Stock Opinions by Eric Nuttall - Stockchase Experts
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Eric Nuttall @

On Stockchase since : Mar 2010

Partner & Senior Portfolio Manager at Ninepoint Partners

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Stock Opinions by Eric Nuttall - Stockchase Experts

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COMMENT
General Market Comment 

December 14, 2018

Market Outlook The market has had a tough go over the past five years. He thinks, there has been a back room agreement between the Saudis and Trump to keep oil prices lows. A surge in OPEC supply and Trump issuing Iranian waivers have been examples of this. He thinks demand growth is understated, growing at 1.4 million barrels per day, combined with supply cuts in OPEC, other countries and now Alberta will help balance the market. There are a hand-full of companies benefiting from wide differentials, and thinks one oil trader earned a $9 million bonus for helping keep differentials wide. These companies are integrated companies that hold refining assets and strong trading desks.
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Market Outlook The market has had a tough go over the past five years. He thinks, there has been a back room agreement between the Saudis and Trump to keep oil prices lows. A surge in OPEC supply and Trump issuing Iranian waivers have been examples of this. He thinks demand growth is understated, growing at 1.4 million barrels per day, combined with supply cuts in OPEC, other countries and now Alberta will help balance the market. There are a hand-full of companies benefiting from wide differentials, and thinks one oil trader earned a $9 million bonus for helping keep differentials wide. These companies are integrated companies that hold refining assets and strong trading desks.
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$0.000
Owned Owned
_N/A

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BUY
Kelt Exploration(KEL-T) 

December 14, 2018

He has been a buyer of this in recent weeks -- along with senior management. The tax loss selling going on right now is the greatest in years. He thinks this will end soon and there should be a bounce back up in the stock price. If you are bullish on oil prices, this has at least a 50% upside potential.
oil/gas
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He has been a buyer of this in recent weeks -- along with senior management. The tax loss selling going on right now is the greatest in years. He thinks this will end soon and there should be a bounce back up in the stock price. If you are bullish on oil prices, this has at least a 50% upside potential.
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$4.510
Owned Owned
Yes

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BUY
Torc Oil & Gas Ltd(TOG-T) 

December 14, 2018

Management just released their guidance and indicated they are generating positive cash flows and indicating over 85% of their production is not impacted by wide differentials. Management has always delivered. The stock trades at 4.5 times cash flow, where it historically traded at 8 times. He thinks you could make 40-50% on this. Yield 6%.
oil/gas
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Management just released their guidance and indicated they are generating positive cash flows and indicating over 85% of their production is not impacted by wide differentials. Management has always delivered. The stock trades at 4.5 times cash flow, where it historically traded at 8 times. He thinks you could make 40-50% on this. Yield 6%.
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$4.380
Owned Owned
Unknown

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HOLD
Arc Resources Ltd(ARX-T) 

December 14, 2018

There is no distinguishing the have and have-not companies. You can now buy the best quality companies at the same discounts to their peers. Their next big production project comes on later in 2019. Management is great. We have probably reached the maximum level of capitulation.
oil/gas
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There is no distinguishing the have and have-not companies. You can now buy the best quality companies at the same discounts to their peers. Their next big production project comes on later in 2019. Management is great. We have probably reached the maximum level of capitulation.
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$8.610
Owned Owned
Unknown

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DON'T BUY
Advantage Oil & Gas Ltd(AAV-T) 

December 14, 2018

It is a dry natural gas producer. He thinks oil stocks have more upside. AECO is trading at $1.10 per GJ in the middle of winter. The management team is good. He would likely purchase ARX-T instead.
oil/gas
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It is a dry natural gas producer. He thinks oil stocks have more upside. AECO is trading at $1.10 per GJ in the middle of winter. The management team is good. He would likely purchase ARX-T instead.
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$2.080
Owned Owned
No

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SELL
Cardinal Energy Ltd(CJ-T) 

December 14, 2018

They right-sized the dividend, maybe a little too early as the heavy differentials have tightened recently. It is trading at a slight discount to a Torc (TOG-T). He would sell it to take a tax loss and take on TOG-T to get a good yield and higher quality management team.
oil/gas
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They right-sized the dividend, maybe a little too early as the heavy differentials have tightened recently. It is trading at a slight discount to a Torc (TOG-T). He would sell it to take a tax loss and take on TOG-T to get a good yield and higher quality management team.
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$2.240
Owned Owned
No

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DON'T BUY
C & J Energy Services(CJ-N) 

December 14, 2018

He expects energy service stocks to do better going forward. However, for the first incremental dollar of capex, you will likely get better returns on holding producers instead.
Energy Infrastructure, Industrials & Utilities
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He expects energy service stocks to do better going forward. However, for the first incremental dollar of capex, you will likely get better returns on holding producers instead.
Energy Infrastructure, Industrials & Utilities
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$14.590
Owned Owned
No

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WATCH
Vermilion Energy Inc(VET-T) 

December 14, 2018

Is the dividend safe? He has not owned this for years, due to the high premium it trades at because of the dividend. It still trades at a premium. He struggles to understand how they can pay the dividend without taking on debt. Another 6 months of low oil prices could jeopardize the dividend. Yield 9%
oil/gas
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Is the dividend safe? He has not owned this for years, due to the high premium it trades at because of the dividend. It still trades at a premium. He struggles to understand how they can pay the dividend without taking on debt. Another 6 months of low oil prices could jeopardize the dividend. Yield 9%
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$28.920
Owned Owned
No

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HOLD
Whitecap Resources(WCP-T) 

December 14, 2018

Is the dividend safe? The dividend will depend on the oil price. He assumes $60 WTI and $20 heavy differentials and $10 light oil differential. WCP-T would have a 95% payout ratio based on these assumptions. It would trade at 4 times cash flow.
Oil and Gas (Integrated Oils)
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Is the dividend safe? The dividend will depend on the oil price. He assumes $60 WTI and $20 heavy differentials and $10 light oil differential. WCP-T would have a 95% payout ratio based on these assumptions. It would trade at 4 times cash flow.
Oil and Gas (Integrated Oils)
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$4.270
Owned Owned
No

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COMMENT
MEG Energy Corp(MEG-T) 

December 14, 2018

Do you like the MEG - HSE merger? He has been a supporter of tightening heavy differentials. He no longer holds MEG-T and regets it -- because it really is a high torque heavy oil company. The street does not think HSE-T will have to increase the bid to buy them. If you hold MEG-T you are essentially holding HSE-T now. He thinks there are better companies to invest in to maximize your exposure to heavy oil improving.
oil/gas
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Do you like the MEG - HSE merger? He has been a supporter of tightening heavy differentials. He no longer holds MEG-T and regets it -- because it really is a high torque heavy oil company. The street does not think HSE-T will have to increase the bid to buy them. If you hold MEG-T you are essentially holding HSE-T now. He thinks there are better companies to invest in to maximize your exposure to heavy oil improving.
oil/gas
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Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$8.160
Owned Owned
No

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COMMENT
Husky Energy(HSE-T) 

December 14, 2018

Do you like the MEG - HSE merger? He has been a supporter of tightening heavy differentials. He no longer holds MEG-T and regets it -- because it really is a high torque heavy oil company. The street does not think HSE-T will have to increase the bid to buy them. If you hold MEG-T you are essentially holding HSE-T now. He thinks there are better companies to invest in to maximize your exposure to heavy oil improving.
oil/gas
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0 comments
Do you like the MEG - HSE merger? He has been a supporter of tightening heavy differentials. He no longer holds MEG-T and regets it -- because it really is a high torque heavy oil company. The street does not think HSE-T will have to increase the bid to buy them. If you hold MEG-T you are essentially holding HSE-T now. He thinks there are better companies to invest in to maximize your exposure to heavy oil improving.
oil/gas
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0 comments
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$15.370
Owned Owned
No

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PAST TOP PICK
(A Top Pick Jan 05/18, Down 69%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. He sold this at $4.25. They announced last week a divestiture making them debt free and it trades below book value. They have bought back 10% of their shares. When the outlook for spending improves it will be back on his radar.
oil/gas field services
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(A Top Pick Jan 05/18, Down 69%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. He sold this at $4.25. They announced last week a divestiture making them debt free and it trades below book value. They have bought back 10% of their shares. When the outlook for spending improves it will be back on his radar.
oil/gas field services
0 0 0 0 0
0 comments
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$1.220
Owned Owned
No

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PAST TOP PICK
STEP Energy Services(STEP-T) 

December 14, 2018

(A Top Pick Jan 05/18, Down 82%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. A pure pressure-pumper play. With a lack of interest in the service sector, he got out above $10. He does not like their pricing structure and does not support management's aggressive pricing strategy.
Energy
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(A Top Pick Jan 05/18, Down 82%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. A pure pressure-pumper play. With a lack of interest in the service sector, he got out above $10. He does not like their pricing structure and does not support management's aggressive pricing strategy.
Energy
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0 comments
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$2.080
Owned Owned
No

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PAST TOP PICK
(A Top Pick Jan 05/18, Down 86%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. He sold out around $6.50. Demand for frac-sand is down and their is greater competition in the US. Spending plans have declined in Canada as well. He is not holding this right now.
Energy
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(A Top Pick Jan 05/18, Down 86%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. He sold out around $6.50. Demand for frac-sand is down and their is greater competition in the US. Spending plans have declined in Canada as well. He is not holding this right now.
Energy
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0 comments
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$1.250
Owned Owned
No

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COMMENT
General Market Comment 

December 14, 2018

Your mutual fund? His Energy fund that he manages is ticker NPP006. It is one of the few remaining mutual funds for energy with 65%/35% split US versus Canada. It is actively managed looking at heavy differentials. It has $130 million in assets.
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Your mutual fund? His Energy fund that he manages is ticker NPP006. It is one of the few remaining mutual funds for energy with 65%/35% split US versus Canada. It is actively managed looking at heavy differentials. It has $130 million in assets.
Unknown
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0 comments
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$0.000
Owned Owned
Yes

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