More downside than upside to holding energy shares: TriVest FirstEnergy Capital sees company valuations as ‘pretty full’ Energy investors appear to be getting ahead of themselves, judging by the premium energy stocks are demanding over the price of oil. While U.S. crude is down by more than 10 percent from its highest close this year on June 8, the S&P 500 Energy Index is off less than 1 percent since, and the S&P/TSX Energy Index of Canadian producers has gained 3.8 percent. The disconnect implies that, unless oil prices are set to rise sharply, equities are overpriced. “Oil prices are telling you it’s not good and yet equity investors are finding all kinds of different reasons to stay in the stocks,” Martin Pelletier, managing director and fund manager at TriVest Wealth Counsel in Calgary, said in a phone interview. His firm closed its energy fund a month ago after […]