TopPicks from Eric Nuttall, partner and senior portfolio manager, Ninepoint Partners
Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, discusses his top picks: Athabasca Oil, Tamarack Valley, and Baytex Energy. Athabasca Oil offers tremendous leverage to both a rising oil price and a falling WCS differential. Having met its debt target the company has pledged to return at least 75 per cent of free cash flow back to investors.
Tamarack significantly lagged in 2022 as the market digested its very active pace of consolidation in the Clearwater play. Now with at least 10 years of drilling inventory, the company is focused on reaching leverage targets to allow for more meaningful shareholder returns. With the stock trading at 2.8x/2.2X 2024 EV/CF at US$80/$100WTI we see fair value closer to $9.22/$12.37 at US$80/$100WTI.Baytex offers meaningful exposure to both a rising oil price and an improving WCS differential .
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