Vermilion Energy Inc (VET.TO)

A relative underperformer. Pays a yield under 3%. They're trying to re-establish their Canadian base in the Montney after stumping their toe in Europe and the U.S. Investors see better valuations in Canada or the U.S. as oppose to conglomerate North American and European names. Dividend is too low for him.

European assets unique - creates higher realization of pricing. Prefers assets in North America (risky in Europe at times.) Better names in North American market (Tourmaline etc.) Good business, but does not own shares. 

Bit of an upswing now, but very subtle. If it goes up another $1, it's in full-swing upturn. $13.70 is your firm exit price. He's being really tight with this to lock in his profit. Has been very disappointing for lots of people.

It has exposure to European gas and has had excess profits. European governments decided to tax these profits so this brought the share price down. Also European gas prices have been coming down. If you want exposure to gas go to a diversified company. She does not have exposure to energy producers.

Has owned this in the past. Likes their gas position in France, given the sanctions on Russia. VET could take a larger market share. He watches this.

Prefers other names in sector.
Price leverage not sustainable in Europe (windfall profit taxes etc.). 
Does not see inventory depth relative to other names.
Expecting 30% upside @ $90 oil.

There is maybe an uptick now and it has a brand new buy signal for a long term investment. Has a high quality assert base but execution is not the same.

Huge runup due to price increases from war in Europe. Tax issues affected valuation. Heavy on nat gas exposure, and those assets have been coming down in valuation. Better opportunities elsewhere. 

Tricky for their exposure to European gas and its issues.

Downtrend since October is concerning, down 44%. They hold some nat gas which is highly volatile. But use the recent $16 low as an entry point, then add at a $20 breakout.