Eric Nuttall
Member since: Mar '10
Partner & Senior Portfolio Manager at
Ninepoint Partners

Latest Top Picks

(A Top Pick Aug 30/19, Down 24%) Still one of only a dozen core holdings he has. They are sitting on a world-class asset. They are roughly 55% hedged on production this year at $59 oil. They really need about $44 oil to be successful. They are levered, but have refinanced and it is not due until 2024. He is a bull on oil, thinking we will get back to $50 by year end.
(A Top Pick Aug 30/19, Down 44%) It has been a roller-coaster ride and he is still one of the top three holders of the stock. When oil returns to $60, sometime next year they will be strong again. They could be a candidate for consolidation in the space. If you are bullish on condensate pricing, there could be some great upside here. He continues to hold it as a large core holding.
(A Top Pick Aug 30/19, Down 44%) They monetized assets last year and started this year with a good balance sheet. At $50 oil prices it trades at 2.8 times cash flow -- historically it traded as high as 8 times. He thinks oil will get back to these levels by end-2020. It remains a large holding in his fund.
He thinks we will see $50 by end-year. At this level it is trading at 2.6 times cash flow -- historically it traded at 8 times. That best place to be in energy is in Canada. He likes the management team. They can also be active in sector consolidation as CPP owns 29% of the company. Yield 0% (Analysts’ price target is $2.09)
They are $209 million on a $275 million line of credit and they are cash flow positive. They have one of the strongest balance sheets in the small to medium cap energy space. It trades at 2.1 times cash flow at $50 oil. They are keeping production flat and using cash flow to pay back debt and do share buybacks. This company could be a takeover target in the future. Yield 0% (Analysts’ price target is $1.46)