Appetite for new energy listings remain limited due to wider market volatility
Institutional investors are returning to the Canadian oil and gas sector with gusto after shunning the industry over ESG concerns in recent years, but the appetite for new energy listings remains limited due to wider market volatility.
The success of any initial public offerings over the next year would depend on whether oil price volatility calms down after turbulence in 2022 following Russia’s invasion of Ukraine and on worries about global recession, investment bankers and analysts said. The last time a new Canadian energy listing appeared on the TSX was in January when Calgary-based Kiwetinohk Energy Corp shares started trading. Kiwetinohk shares have climbed about 14% since their debut as oil and gas stocks rallied.Scott Barron, head of Calgary Investment Banking at TD Securities, said confidential work has been done this year on several IPOs which have not come to market.
Institutional ownership in the Canadian mid-cap explorer and producer sector has rebounded to 37.3% in the second quarter of 2022, up from 28.9% in the fourth quarter of 2020, according to Thomson One data. The sector includes Canada’s largest gas producer Tourmaline Oil Corp and Advantage Energy Ltd ,
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