Eric Nuttall
Member since: Mar '10
Partner & Senior Portfolio Manager at
Ninepoint Partners
Ninepoint Partners
1901 Opinions
Latest Top Picks
(A Top Pick Dec 19/19, Down 64%) It offers meaningful beta for increasing oil price. He thinks it will lag other names, especially since more and more investors favour MEG. He does not hold it.
(A Top Pick Dec 19/19, Down 60%) It offers meaningful cashflow. They are treading water but have meaningful leverage to an increasing oil price. At $50, it will trade at 24% free cashflow yield, at $60. 60%. It could potentially amalgamate with other companies in the area.
(A Top Pick Dec 19/19, Up 21%) He has reduced his position from 10% - 2% due to implosion of the natural gas pricing from the warm weather. They can use their strong balance sheet and Topaz, as an aggregator. He expects them to be aggressive as a consolidator.
A huge laggard this year. It is trailing other names at 20-30%. They have not yet reinstated dividends. They should reinstate it early next year. At current levels, the stock trades at 14% free cashflow yield. At $50-$60 oil, it trades at 30%-60% free cashflow yield for dividends and buy-backs. (Analysts’ price target is $2.46)
The mid-cap names are where you really want to focus. They have done a good job of taking advantage of the pandemic and doing MNA. It will be one of the first names to profit from money coming back to the sector. They could gain even bigger scale and be re-rated by multiple. Currently trading at 16-30% free cashflow yield. (Analysts’ price target is $3.57)
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Opinion
Expert
Chart
COMMENT
COMMENT
November 20, 2020
We can finally look towards a post-covid world. The market is looking through the lockdown and induced demand loss. The structural loss of US shale and capital investment moving to renewables also points to a positive outlook on crude oil. We see a tightening of supply. He is still confident we will see $50 oil early next year and $60 later that year. Energy companies have enormous free cashflow right now.
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We can finally look towards a post-covid world. The market is looking through the lockdown and induced demand loss. The structural loss of US shale and capital investment moving to renewables also points to a positive outlook on crude oil. We see a tightening of supply. He is still confident we will see $50 oil early next year and $60 later that year. Energy companies have enormous free cashflow right now.
COMMENT
COMMENT
November 20, 2020
They are running at a higher than average leveraged position. Their next maturity is 2023 so there is running room. The outlook for condensate is very positive. 30% free cash flow at $50 oil, and 53% free cashflow yield at $60.
Show full opinionHide full opinionThey are running at a higher than average leveraged position. Their next maturity is 2023 so there is running room. The outlook for condensate is very positive. 30% free cash flow at $50 oil, and 53% free cashflow yield at $60.
oil/gas
COMMENT
COMMENT
November 20, 2020
Future of oil. The global population in 2050 will be at 2B people. Mass EV adoption is very challenging due to economics. Just from a base metal perspective, it would consume 85% of lithium and 105% of cobalt reserves in the world. Hydrogen would displace 4% of oil demands in 2050. The notion of peak demand is a fallacy but the reality is that this will lead to peak supply which will be very real.
Show full opinionHide full opinionFuture of oil. The global population in 2050 will be at 2B people. Mass EV adoption is very challenging due to economics. Just from a base metal perspective, it would consume 85% of lithium and 105% of cobalt reserves in the world. Hydrogen would displace 4% of oil demands in 2050. The notion of peak demand is a fallacy but the reality is that this will lead to peak supply which will be very real.
HOLD
HOLD
November 20, 2020
A go to natural gas name. 19x free cashflow yield right now. Balance sheet and debt is fine. It has relevant obstacles and market cap is a challenge, but it is a hold. It depends on how cold the winter is. If it is a warm winter, get out.
Show full opinionHide full opinionA go to natural gas name. 19x free cashflow yield right now. Balance sheet and debt is fine. It has relevant obstacles and market cap is a challenge, but it is a hold. It depends on how cold the winter is. If it is a warm winter, get out.
oil/gas
WATCH
WATCH
November 20, 2020
At $45 oil, the target price would be $1.50. At current oil prices, it is trading at a 4% free cashflow yield. He believes this company will not be around for much longer. The valuation is very compelling. However, either they need to get bigger or to get out and be scaled up by someone else.
Show full opinionHide full opinionAt $45 oil, the target price would be $1.50. At current oil prices, it is trading at a 4% free cashflow yield. He believes this company will not be around for much longer. The valuation is very compelling. However, either they need to get bigger or to get out and be scaled up by someone else.
oil/gas
BUY WEAKNESS
BUY WEAKNESS
November 20, 2020
He was not overly enthused by the Husky take over. He has warmed up to the outlook of the stock in a better oil price environment. At $50 oil, they do not compete as well as CNQ or SU. He has started to dip his toe into CVE. At $50 oil, they would be trading at a 24% free cashflow yield, which is compelling for a large cap stock.
He was not overly enthused by the Husky take over. He has warmed up to the outlook of the stock in a better oil price environment. At $50 oil, they do not compete as well as CNQ or SU. He has started to dip his toe into CVE. At $50 oil, they would be trading at a 24% free cashflow yield, which is compelling for a large cap stock.
oil/gas
SELL
SELL
November 20, 2020
Their balance sheet needs to be fixed, assets are scattered all over the world so operational focus is difficult. Their valuation is not compelling compared to other names. He has been a sell for years.
Show full opinionHide full opinionTheir balance sheet needs to be fixed, assets are scattered all over the world so operational focus is difficult. Their valuation is not compelling compared to other names. He has been a sell for years.
oil/gas
DON'T BUY
DON'T BUY
November 20, 2020
Not a holding now. They paid off all their debt by selling some assets. They are at a net cash position. In the short term there is no reason to own the stock due to lack of catalyst.
Show full opinionHide full opinionNot a holding now. They paid off all their debt by selling some assets. They are at a net cash position. In the short term there is no reason to own the stock due to lack of catalyst.
oil/gas
COMMENT
COMMENT
November 20, 2020
CNQ would be better for dividend sustainability. They have less maintenance requirements on their properties, a better run company. There is better inside ownership. He owns both. At $60 oil, CNQ will have 18% free cashflow yield. Suncor has less leverage due to refining exposure.
integrated oils
COMMENT
COMMENT
November 20, 2020
CNQ would be better for dividend sustainability. They have less maintenance requirements on their properties, a better run company. There is better inside ownership. He owns both. At $60 oil, CNQ will have 18% free cashflow yield. Suncor has less leverage due to refining exposure.
oil/gas
COMMENT
COMMENT
November 20, 2020
The momentum today will off-set tax-loss selling. Looking through the very short term, the dynamics of the sector are tighter. They had a disappointing 2021 forecast with more gas allocations. If you are bullish on natural gas, you could be a buyer, but he does not find it too compelling.
Show full opinionHide full opinionThe momentum today will off-set tax-loss selling. Looking through the very short term, the dynamics of the sector are tighter. They had a disappointing 2021 forecast with more gas allocations. If you are bullish on natural gas, you could be a buyer, but he does not find it too compelling.
oil/gas
PAST TOP PICK
PAST TOP PICK
November 20, 2020
(A Top Pick Dec 19/19, Down 64%) It offers meaningful beta for increasing oil price. He thinks it will lag other names, especially since more and more investors favour MEG. He does not hold it.
(A Top Pick Dec 19/19, Down 64%) It offers meaningful beta for increasing oil price. He thinks it will lag other names, especially since more and more investors favour MEG. He does not hold it.
oil/gas
PAST TOP PICK
PAST TOP PICK
November 20, 2020
(A Top Pick Dec 19/19, Down 60%) It offers meaningful cashflow. They are treading water but have meaningful leverage to an increasing oil price. At $50, it will trade at 24% free cashflow yield, at $60. 60%. It could potentially amalgamate with other companies in the area.
Show full opinionHide full opinion(A Top Pick Dec 19/19, Down 60%) It offers meaningful cashflow. They are treading water but have meaningful leverage to an increasing oil price. At $50, it will trade at 24% free cashflow yield, at $60. 60%. It could potentially amalgamate with other companies in the area.
oil/gas
PAST TOP PICK
PAST TOP PICK
November 20, 2020
(A Top Pick Dec 19/19, Up 21%) He has reduced his position from 10% - 2% due to implosion of the natural gas pricing from the warm weather. They can use their strong balance sheet and Topaz, as an aggregator. He expects them to be aggressive as a consolidator.
Show full opinionHide full opinion(A Top Pick Dec 19/19, Up 21%) He has reduced his position from 10% - 2% due to implosion of the natural gas pricing from the warm weather. They can use their strong balance sheet and Topaz, as an aggregator. He expects them to be aggressive as a consolidator.
oil/gas
TOP PICK
TOP PICK
November 20, 2020
A huge laggard this year. It is trailing other names at 20-30%. They have not yet reinstated dividends. They should reinstate it early next year. At current levels, the stock trades at 14% free cashflow yield. At $50-$60 oil, it trades at 30%-60% free cashflow yield for dividends and buy-backs. (Analysts’ price target is $2.46)
Show full opinionHide full opinionA huge laggard this year. It is trailing other names at 20-30%. They have not yet reinstated dividends. They should reinstate it early next year. At current levels, the stock trades at 14% free cashflow yield. At $50-$60 oil, it trades at 30%-60% free cashflow yield for dividends and buy-backs. (Analysts’ price target is $2.46)
oil/gas
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