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

Latest Top Picks

Believes we are in a multi-year bull market for oil. Biggest holding for him at 10% of his fund. The stock has been an under-performer compared to others that are up close to 40%. Has emerged stronger than before covid. Continues to add to inventory, free cashflow, dividend. At $70 oil, the stock is trading at 2.7x enterprise to cashflow. 29% cashflow yield. 3.5% dividend but they could pay higher dividends if they want to. Net negative emission company. $70 oil, he is modelling $11.79 share price. (Analysts’ price target is $7.97)
Off most people's radar. Has had success in the Clearwater area. The well has come on very strong. Good economics. Oil prices is fixing their leverage problem and the new well might fix their inventory problem. Trading at 2.7x cashflow at $70 oil. Could privatize themselves in 2 years from free cashflow. Very inexpensive. 4x multiple at $70, which is $3.70 share price target. (Analysts’ price target is $1.91)
Ridiculously miss priced. Core focus is deleveraging the balance sheet. Looking strongly at monetizing non-core assets from the Husky acquisition. The stock is trading at 3.5x cashflow at current prices with 35% free cashflow yield. Using a 6x multiple, it can be a double. (Analysts’ price target is $12.75)
(A Top Pick Jun 19/20, Up 82%) Was bought by Whitecap two months ago. Was bought at an attractive valuation. Would continue to own Whitecap.
(A Top Pick Jun 19/20, Up 202%) Still see good upside potential. Management has done a good job. Is in a stronger position coming out of covid than before the pandemic. Has meaningful exposure to two the more economic plays in Canada. On the cusp of initiating a dividend that will make the stock even more attractive. Balance sheet is great and free cashflow is very strong. At $70 oil, it should trade at $4.61 share price.