Stock price when the opinion was issued
ATH vs HSE vs MEG? The clear stand out is MEG, who is 55% hedged at $59 oil prices. ATH has a high cost project with Hangingstone and is burning cash, although they have enough liquidity for the next 9 months. He would never own HSE, because of their ESG issues. All bets are off for all of them if $25 oil prices remain in 2021.
Sell and buy Enbridge (ENB-T)? You are on the right track. He would get rid of this and buy Enbridge. With energy infrastructure, you are getting very predictable cash flows. It is tough not to like Enbridge considering that it accounts for about two thirds of the oil that crosses over the Canadian and US border. Also has a backlog of over $25 billion that they should be able to execute pretty seamlessly. That translates into mid-single digits/high single digits cash flow growth.