Canadian Natural Rsrcs (CNQ-T)

He doesn't generally participate in the E&P space, as it's hard to make decisions based on the underlying commodity price. Bigger picture, still huge demand for Canadian oil and gas on world markets. EVs won't take over anytime soon.

Very strong operations. Very focused on shareholders by returning $$ to them and paying down debt. Would have been his top choice, until SU ended up turning things around.

One of the best management teams in the world. Share buybacks are in place and is a cash flow machine.

Generally, energy is a beneficiary of a Trump administration. Value in the energy market, given where oil prices are. Going forward, some of the US names may perform a bit better than Canadian names. If we avoid a recession (his view), then oil prices can move higher. If fiscal stimulus in China can push that economy, would benefit oil prices.

Yield is ~4.6%, no risk to that. Attractive name to own as part of your portfolio.

(2 for 1 stock split on 11 June 2024) 
Commodity bull markets last a long time once they get going. Pullback gives you an opportunity, he'd buy today. Especially given short life of US shale assets, companies like this should command a premium over the cycle. Plans to own for a long time.

Likes it. Well-run company. Wait until tax-loss selling ends in December. Seasonality for energy runs December-May, unlike the price of gas suddenly recovers. Buy on weakness for the long-term.

Just became a dividend aristocrat, with 25 consecutive years of dividend increases. Benefiting from Trans Mountain. Price has come back because oil prices have fallen. To get stock back to all-time high of $55-56, need oil to return to $80-85. Doesn't really matter, as it will continue to raise the dividend and buy back stock. Athabasca acquisition was brilliant.

Own for the dividend and dividend growth, anything on top is icing on the cake. Loves it.

Wonderful company. As a strong operator, it doesn't get much better. Consolidating footprint in oil sands, as US companies are exiting. Deals are massively accretive, making it more of a cashflow compounder. Long resource life. Cashflow juggernaut, great business, undervalued.

Pulled back pretty hard over the last week, so now is the time to look. Oversupply into 2025 will bring some weakness. Lots of options to create value. Wouldn't own if oil dropped to $70 or below.

He's light in energy. CNQ has rallied recently after being rangebound.

In the longer term it is well run. Oil could go substantially higher with the Geo-political situation.

Primary holding within energy. One of best managed companies in Canada. Excellent capital allocation skills with strong assets. Chairman has lots of skin in the game. Very strong cash flow that is being returned to shareholders. 

Oil prices weak recently, generally gets a little firmer coming into winter. Lots of Middle East conflict. US energy producers in general have performed much worse than Canadian, partly because of debate on whether shale can sustain production. 

Longer term, the sector is attractive and these companies will generate a ton of cash and strong dividend growth. Near-term technical questions. He'd love to see price of oil stabilize. It has in last couple of days, but that's geopolitically driven.

This one gets the nod for growth.

Sold BCE a few months ago. Slowed down its dividend growth. Core businesses are facing sluggish secular growth. Balanced sheet is more leveraged, debt downgraded. Applauds selling sports asset, but not enough to get his interest.

Does not own shares in the business. Natural resource stocks are not asset light - require lots of capital. Also, company is a price "taker" - no control. Oil and gas is also a commodity which makes it hard to determine outlook. In summary, very hard to determine outlook of business - not good for investors. Would rather a high quality business that is predictable. 

Management is terrific. Financially very sound. One of the lowest break evens (mid-$40s) of all peers. Strong cashflow, 100% free cashflow being returned to shareholders via buybacks and dividends. Long-life assets, no need to drill like crazy. Yield is 4.7%.

Wonderful Canadian company. Energy is an important part of a diversified portfolio. Energy transition to renewables is going to take a lot longer than we think.

Owns shares in company, ~9% weighting in fund. Company excellent at capital allocation. Very strong free cash flow yields. Company has pledged to return 100% of cash flow to shareholders. Recent weakness in energy markets a good time to buy.