind. This report is not meant as investment advice and should not be interpreted as advising on the value of a company’s securities, the advisability of investing in, purchasing or selling any company’s securities or any other conclusion relating to investment/divestiture of a company’s securities. Finally, this report is not intended as an offer or solicitation for the purchase or sale of any company’s securities.
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Gordon Peck
Managing Director
Brendan Wood International
+1 416 924 8110
gpeck@brendanwood.com
Jordan Novak
Managing Partner
Brendan Wood International
+1 416 924 8110
jnovak@brendanwood.com
