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The oil and gas stocks most likely to beat third-quarter earnings forecasts

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Globe editors have posted this research report with permission of Dundee Capital Markets. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

We have actualized our Q3/13 commodity prices and adjusted our Q4/13E and 2014E commodity prices; largely increasing our forecast oil prices and decreasing forecast natural gas prices. Edmonton Light (SW) and Western Canada Select (WCS) differentials recently widened out in Q4/13 but are expected to narrow in 2014E and further benefit from our weaker Canadian dollar forecast.No charges have been made to our long-term price forecasts, leaving riskedupside estimates for those companies with resource exposure unchanged

Along with the trued up Q3/13 prices we are providing corporate updates on each company in our coverage universe, discussing pending quarterly estimates and upcoming catalysts. The light oil weighted companies in our coverage universe are the prime benefactors of the aforementioned price changes, and within that group we believe Surge Energy (SGY-T, Buy Rated, $8.00 Target Price, TOP PICK) and TORC Oil & Gas (TOG-T, Buy Rated, $11.25 Target) are the most likely to beat consensus expectations in our dividend-paying space and Raging River Exploration (RRX-T, Buy Rated, $7.50 Target Price) in the Junior space.

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