VET:CC - Vermilion bounces hard on upgrade from Scotia - up 9%+ in early trading

Vermilion (VET) has been a curious case during June. The stock is differentiated from Canadian energy peers via the company's significant exposure to European natural gas prices. But while European natural gas prices rallied more than 50% in recent weeks, Vermilion (VET) traded lower. Not only did it trade lower, it underperformed peers. As of Friday's close, Vermillion sold off 20% over the past month, while iShares TSX Energy traded lower by 19%, and US peers (XLE) traded off 19%.  Monday, Vermilion (VET) was upgraded to buy at Scotia. The note focused on relative valuation, but noted an uptick in European gas prices, increased spot exposure and recent asset acquisitions all supporting 2023 results. As of Friday's close, Vermilion (VET) had a C$3.7b market cap. On Scotia's numbers, the company will generate C$1.7b in free cash flow this year, and C$1.8b in 2023. Scotia assumes ~$100 Brent oil (CO1:COM) over the

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Vermilion bounces hard on upgrade from Scotia - up 9%+ in early trading