Investment manager for Nine Point Partners, Eric has in-depth knowledge of the oil and gas business particularly in North America.
On his January 22, 2026 appearance on BNN Bloomberg, he provided his views on many of the top oil and gas companies.
My top buys from his list (prices 2026.02.06) : Antero Resources ($34.37), EQT Energy ($56.79) and Expand Energy ($110.37).
Headwater Exploration (HWX; $10.66) – Excellent company, very well run but to expensive now at 8x cash flow. He suggested Tamarack Valley is a better alternative.
Baytex Energy (BTE; $8.88) – 10-12 years of stay flat inventory. Eric suggests little upside potential.
Tamarack Valley (TVE; $9.59) – Leading producer which Nine Point has a 10% stake in their energy fund. He suggests it is a $10-12 stock in the next 2 to 3 years.
Chord Energy (CHRD:Nasdaq; $94.85)– It a Williston pure play that has been disappointing.
Athabasca Oil (ATH; $7.46) – One of Eric's top Canadian oil stocks which he would probably never sell. No dividend but aggressively buying back shares allocating almost 100% of free cash flow to stock buy backs! In the next few years they will probably buy back 50% of their shares!
Tourmaline (TOU; $61.55) – Modest growth in a weak gas area. He thinks U.S. producers offer better opportunities.
Canadian Natural Resources (CNQ; $48.89) – Well run and popular but trading at 8x free cash flow yield but little upside. He would recommend Freehold, Whitecap or Topaz for a better yield than CNQ.
Topaz (TPZ; $) – 13% free cash flow yield. Recommended as a quality energy dividend stock.
Whitecap (WCP; $) – Largest holding now in their energy fund.
Cardinal (CJ; $) – Decent company but trades at a premium and took on debt to maintain dividend!
ARC Resources (ARX; $) – Good company but some structural issues right now. They do not own any.
Freehold Royalties (FRU; $) – Recommended as an alternative to CNQ above.
Peyto Exploration (PEY; $) – Good company that they own but is now fully valued. But they could be raising their dividend by 25%.
Occidental Petroleum OXY; $) – Other than the fact that Warren Buffett owns it, there is no good case for owning it. Now it is over valued.
Chevron (CVX; $) – Good company but more than fully priced now.
Eric's Recommendations: (each of these stocks has about a 10% weight in their Energy fund):
Antero Resources (AR:NYSE; $34.38)
- In Marcellus Shale.
- 5x cash flow
- 13% fee cash flow yield
- At 7% FCFY they estimate 80% upside on stock price.
EQT Energy (EQT:NASDAQ; $54.70)
- Second largest producer of natural gas in the U.S.
- Own all their infrastructure.
- Member of the S&P 500.
- 8x multiple gives us a $75 price target at $4 gas.
- Continue to aggressively buy back shares.
Expand Energy (EXE:NASDAQ; $109.49)
- Second largest weight in their Energy Fund after Whitecap.
- America's largest natural gas producer.
- Located in Hainesville, Texas so in optimal location for LNG exports.
- Also in Marcellus where so many of the data centres are located.
- Trading at 4.8x cash flow at $4 gas.
- Selling at "meaningful" discount to U.S. and Canadian peers.
- Trading at about 13% free cash flow yield at $4 gas.
- 20 plus years of stay flat inventory.
- Eric believes should be trading at an 8x multiple because of quality which would mean a $209 price target.
For investing in oil and gas generally, Eric's view is to invest in Canada for oil stocks and in the U.S. for gas stocks.
On his April 16, 2025 appearance on BNN Bloomberg he provided his views on many of the oil and gas companies.
My top buys from his list: MEG Energy and Freehold Royalties. Hold Veren for conversion to Whitecap and add to bring to board lot number of shares. Definitely hold ARX. I bought MEG Energy and it was bought out by Cenovus., and My Veren was bought out by Whitecap.
Baytex Energy (BTE) – debt and oil price drop dragging price down but safe to hold. Needs $70WTI to rally.
Canadian Natural Resources (CNQ)– deepest resource base in Canada.
Cenovus (CVS) – Negative EBIDA 4.5xCF, 8% FCFY. Quite discounted but for long term hold. Eric doesn't own.
Freehold Royalties (FRU) – div safe to $46 WTI. Owns in fund and Eric owns personally.
Headwater Exploration(HWX) – dividend at 8% sustainable into the low $50sWTI. Their Clearwater property is exceptional resource. Nine Point own in income fund.
Imperial Oil (IMO) – good at buying back shares but prefers to hold CNQ.
MEG Energy – dividend seems safe, 8% FCFY. Massive resource depth. Buy back 30% of shares. 35 years of stay flat inventory. Nine Point owns maximum 10% of shares. Huge stock buyback planned: 30% of shares at $60WTI and 60% at $70WTI! - Bought out by Cenovus.
Tourmaline (TOU) – sells for very high multiple even for a pure gas play.
Veren – hold on conversion to Whitecap. - Bought out by Whitecap.
Whitecap Resources (WCP) – 7% FCFY. Div seems safe to $50-55WTI. Nine Point holds Veren (2nd largest shareholder) so will be holding Whitecap after merger. Eric owns personally.
Eric's Recommendations:
ARC Resources (ARX) – 5xCF good compared to US counterparts. Great value, well managed and they are buying back shares.
Athabasca Oil (ATH) – No dividend but no debt and have net cash! Bought back 2% of their shares in March alone! 50+ years of reserves. Above $70WTI they will buy back 60% of shares.
NuVista (NVA) – Great company but currently a HOLD. No dividend. Buying back 30-50% shares. 13% FCFY. 60% oil. 25 years reserves. Growing production by 50%. Nine Point is 2nd largest shareholder. - Bought out by Ovintiv.
