On this episode of In the Money with Amber Kanwar, Amber sits
down with Josh Young, founder of Bison Interests, for a sharp,
high-conviction conversation on the state of oil and gas
investing. Based in Houston, Texas, Josh is a U.S. energy
investor with a soft spot for Canadian oil and gas names. From
small-cap bargains to activist shakeups, mergers, and Josh’s
contrarian take on the oil cycle—this episode is a must-watch for
investors looking to find value where others see risk.
Josh fields mailbag questions on some of the most closely watched
names in energy. He breaks down why Whitecap’s (WCP) U.S. listing
debate matters, Strathcona’s bid for MEG Energy (SCR, MEG), and
why Canadian Natural Resources (CNQ) could be a surprise buyer.
He compares CNQ and Suncor (SU), weighing their capital
discipline and reserve outlook, and also takes a question on
Cenovus (CVE)—where he doesn’t rule out the potential for
activist involvement given its underperformance. Josh also shares
his thoughts on Baytex (BTE), SandRidge (SD), and more.
In Pro Picks, Josh reveals he’s active in Journey Energy (JOY),
which he believes holds major untapped value in conventional oil
assets, power generation, and Duvernay shale. He sees Ensign
Energy Services (ESI), which is backed by CNQ’s Murray Edwards
and Prem Watsa’s Fairfax, as a misunderstood deep-value play, and
he highlights Vital Energy (VTLE), a Permian name whose stock has
been unfairly punished despite improved operations.
Timestamps
00:00 Show intro and why Josh has a soft spot for Canadian
energy
03:20 Why U.S. and Canadian valuations look similar right
now
04:45 How much risk tolerance do you need to be invested in this
space?
07:20 How much M&A does Josh expect in the sector?
09:45 Is institutional money coming back into the space?
11:50 What does Josh think about Mark Carney and what he means
for the sector?
13:40 Josh’s contrarian view on the oil price and why he thinks
it’s going higher
18:40 What about the Saudis and OPEC? Is this a price war?
21:30 As an investor how does Josh think about Canada’s
wildfires
24:45 Josh’s approach to finding oil & gas companies
27:20 ITM Mailbag: Did Whitecap (WCP) talk about a U.S. listing
when Josh met with them? And will the company cut its
dividend?
32:50 Josh’s view on Strathcona’s (SCR) bid for MEG Energy (MEG)
and who might step in with a richer price
39:00 Josh’s thoughts on a long-term price for Cenovus
(CVE)
40:15 Josh’s thoughts on Suncor (SU) vs. CNQ
46:00 Will Baytex (BTE) ever recover?
49:00 Does Josh still like Sandridge? (SD.NYSE)
50:30 Josh’s Pro Picks
Sponsors
This episode is sponsored by BMO InvestorLine. We all want to
make the most of our investments. That’s why BMO InvestorLine is
here. Start investing today with BMO InvestorLine.
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For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit raymondjames.ca today to
discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
ATB.com/inthemoney for more information.
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In the Money delivers expert stock picks, market analysis, and
timely investing insights. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers and financial experts. Covering everything from ETFs and
Canadian stocks to global investing trends, dividend strategies,
and risk management, this show is made for DIY investors, stock
market enthusiasts, and anyone looking to sharpen their financial
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