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Stock Opinions by Eric Nuttall

COMMENT
Believes world is in a multi-year bull market for energy. Concerns for demand destruction during weak economy unfounded. Historically, demand growth for energy (even during a recession) has been steady. Oil inventories continue to fall even with US SPR releases (largest ever) and China under lockdown.
Unknown
COMMENT

Still sees meaningful upside for Canadian energy stocks in the form of share buybacks and dividends. Recent USA SPR release to reduce gasoline prices is unsustainable. Financial demand for oil has fallen, even when physical demand has remained strong. Believes OPEC is looking to establish a floor price even with US SPR releases.

Unknown
BUY
Recent miss of Q2 numbers are a temporary miss. Excellent dividend yield with massive opportunities is USA. Large exposure to Clearwater oil play in Canada. 80% upside is expected within the next year.
oil / gas
HOLD
Very beneficial exposure to European gas prices. Trading at 70% free cash flow yield. If conflict in Europe eases, will reduce gas prices. European tax on energy profits a major concern. Inventory depth a concern as well. Other names in energy sector that have better upside.
oil / gas
BUY
Very well managed company with excellent inventory depth (several decades). Using NCIB to buy back stock aggressively. Seeing major upside for stock. Should be debt free by the end of next year. Expecting a 5x multiple equates to $39 share price (100% upside).
oil / gas
BUY
Lowest of high conviction names. Has sold shares even though believes company has large upside. Expects share price to rise.
oil / gas
BUY
Well managed company. Recent acquisition of Clearwater royalty a plus. Preference is for Freehold (higher yield) and USA exposure. Second pick would be Topaz after Freehold.
0
HOLD
New CEO should be a good catalyst for share appreciated. Cheap share price of stock (trading at 2.6x cash flow). Company could implement strong dividend and share buybacks if desired. Wait and see what happens with new CEO.
integrated oils
BUY
Excellent company with long reserve life. High special dividends that provide excellent returns. CEO has over $1 Billion is personal investment Expecting a 17% dividend yield next year.
oil / gas
BUY
Very well managed company that is returning capital to shareholders. Felt better opportunities exist when sold shares. Will be debt free now or by the end of the year. Expecting a 5x multiple on the share price.
oil / gas
PAST TOP PICK
(A Top Pick Sep 24/21, Up 48%) Disappointed with returns even though have been strong. Has sold shares since company active in M&A. Did not want to wait for return of capital. As company de-levers, company will have a 9% dividend yield.
Oil and Gas (Integrated Oils)
PAST TOP PICK
(A Top Pick Sep 24/21, Up 101%) Expecting company to double share price. At $100 oil, company trading at 2.6x cash flow. Expecting company to buyback 10% of shares, rest of cash will go to dividends. Thinks a 17% dividend rate is not out of the question.
oil / gas
PAST TOP PICK
(A Top Pick Sep 24/21, Up 100%) Recent acquisition of Deltastream a good move. Very high quality asset base with Clearwater expansion (largest landowner). Expecting company to buyback 12% of shares outstanding and pay 4% dividend yield. Wells in Clearwater play payout in 1 month. Expecting a $12 share price.
oil / gas
PAST TOP PICK
(A Top Pick Sep 24/21, Up 125%) Strong company that will continue to hold. Will pay down debt to zero by end of the year. Expecting to return 60% of free cash flow going forward (~18 of shares next year). 9% weight in portfolio. Expecting a 5x multiple on share price or $40 share price.
oil / gas
BUY
Primarily a gas name. Very good well results. Not spending money on drilling. Trading a 2x EV to cash flow. Expecting late share price increase.
Energy
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