Is it time to take a look at investing in the unloved Canadian energy sector?

Whitecap Resources ($WCP.TO) is an intermediate Canadian oil and gas producer with assets primarily in Alberta and Saskatchewan.  Its share price is down 75% over the last 5 years.  It currently trades at 2.3x Funds from Operations and has a dividend yield of 9%.  Whitecap has been operating within cash flow, meaning their payout ratio, including capital expenditures, is less than 100%.

Does the current share price represent an attractive entry point, or should investors steer clear of a Canadian energy sector that continues to face multiple headwinds?   We take a look at shares of $WCP.TO and examine key considerations for the stock, including bull, base and bear case scenarios.