TopPicks from Eric Nuttall, partner and senior portfolio manager, Ninepoint Partners
Eric Nuttall, partner and senior portfolio manager of Ninepoint Partners, discusses his top picks: Tamarack Valley, Baytex Energy, and MEG Energy.Tamarack was busy in 2022 consolidating acreage in Clearwater, North America’s most economic oil play with wells that payout in under two months. While this set the company up well for the future, it acted as an overhang on the stock throughout much of this year.
Baytex has drilled 15 of the top 15 wells in the most economic play in North America, yet still trades at a discount to the average trading multiple in North America. With the company trading at 2X EV/CF at $100WTI and a 36 per cent free cash flow yield, we see the company being able to continue to delineate its Clearwater acreage while returning 18 per cent back to investors in 2023. We think fair value is a 12 per cent free cash flow yield=$18 target price=168 per cent potential upside.
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