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They have done some good acquisitions and they have heavy oil exposure, but the liquidity is just too slight.

The debt is simply too high for him to invest in. They also have some issues with First Nations peoples. This has too much hair on it for him.

Raging River had good light oil assets but issues with decline rates. Baytex shareholders were comfortable with the debt, given the torque to heavy oil differentials. Mashed together, it has allowed the concerns over BTE-T debt levels to be abated and is opening doors for new opportunities.

Raging River had good light oil assets but issues with decline rates. Baytex shareholders were comfortable with the debt, given the torque to heavy oil differentials. Mashed together, it has allowed the concerns over BTE-T debt levels to be abated and is opening doors for new opportunities.

At an $11 billion market cap, it is consider a mid-cap in the US. A Permian play producer, who can likely increase production by 20% per year for the next 7-10 years. It is inexpensive, when considering Midland Texas differentials are expected to narrow back in beginning next year. This could be an acquisition target in the future. Yield 0%. (Analysts’ price target is $41.44)

About 1/3 of their production is moving to US Gulf Coast markets, with the help of rail. He expects the heavy differential to narrow towards $20. Yield 0%. (Analysts’ price target is $11.33)

The merged Raging River/Baytex company, at $80 oil and a five times multiple over cash flow is a $10 stock. The Eagleford and Viking assets create cash flow as they delineate a prolific heavy oil play in Peace River and massive exposure into the East Duverney play. Yield 0%. (Analysts’ price target is $6.31)

(A Top Pick November 15/17 Down 46%) He exited energy services earlier this year. The E&Ps, he feels, are harbouring cash to survive, which has resulted in lower demand for the service sector. The company trades today at a trough PE and the company is paying down debt and buying back shares. He likes the management team strategy.

(A Top Pick November 15/17 Down 54%) He was disappointed with this company did an acquisition, which eliminated the free cash flow position. He would prefer other names today.

(A Top Pick November 15/17 Down 28%) The multiple contraction in the US pressure pumpers could continue to get worse. You have to be patient holding this right now.

Gold didn't kick in in late July, defying seasonality (the opposite movement to the US dollar). Gold will depend on
where the USD goes. He wants the current low to hold. Until there's clarity with US-China tensions, there won't be clarity about the USD and gold.

His favourite bank is BMO. There's resistance at $120 now. Resistance happens in early-September and that'll likely happen this year too. Can't see the driver to move this forward. You won't suffer holding it. Also likes TD.

It peaked in early June and fell to $80, breaking a strong 19-month trend. The early-August low fell along with commodoties as a whole. It'll likely continue to fall.

It's had a nice, long uptrend since 2014. Don't worry about interest rates rising, though it's a background factor. No worries about this chart.

He sold it this summer due to FANG concerns. It's had a great run in recent years. He had feared it could fall below $1,800, though a push to the upside is still possible. Maybe sell half and put a stop at the current level.