Opinions
Eric Nuttall
Torc Oil & Gas Ltd
TOG-T
HOLD
Oct 19, 2018
$5.970
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)
oil
gas
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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gas
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.
oil
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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.
oil
gas
He thinks there is an opportunity with this one as the light oil differentials will compress again soon. The company sells into the Cromer market, where differentials are much tighter. This translates to high-quality valuations at a good discount. He expects steady eddy growth.