Canadian Energy Stocks Lag Oil, 60% Negative

Canadian energy equities underperformed WTI and TSX from Feb 27 to Apr 17, with nearly 60% posting negative total returns.
Raymond James notes most stocks trade at double‑digit free‑cash‑flow yields based on $70/barrel WTI, but valuations imply long‑term $60‑$65 price.
The firm maintains an overweight stance on energy, highlighting Cenovus, Suncor, Athabasca, Whitecap, Surge, Advantage, Kelt and Paramount.
Oil inventory depletion, Strait of Hormuz traffic uncertainty, supply restraint and flat rig counts support $70 WTI pricing.