Tourmaline Oil Corp (TOU.TO)

If you already have oils in your portfolio, don't buy now. If you share his thesis that the Strait will be challenged with only some traffic going through, then we're probably looking at $80-90 oil. Canadian oil companies are at a massive advantage because we're really trying to expand our markets.

For a 5-year horizon, CNQ looks really good. On the nat gas side, he likes TOU and PEY.

Great assets, well run, prime position in the Montney. He doesn't have a particularly strong or constructive view on natural gas. An escalation in the current conflict won't really impact gas. Definitive LNG Canada prospects are way in the future.

He'd much rather own CNQ over time.

Not an oil producer per se, as it produces primarily natural gas (actually Canada's largest). He's constructive on nat gas prospects given that Alberta's starting to build data centres, demand for clean power is increasing, and LNG terminals are being built (while damage to Quatar's facilities might take 3-5 years to repair).

Also see his Top Picks.

Total respect for management. Lots of insider ownership. Great job aggregating resources. One day it'll be strategic, just not today. Tailwinds from Alberta data centres, but that's really down the road.

See his Top Picks.

He doesn't have any direct holdings in energy. Since 2022 it has been in a trading pattern around $64 with a high of $71 and a low of $54. It has rallied quickly because of the Iran war. However he wouldn't buy it since he thinks it would still trade in that consolidation range. If owned, he would hold. The world wants the war in Iran to be resolved quickly.

Long base, appears to be breaking out. Tentative target of $85. Earnings are ticking back up again. Iran conflict increasing energy prices is quite bullish. He'd buy and hold.

Nat gas is lagging the oil producers. Chart shows a large flag going back to 2022 and we're coming out the top of that, so makes a lot of sense. Seasonally it's OK to buy this here as a longer-term investor (there will be corrections along the way).

Largest natural gas producer in Canada. Well run. A bounce from the rising oil price. If nat gas price ever appreciates, this name would do quite well. AI infrastructure also needs generators, which are usually powered by nat gas. 

Hopefully, LNG exports will help natural gas price move up. Lots of intentions stated and agreements signed by the feds, but not much put in motion yet. Yield is 3.01%.

Really good management, building a strong company. Assets sales should bolster balance sheet. Needs stronger, sustained oil price. Cheap valuation. Total return should be fine. Worth holding until the sector re-rates.

Bought recently. CEO is the best operator in the energy space. Grows by the drill bit and via acquisitions. Insider buying. Good play on nat gas. Historically more expensive, but delivers on all parameters.

He's been buying this at the bottom of the range. Pays a bit of a dividend. It's trying to break out of this range at $70, and will eventually.

A lot in the pipeline, and a lot of spending for 2027. Market's a bit shy of that. But he likes it. After that's all done, this one is the sleeper. Reasonable balance sheet. Dividend is relatively safe. Key beneficiary of getting nat gas out of Canada.

His choice for new $$, and definitely if you're talking about a registered account.

Both are great companies. Owns neither right now. See his Top Picks for 3 US gas names and why he prefers US over Canada for natural gas.

On this one, his team has a philosophical difference in terms of strategy. It's still pursuing organic growth in one of the weakest gas basins on the planet. Reasons to be bullish on nat gas, with LNG 2 ramping up. Better valuations south of the border. Sees upside of 27% for roughly a $70 share price, which is good, but he sees more upside down south.

Currently has no Canadian energy names in his portfolio. LNG Canada is a long-term positive for this name -- opens the door to global gas pricing and tightening supply/demand balances. But how quickly will volumes ramp up? Nat gas prices are still depressed. No near- or intermediate-term surge expected. 

ARX is his favourite, but he likes TOU and is a large shareholder. Management has done a spectacular job, land holdings are second to none. Wonderful company.