Eric Nuttall

Impression that there is a large investor that is selling. As soon as the selling is done, it could be rerated. Could see trading at a 6x multiple. Management should take advantage of the share price and start share buybacks. (Analysts’ price target is $8.97)

The CEO is a good micro and macro thinker. The Husky purchase debt is being paid down quickly. Once this is done, they should introduce a meaningful share buyback program. Trading at a material discount to peers. Trading at a 27% free cashflow yield right now. Has lots of flexibility on how to return capital to investors. Could go up to $23 per share. (Analysts’ price target is $16.02)

Trading at 2.2x enterprise value to cashflow, which is cheaper than earlier this year. Q1 of next year should see a material share buyback. Trading at a 30% free cashflow yield. The low valuation will be rerated. Could trade at a 5x multiple, which would be a 103% upside. (Analysts’ price target is $12.19)

(A Top Pick Sep 18/20, Up 107%) Was taken over. Liked it for the team, asset and valuation. Was sad to see it go. There were motivated sellers. Sold to Whitecap.

(A Top Pick Sep 18/20, Up 167%) Gives you good exposure to the commodity price without taking on exploration risk. The stock was missed price when he recommended it. Has done a series of acquisitions.

(A Top Pick Sep 18/20, Up 128%) Will be talking about it as a Top Pick. The stock has lagged for a while, probably due to a large share holder selling.

Pretty gratifying to see the calls coming into fruition about limited oil supply globally. There is still some bearish overtone. People do not want to believe due to the severity of the downturn. They are just getting over this trauma. All the gains are from specialist and retail. Generalist and institutions have been missing. Now seeing a surge in interest from Europeans even. Cannot resist the performance for much longer. Year end performance will be strong. The backdrop is very bullish for oil. Energy stocks today are cheaper today than January of this year. The party has just started.

Have been waging conversations about reintroduction of meaningful bold action for generalist investors to come back to energy stocks. Companies should maximize free cashflow and introduce dividends with meaningful share buybacks. Average company is trading at 2.7x cashflow right now.

Got tired of the chronic underperformance. The past 2 years, the messaging from management has changed consistently. The messaging has confused people what they want to achieve. The stock is cheap. Trading at 2x cashflow. Free cashflow at 38%. Could be a value trap. Need to do a sharebuy back or dividend.

Doing exactly what he hoped the sector would do. Will see meaningful return of capital. Benefitted from spinning out Topaz. Has checked off a lot of the boxes. 63% upside is the current projection. Committed to base and special dividends.

Owns it for the longevity of the assets and miss pricing. Leverage has always been a problem. Trading at 44% free cashflow yield at $70 oil. Fair multiple is 6x, which would bring free cashflow to 15%. Would get a $20 target with this. The stock could continue to work. On the cusp of return of capital.

Should see good returns in Q1 of next year. Has done a good job of pivoting asset base from okay assets to good assets. Clearwater play is the most economic well in Canada. Has reinvigorated interest. Multiple expansion will help them.

Bought at 0.18 cents and the stock has rallied. Bought it for rerating in cashflow. Stock has worked out well. The next catalyst is to refinance debt that is due February of next year. The notes are trading at 0.98 cents which means the bond market thinks it will get refinanced. Positive catalyst for the shares.

Has been a favourite for him. A top holding. Did a great job of reinvigorating asset base. Stock has done pretty well and has been rerated. 27% free cashflow yield. Performance in 2022 will be determined by who returns the most capital to investors. Wants to see a 5% dividend with 10% buy backs.

Natural gas versus oil. There has been consolidation of the natural gas producers so there is supply discipline. Demand, the summer has been hot. In Europe, there are energy shortages. Outlook in LNG is good. We may see some seasonal sell off. The winter, if cold, will push natural gas higher. How long will current prices last and when will the supply response come? Gas to oil switch in the UK is coming.