Michael Sprung's Top Picks: September 21, 2022 - BNN Bloomberg

TopPicks from Michael Sprung, president, Sprung Investment Management

Michael Sprung, president at Sprung Investment Management, his top picks: CIBC, Canadian Natural Resources, and CVS Health.CM is the fourth largest bank in Canada. Following the recent purchase of PrivateBancorp Inc., roughly 20 per cent of earnings now originate in the U.S. Over the next few years management intends to increase U.S. earnings closer to 25 per cent of the total. In the current environment, we anticipate that the bank's focus will be on organic growth and expense controls.

With a diverse asset base and an industry-leading cost structure, the company is well positioned to thrive going forward. CNQ has a strong balance sheet as debt has been significantly reduced. Once the debt is below $8 billion, increased share buybacks and dividends are anticipated. At current levels, the dividend yield is 4.2 per cent. CNQ is in the envious position of being able to fund sustaining capital and dividends if WTI drops to the mid US$30's, currently US$85.73.

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