Against spot-crude prices, Australia's energy stocks appear inexpensive to JPMorgan. The sector is up 1.7% this month and at fresh 3 1/2-year highs. But the investment bank says the sector is implying Brent prices below the benchmark's current $77/barrel, from Senex at $55 to Woodside at $69. It add that at current oil prices, all Aussie energy stocks are trading below net present value--ranging from Beach at 0.69 times to Woodside at 0.95. ([email protected]; @RobbMStewart)
SXY Price at posting:
44.5¢ Sentiment: Buy Disclosure: Held
