Eric Nuttall Reveals Top Investment Picks for November 17, 2025

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, has provided insights into energy stocks for November 17, 2025. With a keen focus on natural gas and its rising demand, Nuttall highlights several top investment picks while discussing market dynamics.

Market Outlook for Energy Stocks

The natural gas sector is currently in a strong bull market. Demand in Canada and the United States has surged, with expectations to grow from 18 billion cubic feet per day to over 30 billion cubic feet per day by 2030. Additionally, the rise in electricity demand from hyperscalers is projected to contribute approximately 10 billion cubic feet per day by 2030.

As the market stands, the forward strip for natural gas from 2026 to 2029 averages around $4 per million cubic feet. At this price point, significant natural gas producers in the U.S. are noted to have over 10% free cash flow yields while holding extensive inventory. Nuttall emphasizes that natural gas has transitioned from a temporary solution to a vital energy source for both the present and future.

Oil Market Considerations

The short-term outlook for oil, in contrast, remains unclear. Currently, oil on water has increased, primarily due to sanctions on Russia and rising outputs from OPEC member countries. Nuttall suggests that global onshore oil inventories are likely to build, hindering any substantial price surges unless significant geopolitical events occur.

Looking toward 2026, Nuttall anticipates a shift in focus to the diminishing capacity of U.S. shale. As OPEC’s spare capacity becomes normalized, he remains optimistic about oil prices potentially exceeding $70 per barrel, suggesting that we could see them reach all-time highs in the medium term.

Top Investment Picks

Nuttall identifies three key investment opportunities within the energy sector:

• Whitecap Resources (WCP TSX): With a market cap of $13.5 billion, Whitecap has over 25 years of premium stay-flat inventory. The company’s current dividend yield stands at 6.6%, which is sustainable even with oil prices around $50. Trading at 4.7 times Enterprise Value to Cash Flow, Whitecap has a significant upside potential of 43% to 75% based on valuation estimates of $15.80 to $19.30.
• Expand Energy (EXE NASD): As North America’s largest natural gas producer, Expand is well-positioned to take advantage of the growing demand. With a solid inventory and proximity to key growth areas, the company’s fair value is potential $165, representing a 40% upside based on current market conditions.
• Antero Resources (AR NYSE): This company operates in the Appalachia Basin and holds strong financials with low debt. Antero is known for returning 50% of its free cash flow to shareholders through buybacks. The stock currently offers attractive yields and significant leverage to the increasing natural gas prices.

Conclusion

Eric Nuttall’s insights outline a promising outlook for energy stocks, especially natural gas, amidst ongoing market fluctuations. His top investment choices reflect a strategic approach to capitalize on the evolving energy landscape.