He Got Canadian Energy Right. Here's What He's Saying Now

Cole Smead got Canadian energy right when few investors wanted anything to do with the sector. Now, after some of his biggest stock picks have delivered enormous returns, is there still money to be made?

Cole was one of the top-performing stock pickers in our mid-year review, claiming both the number one and number three spots thanks in large part to his winning Canadian energy bets. Now, he returns to explain why he believes the Canadian oil trade is far from over, even after a massive rally. While some of the biggest bargains in Canadian energy have disappeared, Smead believes the sector still has significant upside. But investors looking for the next big payoff may need patience rather than chasing quick gains.

He breaks down why Cenovus Energy (CVE.TO) remains one of his highest-conviction holdings, what its acquisition of Athabasca Oil (ATH.TO) reveals about the value of Canadian oil sands assets, and why he thinks consolidation could eventually leave Canada with just three major oil producers. He also weighs in on the widening discount for Canadian crude, the outlook for oil prices amid geopolitical tensions, and why he's avoiding the AI spending boom in favour of businesses generating enormous free cash flow. Plus, why this outspoken American investor is expanding his business into Canada.

In the Mailbag, Cole answers viewer questions about whether Athabasca Oil (ATH.TO) could attract a competing bid, whether Canadian Natural Resources (CNQ.TO) is falling behind its peers, and whether there's more upside in Whitecap Resources (WCP.TO) following its Veren acquisition. He also shares his outlook for Tamarack Valley Energy (TVE.TO), Baytex Energy (BTE.TO), Strathcona Resources (SCR.TO), and Birchcliff Energy (BIR.TO), explaining where he sees opportunities, where he's cautious, and why capital allocation matters more than ever.

In Pro Picks, Cole revisits his previous recommendations, including Strathcona Resources (SCR.TO), Pandora (PNDORA.CO) and West Fraser Timber (WFG) before revealing three investment ideas: International Petroleum (IPCO.TO), a Canadian energy company with ambitious oil sands growth plans; Barclays (BARC.L), a European bank he believes could benefit from improving profitability and industry consolidation; and Auto Trader Group (AUTO.L), a beaten-down British business where he sees a potential opportunity for patient investors.

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