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

Latest Top Picks

(A Top Pick Apr 26/19, Down 59%) They are predominately light and heavy oil production. They refinanced their debt out to 2027. The balance sheet leverage is a little high, but they do not face any issues for years to come now. They are 46% hedged this year. They are fully funded down to $47 oil for the year.
(A Top Pick Apr 26/19, Down 42%) Still a Top Pick for him. It is down over 10% today. They are 50% hedged this year at $76 CAD oil prices. They will continue to do share buybacks on asset sales.
(A Top Pick Apr 26/19, Down 4%) They are 70% hedged at $60 WTI for the first half of the year -- this may be helping them hold their value relative to peers right now. They still generate $250 million of excess cash flow at $47 oil prices. They have 30 plus years of reserves and are trading at 80% reserve blow down values.
Its 50% hedged position of $56 oil is a key driver for him. They have $500 million of cash coming in from the sale of infrastructure assets. They plan to use 30% of that to buy back their shares. If you believe in $55 oil, they are trading at 83% of the well values that are currently on stream. It is trading at the lowest valuation metrics he has ever seen in his 17 year career. Yield 1.29% (Analysts’ price target is $7.36)
It has 68 years of reserves and are 70% hedged for the first half of this year at $60 oil prices. They have many billions in tax losses that could be very valuable to a large international player. He thinks it could trade back up to $9 with normalized oil prices towards $60. Yield 0% (Analysts’ price target is $8.49)