RE:Nuttall I am seeing the opposite. I am getting cumulative per share growth through 2024 as follows:
TVE 24%
HWX 45%
Through 2026:
TVE 46%
HWX 94%
This is at strip prices and conservative growth metrics, so higher WTI would juice both estimates, but at $75, I would expect HWX to be about $12 in 2026 and TVE to be about $6.50.
Remember that HWX is a pure clearwater play, so they have more leverage to the great clearwater economics than TVE since TVE has to commit capex to drilling and maintaining less prolific/profitable acreages.
HWX share count is a fraction of TVE share count. HWX has cash in the bank with no debt and TVE will be servicing a large debt load for a number of years still.
GoJerez2 wrote: https://www.bnnbloomberg.ca/video/eric-nuttall-s-top-picks~2571506
still loves the play and sticking to his thesis. I agree with him. If you look at the math.... TVE going to $8 is easier and quicker than HWX going to $12..... 100% increase. TVE has longer running room with much more land and plays. Kinda makes sense
HWX is much cleaner and better company but the running room may be a concern after 2023....
they'll have lots of cash to buy good assets though