Gavin Graham Canadian Natural Rsrcs CNQ-T PAST TOP PICK Aug 25, 2009

This has been sideways for years. CNQ is not a growth company. The sector itself is sideways. Buy low and sell high in this space--you can apply this to any mature E&P energy company.

It's quite possible they will buy smaller Canadian companies. One of his primary energy stocks. Is very bullish oil and gas, driven by the US market.

One of the best-managed Canadian companies that exist. Attractive today, mainly because we don't need a huge breakout in oil prices to deliver a decent return. WTI is sitting ~$61-62. Best consolidator in the basin. Core part of your energy allocation, though not quite a screaming buy today.

Highest beta to oil price, as it's the least vertically integrated of the seniors. Top-notch management. Very strong FCF. Solid balance sheet. Great yield. Chart's flat over last year, much due to lack of differentiating catalysts (unlike SU or CVE). Low oil price has impacted ability to hit internal debt targets or increase share buybacks.

Steadily climbing to first resistance around the key level of $45, which is a "reversal of polarity" (support becomes resistance, resistance becomes support). Good news is that it's broken out of downtrend. Much stronger technically. Watch: does it break out above $45? If yes, starts to look really good.

Her favourite name in the oil space. Lower-decline assets, newer and higher-quality assets for the long term. One of the strongest management teams, and not just in the energy patch. Yield is close to 5.5%.

One of the highest-quality producers out there. Chart looks pretty positive. If you already have lots of energy, don't worry about this one. But otherwise, it's a decent place to start. If it hits $40, could go back to $35. Expect volatility. He likes some names further down the chain.

Has been testing investors' patience, but performing in line with the S&P. Trading in and around support. Has quite a lot of natural gas, and the situation for LNG in Canada is getting a bit better. Long-life assets are really attractive, as is the yield. Dividend will grow over time.

Cut it some slack. Accumulate here as we go into a seasonally stronger period.

He doesn't see his firm ever selling this one. Well managed, really good assets. The price will ebb and flow with the commodity price. Dividend has increased ~20 years straight. Just finalized oil sands acquisition of outstanding percentage not already owned, which will increase FCF. Commodity has a good medium- to long-term setup.