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.
Oil prices have shown a little life recently. This is a contrarian trade, but likes it full year. It's part of the cyclical trade and will rise in a relief rally when rotation happens again.