BUY

Just delivered another solid quarter, traffic up 5.2%, memmbershio renewals also high.

COMMENT

Prediction of higher oil prices coming to fruition.
Expecting $85-$100 oil prices going forward. 
Record oil demand continuing to rise with shortfall in oil supply.
USA oil supply reducing (less productive wells) combined with Saudi production cuts. 
Fear of recession also not materializing. 
Global oil inventories at all time lows. 

TOP PICK

Remains bullish on oil prices ($85-$100).
Meaningful leverage to $90 oil price.
January 2024 will see 100% return of capital to shareholders.
Currently trading at 17% to cash flow.
Expecting 50% upside at current oil price. 
Current share price undervalued. 

TOP PICK

Owns ~9.9% in fund.
Offers highest leverage to narrowing Canadian differential in oil price. 
40 years of Proved Reserves. 
Trading at 3x cash flow.
Expecting move to 75% return of capital.
Expecting a ~$6 share price. 
Company is now debt free.

TOP PICK

Successfully transitioned into long reserve life company (Duvernay & Montney).
Largest oil wells in Canada.
Returning 60% of free cash flow yield to investors.
~15 years of high quality inventory.
Expecting 100% upside at current share price.
Dividend yield ~3% and will also issue special dividends.

PAST TOP PICK
(A Top Pick Oct 24/22, Up 39%)

Will continue to owns shares.
Can't find better names.
Singular asset (oil).
Excellent balance sheet - almost 0 debt.
High oil prices good for business.
Trading at ~4x cash flow.
35 years of reserves. 
Expecting ~$45-$50 share price. 

PAST TOP PICK
(A Top Pick Oct 24/22, Down 13%)

Terrible performance in stock.
Largest shareholder of company.
Will continue to buy shares.
High quality assets.
Recent acquisition negative on share priced (issued lots of shares).
Non-core Cardium assets on the market.
Trading at 28% free cash flow yield. 

PAST TOP PICK
(A Top Pick Oct 24/22, Down 14%)

Very confident in holding name.
Large ownership position.
Trading at 39% free cash flow yield.
Recent acquisition misunderstood by the market.
At least 10 years of high quality inventory.
CEO recent bought 900,000 shares.
Expecting a ~$14 share price.

HOLD

Small energy stock that is "for sale".
Recent cut of dividend not good.
Company hoping to take advantage of higher oil prices in order to sell.
Company cheap, but so are other (better) names in sector.

BUY

~7% ownership in fund.
High quality oil assets.
Recent entered into Montney oil field.
Long reserve life (PDP). 
Experienced management team.
Dividend yield is safe.
Expecting a $16 share price going forward.

HOLD

Prefers other names in sector.
Price leverage not sustainable in Europe (windfall profit taxes etc.). 
Does not see inventory depth relative to other names.
Expecting 30% upside @ $90 oil.

BUY

Owns ~5 million shares in company (~5% of shares).
Oil assets very profitable. 
Management team very good.
Expecting ~60% of free cash flow being returned to shareholders. 
Current share price under-valued.

BUY

Owns shares (about 5% in portfolio).
MEG and Cenovus better options. 
Good for long term investors (5-10 years).
High exposure to oil prices. 
Expecting 60% upside, or ~$90 share price. 

BUY

Excellent company with best oil play in North America.
Very strong management team.
New "Fish bone" drilling technique could be very profitable.
Expecting 50% upside given current oil price.
Owns shares in company. 

PARTIAL BUY

New position for the fund.
Owns ~6% of company.
New "Fish Bone" drilling technique could be very profitable.
No dividends or buybacks, but exploration style company.
Could be very high returns.