Tourmaline Oil Corp (TOU.TO)

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.

Both are higher-torque, higher-beta energy stocks.

She picked up a small position in TOU. Looking at the chart, an opportunity for it to play a bit of catchup. Pretty much flatlined for last couple of years. A story of quality and scale -- bigger inventory, better balance sheet, more flexibility across cycles. Investors trust the name, cost structure, and capital discipline. Plays defensive a bit better in a weak gas market. Multi-cycle compounder. 15-20% upside potential from here. Look to add at these levels.

PEY is a gas price trade, and is already at analysts' target now. An income name. Poised to throw off some cash when gas prices recover. Works best when nat gas prices rise quickly; can downdraft just as fast when prices soften.

His preferred exposure to nat gas. Operates in Western Canada, targeting the Duvernay and the Montney. Catalysts on horizon for whole nat gas sector -- LNG Canada plus "major projects". 

It has been pretty range bound over the past few years. Wait for it to be at a 52 week low.

He'd buy some of both, as they're both pretty attractive right now. He does like ARX a bit better than TOU, but he's not going to quibble. TOU is a great company.

As for AQN, he might become known as the patient guy who stays with these languishing stocks. After a really long time, we're now starting to see it in the headlines as a Top Pick again, cleaner story going forward, management execution improving. Long way a steady company like this can go in a short period of time once people get back on board.

One of the few nat gas stocks he doesn't own. Well-held stock, so there's not as much incremental buying. Pursuing fairly significant organic growth, which means heavy capex, and mutes the free cashflow (and ability to pay special dividends). Better names for yield (4.8% now, 3.6% in future).

Using $4 gas and $60 oil, sees 1-year target of ~$73 and 2 years of ~$79. Instead, see his Top Picks.

Likes it and is willing to endure the crazy chart. The upward move since August of 3.3% is mild vs. the market. Likes the long term.

Not bullish on this name in the short term, which is contrary to consensus. Very well held, and lots of portfolio managers like it, but it's now about the worst-performing nat gas stock YTD. Reason is that they're pursuing heavy capex in lieu of share buybacks, even though energy remains out of favour. A positive is that spending is on infrastructure to increase margins, but doesn't necessarily increase volumes dramatically. If you're sitting on a loss, consider a tax loss.

Otherwise, he's very bullish on natural gas. See his Top Picks.