Tourmaline Oil (TOU) declined 10.2% after it cut spending and production plans for 2018 amid low natural gas prices. We view this as a prudent move as the company will focus excess free cash flow on dividends and improving its already strong balance sheet. We added to Tourmaline over the quarter as the company continues to trade at a large discount to peers, while having a strong management team, very low leverage and above-average per share growth.
From Leith Wheeler Investment Funds' 4th quarter 2017 commentary.
