Q: Can you explain why CNQ has dropped substantually more than SU after USA's incursion into Venezuala. Would you add to CNQ on this substantial drop if you believe the drop is unwaranted.
5i Research Answer:
It is hard to nail down exactly, but CNQ may be seen as more exposed to heavy oil than SU. But CNQ has been underperforming SU long before recent events. We do remain confident, though and would be fine adding as long as one is underweight a desired position.