-- Devon Energy (DVN) has an average rating of overweight and mean price target of $59.20, according to analysts polled by FactSet.
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Price: $49.16, Change: $+0.96, Percent Change: +1.99%
Sagicor Financial (SFC.TO)on Tuesday said it appointed Eric Sandberg as president of Sagicor Life USA.Sandberg most recently served as chief financial officer and chief risk officer at National Life Group, a life insurance and annuity provider operating in 49 U.S. states."This appointment is an important step as we continue to build out our American leadership team to successfully execute on our U.S. strategy. Eric's background and expertise will be invaluable in driving our next phase of growth," chief executive Andre Mousseau said in a release.Sagicor Financial shares were last seen down $0.13 to $9.39 on the Toronto Stock Exchange.Price: $9.39, Change: $-0.13, Percent Change: -1.37%
UBS said it expects the Bank of Canada to remain on hold and keep its options open regarding future policy decisions at Wednesday's policy meeting.Friday's retail sales were up 0.7% over the month in February, with an upward growth revision to January to 1.2% versus 1.1% prior, and a flash estimate for March of 0.6%. Now the bank would fade the March strength a little, given this is a nominal print and gasoline prices surged in the month, but overall, this data signals a robust start to the year for the Canadian consumer.Pair last week's data with the subdued labor market data and mixed inflation picture and UBS thinks the BoC has reason to pause, wait, and assess the outlook before adjusting policy.The BoC will also release its updated Monetary Policy Report (MPR) on Wednesday.The bank predicts a downward revision to the BoC's Q1 gross domestic product projection in the new MPR. In January, the BoC was tracking a 1.8% annualized pace of growth in Q1, but it was likely too optimistic on the contribution from net exports. UBS expects that it comes down to about 1.5% seasonally annually adjusted rate and shaved a tenth of its expectation for annual growth in 2026.However, the BoC may boost growth elsewhere and that could offset the hit to the annual projection. The bank estimates some shift in the composition of growth this year relative to January.While the full impact of the oil price shock on growth remains uncertain, it should shift the composition, boosting energy exports and dampening consumption. For 2027, UBS sees no change from the 1.5% pace of GDP growth expected in January and a 1.7% pace for 2028.In the January MPR, the BoC marked its expectations for potential growth in 2026 up but down in 2027. The bank forecasts that these aren't revised all that much in Wednesday's MPR, with slowing population growth to weigh on potential.UBS projects the BoC seeing a slightly stronger range for potential by 2028, with fading deltas from a slowing population growth and the potential boost of efficiency gains from the diffusion of Artificial Intelligence.
China's state-owned energy giant CNOOC reported on Tuesday that its first quarter 2026 net production rose to a record 205.1 million barrels of oil equivalent, up 8.6% from a year earlier.Domestic production increased 7.0% year-on-year to 140.0 million BOE, while overseas output climbed 12.3% to 65.1 million BOE, driven largely by contributions from projects including Kenli 10-2 and the Yellowtail development in Guyana.The company said it made four new discoveries during the quarter and successfully appraised 12 oil- and gas-bearing structures. Among them, the Luda 16-1 discovery highlighted the exploration potential of Paleogene lithological plays in the Liaozhong Depression.CNOOC added that the Enping 20-5 structure was successfully appraised, underscoring the effectiveness of its integrated rolling exploration strategy.On the development front, the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield Block 1/2/3/8/9 Secondary Adjustment Project have commenced production, while other new projects continued to advance steadily.The company's unaudited oil and gas sales revenue for the first quarter rose to approximately 97 billion Chinese Yuan ($14.22 billion), up 9.9% from a year earlier, driven by higher realized oil prices and increased sales volumes.The company said its all-in cost stood at $28.41/BOE, underscoring continued cost competitiveness.Capital expenditures for the period totaled around 33.02 billion Chinese Yuan, primarily reflecting accelerated drilling of exploration and adjustment wells, as well as expanded investment in production capacity construction.