Eric Nuttall

The question was on his preference between Suncor and CNQ. He would side with Suncor since it has more upside and CNQ's price is approaching fair value. Suncor has underperformed over the past week with the CEO stepping down. He had guided the company to a major turn-around. If the next CEO can continue to run the company as well as it has been running then he sees a 40% upside two years out.

The question was on his preference between Suncor and CNQ. He would side with Suncor since it has more upside and CNQ's price is approaching fair value. Suncor has underperformed over the past week with the CEO stepping down. He had guided the company to a major turn-around. If the next CEO can continue to run the company as well as it has been running then he sees a 40% upside two years out.

It is well run small cap that had good results in the last quarter. Lack of liquidity may keep some institutional buyers out.

The question was on the current price of oil. The supply is down 7 million barrels a day and there have been environmental catastrophes. China had stepped out of the market but imports are now way up so it can convert to refined products for export. There must be physical shortages but the US can prop up oil prices and talk it down. This is becoming less and less effective. Prices will go up but he and others haven't figured out the timing. 

It is a large weight in their portfolio. Is a long term commitment but they have trimmed some. It shows visible growth, has a great balance sheet, and is buying back shares. Canada has the ability to add incremental pipeline capacity and Athabasca is well positioned to benefit from this and global thirst. It is growing organically and he sees 40% upside over the next two years.

It is refocusing in Canada. He likes the new CEO who is taking his salary in stock. It has hidden potential and he sees 20 to 30% upside.

He is not fond of the extensive geographical exposure but at least it is divesting some of its international properties and focusing more on Canada. It is not the best play on Montney and the execution by management is better in other companies involved.

It has done a good job with the oil sands process. It has always been expensive but its project is now online. Liquidity is a bit of a challenge. He might take a look one day but doesn't own.

It is a good smaller cap in the medium to heavy oil range. It has small scale projects in Saskatchewan but there are future plans for expansion. It pays a 6.4% dividend so they have a large position in their income portfolio. It has good medium to long term leverage to rising oil prices.

He offered some comments about the oil sector. It is awash in cash. Non OPEC production is about 2/3 and Canada is one of a few countries that can grow more production. The sector offers share buybacks, a little bit of growth and some dividend income. He doesn't think share prices reflect the oil situation.

It is a mid-cap oil stock and their largest holding. It is one of the most misunderstood companies and is cheap without reason. Management has done an awesome job in its operations and it has beaten expectations in many quarters. It has well over 2 decades of very high quality inventory. US companies are eyeing Canadian companies Whitecap has 5.3 times cash flow and he sees a 40 % upside. Pays a dividend.

The CEO and CFO left amidst a change in strategy. It is a natural gas company but he is not bullish on natural gas, just oil. Maybe it will be better in 2027.

It also is natural gas, which he doesn't like and the valuation is not compelling to him now.

If owned he would switch to something else. He is critical of corporate strategy and the stock hasn't done much for the past few years. There is too much supply growth in natural gas so Tourmaline has cut its Capex growth going forward. It is very resource rich with decades of drilling inventory. Needs a better natural gas price.