Stock price when the opinion was issued
Her energy outlook: bullish. If there's a rotation based on valuation, then energy is now attractive. If the Fed cuts rates in the second half of 2024, the 2-year-yield will drop which will benefit dividend stocks like energy. Also, we're in summer driving season and an oil price shock can always happen.
Long-term supply and demand will support energy stocks, but now the commodity is range-bound. Stronger demand from China and geopolitical concerns will raise energy prices and stocks.