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Petro-Canada new debt issue will underperform: Gimme Credit
Posted on May 16, 2008
On Sunday, EnCana Corp. announced its plan to split into two separate oil and natural gas firms. On Monday, Petro-Canada said it agreed to issue US$1.5-billion of senior notes.For Philip Adams, an analyst a Gimme Credit, EnCana says focus while Petro-Canada says diversity for consistently strong financials. He looked at the performance of both stocks in the past 12 months and found that Petro-Canada has underperformed versus its fellow integrated energy companies, while EnCana has run-up more than 40%. This, he says, implies event risk, since companies whose equity performance la...
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