Last stock in the clip; he also owns it personally. GLTA
https://www.bnnbloomberg.ca/video/eric-nuttall-s-top-picks~2635326
Cenovus Energy (CVE TSX)
Cenovus trades at a material discount to its U.S. peers, somewhat owing to several non-operated downstream issues over the past year. The new chief executive officer, Jon McKenzie, is laser focused on improving downstream reliability while driving debt down to $4 billion to allow them to return 100 per cent of free cash flow to investors, which we see by the third quarter of 2023. It is trading at a 14 per cent/21 per cent free cash flow yield this year and 20 per cent/29 per cent in 2024 at US$80/US$100WTI. We salivate thinking of the coming buybacks and variable dividends which should drive a re-rating to 6X cash flow = 135 per cent potential upside at US$100WTI.
TOP PICK
Cenovus Energy(CVE-T)
24/02/2023
Pledged 100% of cash flow return to shareholders.
Confidence in new CEO.
Laser focused on reducing debt.
30 year reserve life index.
Expecting meaningful share growth.
6x multiple on share price not out of question.
Good company for long term shareholders.
Oil / Gas
Eric Nuttall
$24.780
Owned