Eric Nuttall

With oil, you don't look at EPS, but cash flow. He hopes that in 2027 the US-Iran war is over and things resemble normal at a floor price of $70. At this price, FRU has a payout ratio of 68%. Their dividend is sustainable into the low $50s. He's recommended FRU many times and is not worried.

He's done well at a $4 cost. When to sell? Complicated because TVE is buying Headwater. The buying price depends on the price of oil. TVE stock is approaching fair value now with a little upside. Buy on dips.

He's done very well with it over years. Is a long-term hold, because he's bullish oil as demand grows. At $70 oil, this trades at 6.2x PE with a fair PE of 8x. He targets 28% upside. At $80, ATH is a $16.60 stock or 52% upside.

Very well-run small, heavy-oil producer. A key project is exceeding expectations. Pays a solid 6% dividend with modest growth. Execution risk is minimal. The stock won't double, but will be consistent. He targets $17.

Wants to see what the new management team can do. The Eagle Ford took their eye off the ball. They have a lot under the hood that the market doesn't appreciate, but BTE is a prove-it story. The CEO is paid only stock, not pay. 

It compounds 32% a year the past 5 years. 

Pays a 4.3% dividend. Could a temporary headwind: TOU entered into a few deals, paying in Topaz stock (TOU owns 12% of Topaz). Well-run, taking advantage of growth in Clearwater, and are growing natural gas volumes. The stock won't double but slowly rise.

Would name it top pick again. Based on $70 WTI, WCP has 20% upside to $22.50; at $80, it's $26. He wouldn't be surprised if WCP was bought out. WCP has a super inventory in the Montney and Duvernay and at least 17 years of stay-flat inventory. The CEO always buys shares on weakness, strong balance sheet and pays a dividend of 4%. Modest growth.

He sold it. Is a call on natural gas. Back then, there was good growth and demand. But then heating demand is gong down due to forecasts of a warm winter. Would rather buy WCP.

Is partially exposed to propane exports. He became negative on natural has and sold those nat gas stocks a while ago. He didn't make money on it.

It's too small in terms of assets and capex. There are better names.

A fine company, but he wouldn't own any natural gas now, including Canadian.  Stocks is down by half over 5 years.

Almost bought more this morning. The CEO is sharp who has consolidated the portfolio to focus on deep resources in only Montney and Permian, and probably have 10 years of stay-flat, which is great. Trades at a discount to peers, trading at 5.3x PE. At $80 oil, he targets $91.

Well-run, though too small for institutions. Is waiting for them to sell their main property. He expects active M&A this fall. Is fairly valued. Will likely be bought out. Expect modest upside.