An oil pump jack is silhouetted against the sky in the heart of Alberta’s oil sands.JASON FRANSON/The Globe and Mail
AltaCorp Capital Inc. is undergoing some staff changes in its research department as the oil patch resurgence gains traction.
Don Rawson, the Calgary-based firm's veteran small-cap oil analyst, resigned last week to join a private engineering firm that concentrates on the midstream part of the energy industry.
Meanwhile, Nick Lupick, who most recently covered international exploration and production companies at CIBC World Markets, recently signed on with AltaCorp to research large-cap energy companies and oil sands developers.
Mr. Rawson's departure is part of a trend of long-time analysts deciding to make career shifts into the energy sector, said Dana Benner, AltaCorp's head of research.
That trend was more pronounced before the industry's revival took hold at the end of last year along with improvements in both natural gas and heavy crude oil prices.
AltaCorp, along with most other dealers, struggled with a big drop in business in 2013, prompting numerous professionals to leave the financial industry in Calgary.
"I think capital markets have already picked up in terms of trade flow and deals, so we're clearly in the midst of recovery," Mr. Benner said. "We'll see far we go and how long it goes, but it's clearly better than it was."
AltaCorp, led by chairman and CEO George Gosbee, is an affiliate of Alberta government-owned ATB Financial.