Opinions
Mason Granger
Torc Oil & Gas Ltd
TOG-T
COMMENT
Mar 17, 2016
$7.650
Stock price when the opinion was issued
oil
gas
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TOP PICK
TOP PICK
A huge laggard this year. It is trailing other names at 20-30%. They have not yet reinstated dividends. They should reinstate it early next year. At current levels, the stock trades at 14% free cashflow yield. At $50-$60 oil, it trades at 30%-60% free cashflow yield for dividends and buy-backs. (Analysts’ price target is $2.46)
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PAST TOP PICK
(A Top Pick May 15/20, Up 189%) Was taken out by Whitecap. Whitecap is now a net-negative emitter. They inject CO2 into the ground. From an ESG perspective, it is a great candidate. They are scaling up to increase market cap. Bigger you are, more radar screens you hit. Whitecap could trade at 6x which is $8.40.
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PAST TOP PICK
(A Top Pick Jun 19/20, Up 82%) Was bought by Whitecap two months ago. Was bought at an attractive valuation. Would continue to own Whitecap.
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PAST TOP PICK
(A Top Pick Aug 06/20, Up 78%) Was purchased by Whitecap. Was offering very meaningful upside. Still likes the management team and would support them in the future.
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One of his favourite companies. Feels it is a pretty sustainable model. The decline rate is only about 23%-24%, so it is in a kind of sweet spot to be able to pay a dividend. There is a lot of optionality in their Alberta Bakken and the 3 Forks play in Saskatchewan. That could be worth a tremendous amount more than what is reflected in the current share price. They also have the strong sponsorship of CPP, which he feels is probably underappreciated by the investment community. He is looking for them to continue to do smart acquisitions and emerge from the downturn stronger.