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Peyto Exploration & Development (PEY.TO) remains one of our top North American E&P ideas. Hedgeye Energy Analyst Kevin Kaiser reiterated his bullish stance on the stock this morning, noting that the company has many positives going for it, including: 

-Growing NatGas production and reserves at the lows of the commodity price cycle

-The company has some of the most efficient capital spending among North American E&P and will employ its largest ever budgets for 2012 and 2013 to take advantage of this opportunity

-Deep inventory of drilling locations is underestimated/underappreciated

2013 looks to be a good year for Peyto with its large, capital efficient budget leading to explosive production and cash flow per share growth. We have been bullish since May 2012 and continue to remain bullish into the back half of 2012 and beyond.

PEYTO: Bullish On E&P  - p2