- New York state's pension fund said today it will sell off $7M worth of securities in six Canadian oil sands companies and not make future investments in them: Imperial Oil (NYSEMKT:IMO), Canadian Natural Resources (NYSE:CNQ), Cenovus Energy (NYSE:CVE), MEG Energy (OTCPK:MEGEF), Athabasca Oil (OTCPK:ATHOF) and Husky Energy, which has been acquired by Cenovus.
- Suncor Energy (NYSE:SU), one of the oil sands' largest players, was not on the list.
- State comptroller Thomas DiNapoli said the fund is pulling out of companies that have not shown viable plans to adapt to a "low-carbon future."
- The New York State Common Retirement Fund is the third-largest U.S. pension fund, with an estimated valuation of ~$248B.
- Suncor is a steal at current levels if Brent and WTI pricing can be sustained above US$50/bbl throughout the year and if refining margins normalize, Brant Munro writes in a recent bullish analysis published on Seeking Alpha.