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RBC Adds Technip Energies and Patterson-UTI Energy to Global Energy Best Ideas List

Finance · Investment Banks/Brokers · globe_inside_market · 2026-11-02

TE, PTEN

RBC Capital Markets has updated its Global Energy Best Ideas list, incorporating Technip Energies and Patterson-UTI Energy as top picks for investors.

What Happened

RBC Energy Picks: RBC's global energy research team, led by Greg Pardy, has expanded its 'Best Ideas' list to include Technip Energies (TE-FP) and Patterson-UTI Energy (PTEN-US). This curated portfolio currently features a diverse range of energy and infrastructure companies, including Suncor Energy, BP PLC, and Cheniere Energy, among others.

Market Performance: The RBC Global Energy Best Ideas List recorded a sequential gain of 8.1 percent in October. While this performance was positive, it trailed the iShares S&P Global Energy Sector ETF (IXC), which rose by 12.7 percent during the same period.

Bank of Canada Outlook: Citi economist Veronica Clark criticized the Bank of Canada's recent rate hike as misguided, suggesting the central bank is becoming overly reactive to inflation expectations rather than hard data. While further hikes remain possible if energy prices spike, analysts anticipate a potential pause in rate increases if economic activity softens as expected.

Housing Market Analysis: Macquarie analyst David Doyle suggests that while Canadian housing prices are unlikely to see a near-term rebound, the significant downside risks to growth have largely diminished. Factors such as high population growth and limited new construction are expected to provide a floor for the market, despite ongoing affordability challenges and elevated mortgage rates.

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