The oil market just got a historic geopolitical shock — and Eric
Nuttall says market complacency is creating a major opportunity
in energy stocks.
Geopolitics has jolted the oil market — but according to Eric
Nuttall, the real story for investors was already unfolding long
before the latest headlines. The Partner & Senior Portfolio
Manager at Ninepoint Partners, joins In the Money with Amber
Kanwar for an emergency session to break down the implications of
the Iran crisis, why the market may be dangerously complacent
about global oil supply, and why he believes energy stocks remain
in a multi-year bull market. Eric explains why the widely
anticipated oil “super-glut” never materialized, why U.S. shale
production may have plateaued, and why long-dated oil reserves
could become increasingly valuable in the years ahead. He also
discusses why energy stocks have pulled back despite rising
geopolitical risks and why patient investors could still see
significant upside in the sector.
Before getting to the Mailbag, Amber asks Eric about Strathcona
Resources (SCR), a stock he says he bought this week. Eric
explains why he’s attracted to the company’s long-life reserves
and discounted valuation compared with larger peers like Canadian
Natural Resources (CNQ). The purchase comes even after Eric
opposed the company’s now failed bid to buy MEG Energy (MEG). He
explains why he sees compelling value in Strathcona today and why
companies with deep, long-dated reserves could benefit the most
if oil prices rise.
In the Mailbag, Eric tackles viewer questions starting with
Baytex Energy (BTE), explaining why he doesn’t regret selling it
and why the company’s recent rally reflects buybacks and a
cleaner balance sheet after exiting the Eagle Ford. He then
discusses Tamarack Valley Energy (TVE), where strong economics
and improving results have driven a major run in the stock. From
there he responds to a question on Logan Energy (LGN), warning
that going too far down the market-cap spectrum can leave
investors stuck in stocks without enough institutional buying
power to drive a rerating. He then shares his thesis on Cenovus
Energy (CVE) following its acquisition of MEG Energy (MEG),
before turning to natural gas with Birchcliff Energy (BIR) and
ARC Resources (ARX), where he explains why he’s currently less
enthusiastic about Canadian gas. The Mailbag wraps with a blunt
take on Surge Energy (SGY).
In Pro Picks, Eric first reflects briefly on some of his past
ideas on the show — including Veren (VRN), MEG Energy (MEG), and
NuVista Energy (NVA) — all of which were ultimately taken out,
though he says he would rather see the full investment thesis
play out than rely on M&A. Today he shares three current
high-conviction ideas: Whitecap Resources (WCP), Athabasca Oil
(ATH), and Ovintiv (OVV). He explains why Whitecap remains his
largest holding thanks to its long inventory runway and
discounted valuation, why Athabasca’s deep reserve base could
become increasingly strategic in a tightening oil market, and why
Ovintiv’s cleaner asset base and aggressive share buybacks could
drive a meaningful re-rating if the company attracts more
long-term institutional investors.
Timestamps
00:00
Trailer
02:30 Intro
05:00 Iran war implications for oil
06:45 Domestically Trump needs lower energy prices
09:45 Where do oil prices go?
12:20 Why are energy stocks selling off?
15:00 What Eric saw in Saudi Arabia
16:45 Why Eric was already bullish oil
22:00 Why Eric bought Strathcona (SCR) this week
27:00 Eric’s defence of the energy sector on parliament
hill
31:00 ITM Mailbag: Baytex stock (BTE)
33:30 Tamarack Valley Energy stock (TVE)
35:00 Logan Energy stock (LGN)
37:50 Cenovus Energy stock (CVE)
39:30 Birchcliff Energy stock (BIR)
42:00 Arc Resources stock (ARX)
44:00 Surge Energy (SGY)
46:00 Eric’s Pro Picks ( WCP, ATH, OVV)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more
information on ATB Cormark Capital Markets visit
https://ATB.com/inthemoney
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions. In this episode we discuss
Canadian Natural Resources and Tamarack Valley Energy which are
both stocks Amber owns.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. 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 strategy.
Contact: questions@inthemoneypod.com
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