| Comment | 9.480 | Michael Decter | No disasters and mild winters have hit natural gas. For the stock to do well, gas would have to go to $9 or $10 and you'd have to have the Cdn$ come off. | 2008-01-07 | |
| Comment | 12.720 | John Stephenson | 3 gas-weighted companies that he feels will cut distributions are Trilogy (TET.UN-T), Advantage Energy (AVN.UN-T) and Prime West (PWI.UN-T). | 2007-08-08 | |
| HOLD | 15.520 | Michael Decter | Wouldn't be at the top of his trust list. If you own, Hold as there is more positive than negative ahead. | 2007-06-20 | |
| DON'T BUY | 12.520 | Michael Simpson, CFA | About 75% natural gas. In the past, have relied on equity issuances, buying additional companies to increase production. The only way to survive is to add production through the drill bit. | 2007-02-23 | |
| SELL | 12.680 | Michele Robitaille | Have cut distributions twice in the last couple of months. This is one of the more unsustainable models. There are better quality oil/gas trusts available. | 2007-02-02 | |
| DON'T BUY | 12.890 | Robert Lauzon | Just cut the distributions by half and could be expected to cut again. He has actually been short this stock in 2006. Too much debt. | 2007-01-22 | |
| SELL | 12.800 | Robert Toole | This is a trust that he would sell sooner as opposed to later. Payout ratio of over 160% using cash flow and its capital expenditure. | 2007-01-18 | |
| DON'T BUY | 16.000 | Kevin Hall BComm, CFA | Have had some distribution cuts. One of the bigger under performers in the group. Very highly leveraged. Payout ratio is higher than the group average. Natural gas focused. | 2006-10-27 | |
| BUY | 15.530 | Rob Callander | Some of the royalty trust that he likes includes Prime West Energy (PWI.UN-T), Precision Drilling (PD.UN-T), Advantage Energy (AVN.UN-T). | 2006-10-23 | |
| DON'T BUY | 12.690 | Dean Orrico | This one wouldn't be a name he would include in his portfolio right now. He actually had a short position earlier this year. Gas weighted, high payout ratio and a relatively high amount of debt. | 2006-10-06 | |
| DON'T BUY | 18.340 | Garth Jestley | Had shorted this trust earlier this year because of its high payout ratio and gas prices were weakening. There are better ways to play natural gas. | 2006-08-11 | |
| SELL | 20.840 | Robert Lauzon | He is shorting this trust. Ketch Resources (KER.UN-T) and Advantage Energy (AVN.UN-T) are merging. The merger is to this trusts advantage, as they would have had to cut distributions. | 2006-06-02 | |
| SELL | 20.350 | Ravi Sood | Advantage Energy (AVN.UN-T) and Ketch Resources (KER.UN-T) are emerging. Wouldn't own the merged company. He was short Advantage and longer Ketch. | 2006-05-26 | |
| DON'T BUY | 22.290 | Michael Simpson, CFA | (Interviewer asked about gas weighted trusts that Michael does not like.) Would definitely stay away from this trust. Payout ratio is too high. They are currently unhedged. | 2006-03-31 | |
| SELL | 22.500 | Robert Lauzon | One of the poorer quality energy trusts. Primarily a natural gas weighted trust. Has a high debt level and a high payout ratio. | 2006-03-24 | |
| DON'T BUY | 22.030 | Glenn MacNeill, P.Eng. | This is not one of the top tier trusts. Has a relatively high payout ratio. They are paying out more than they are earning in free cash flow. | 2006-01-18 | |
| SELL | 21.490 | Peter Brieger | Not one of his favourites. Would sell this and look at other companies that are less leveraged. Too high a debt to cash flow ratio. | 2006-01-16 | |
| WEAK BUY | 19.640 | Peter Brieger | Because they are gas oriented, they will probably have a very good future. Sold his holdings when they chopped distributions some time ago, but they are now back in place. Prefers others to this. | 2005-11-15 | |
| SELL | 20.700 | Robert Lauzon | Sold out of his portfollios. A natural gas focused trust. Has a lot of leverage, with a higher payout ratio then others. Sell this and buy other gassy trusts. | 2005-09-23 | |
| DON'T BUY | 20.400 | Michele Robitaille | Really hasn't made the transition into a sustainable energy trust. Have much higher debt levels than their peeers. Relatively high payout ratio. | 2005-09-16 | |
| SELL | 19.450 | Kevin Hall BComm, CFA | Used to be holders, but saw a lot of risk. Looks like it's coming back a bit. Not one of the higher quality trusts out there. | 2005-08-26 | |
| WEAK BUY | 19.050 | Patrick Kim | One of the more aggressive royalty trusts in terms of money they are budgeting for future capX, above average payout ratio and their above average financial leverages. Q2 numbers were basically in line. A play for investors looking for very robust commodity prices. For the more aggressive investor. | 2005-08-19 | |
| DON'T BUY | 19.050 | Sandy McIntyre | Payout ratio is too high for his liking. | 2005-08-12 | |
| TOP PICK | 18.720 | Rob Callander | Yielding about 16%. Mostly natural gas in orientation. Had a fairly siginifcant price correction into the mid to high teens and has started to recover frokm that. Likes the outlook for natural gas. If it goes back to the $20/21 range, you get a nice capital gain and in the mean time you have a nice income. | 2005-08-10 | |
| DON'T BUY | 17.720 | Glenn MacNeill, P.Eng. | Recently dropped its distribution which was a little surprising given that oil/gas prices have been going up. Not one of his favourite trusts. High debt. Pay out a lot more than they are bringing in. Distributions continue to be vulnerable. | 2005-07-08 | |
| DON'T BUY | 18.610 | Robert Lauzon | Sold his active positions over the last year because they were paying out too much of their cash flow. Decreased their distibutions about a month ago which is the reason for the drop in price. If you own, consider switching into some other gassy names like Ketch (KER.UN-T), Fairborne (FEL.UN-T) or Esprit (EEE.A-T). | 2005-06-17 | |
| DON'T BUY | 17.180 | Garth Jestley | Sold out his position some time ago when he became concerned about the high payout ratio. It's gone against the grain of the whole patch. | 2005-06-03 | |
| SELL | 18.670 | Robert Lauzon | Increasing their distribution ratio when they are already a bit stretched on their payouts. Have been selling his core position. They were increasing their BOE's from 10,000 to about 15,000, but are now just doin acquisitions which are expensive. Susceptible to a decrease in distributions. | 2005-04-08 | |
| DON'T BUY | 18.800 | Peter Brieger | Highly leveraged to gas prices. Has been unable to show increases in reserves and production on a per unit basis. What they spend and what they distribute is more than 100% which bothers him. | 2005-04-05 | |
| DON'T BUY | 19.300 | Dean Orrico | Generally quite constructive on the oil/gas sector, but this is a name they have been selling out of for some time. One of the highest debt to cash flow multiples relative to its peers. An externally managed trust. | 2005-04-01 | |
| SELL | 19.080 | John Stephenson | Wouldn't recommend this one. Have very high levels of debt. Trading at a debt/cash flow ratio of 2.3 versus 1.4 which is the sector average. Have a high payout ratio of 93%. | 2005-03-30 | |
| DON'T BUY | 19.080 | Glenn MacNeill, P.Eng. | Not one of his favourites. Has a high payout ratio. 100% on distributions and another 100% on capex., so it's spending almost twice as much as it's bringing in. | 2005-03-30 | |
| DON'T BUY | 19.880 | Matt Baillie | Payout ratio and leverage are a little too high. Not trading at a discount to the group. Better royalty trusts available. | 2005-03-16 | |
| BUY on WEAKNESS | 20.200 | David Baskin | Good performer in 2003-2004, might have peaked out. Good management. If it falls back 15% it is a buying opportunity. | 2005-03-08 | |
| HOLD | 20.980 | Bill Shaw | It really comes down to where you think the price of oil is going to be in 1/2 years out. Feels the price of oil is going to trend a little bit lower for the next year or so, so thinks there will be distribution cuts in oil trusts. | 2005-02-22 | |
| DON'T BUY | 21.120 | Garth Jestley | Owns, but has lightened up significantly. Has a very high payout ratio which raises questions of sustainability. Have stuck to their external management format which runs counter to the theme of internalizing managers. | 2005-02-18 | |
| BUY | 21.680 | Peter Brieger | The most highly leveraged, both operationally and financially to natural gas. Have good yields. | 2005-02-11 | |
| BUY | 21.800 | Peter Brieger | Q: Advantage or Bona Vista trust, or wait until after the S&P/TSX Comp. includes trusts? A: Now that trusts are so popular, we might see investors chasing yield to the point that they become horribly over priced. Advantage is highly leveraged re:operating ratios and debt to equity, but great gas exposure. Would pick Bonavista 1st. | 2005-01-27 | |
| TOP PICK | 21.990 | Rob Callander | Yield is currently around 15%. Have been growing through acquisitions. 65/70% natural gas. The current payout ratio doesn't reflect the current price of gas | 2005-01-25 | |
| PAST TOP PICK | 21.960 | Rob Callander | (A Past Top pick Sept 23/04. Up 2%.) Very high yield. | 2004-11-30 | |
| BUY | 21.030 | Peter Brieger | First choices would be Peyto and Focus. This one has the most exposure to natural gas. | 2004-11-16 | |
| DON'T BUY | 21.110 | Blair Wilson | Has a 3 sector underperform on it. Expected return is just under 4% on a one year basis. Too expensive. | 2004-11-10 | |
| WEAK BUY | 21.280 | Peter Brieger | Heavily oriented to natural gas. If you have concerns on oil/gas commodities dropping, this would be a problem. If they were selling off some holdings, this and Acclaim Energy would be the first to go. | 2004-10-13 | |
| BUY | 21.990 | Greg Guichon | Have been very successful in exploring and replacing their reserves. Have an exciting drilling program coming on in the next 12 months. Some debt. Gas prone. | 2004-10-08 | |
| HOLD | 21.400 | Peter Brieger | Likes the natural gas space. Prefers trusts that have lower payouts, such as Peyto and Focus. | 2004-09-29 | |
| TOP PICK | 20.600 | Rob Callander | 95% exposure to natural gas. Has been doing extremely well. | 2004-09-23 | |
| BUY | 19.580 | Glenn MacNeill, P.Eng. | Just made some aquisitions but haven't had a chance to review it. Stock has performed very well and is a long term hold. Good management. | 2004-08-25 | |
| HOLD | 18.680 | Peter Brieger | Production will go up, but the payout is a percent of the monies earned is declining. | 2004-08-18 | |
| BUY | 19.410 | Robert Lyon | Pretty solid operating Company. 14 1/4% distribution. There are some trusts that they like better but not a bad trust. | 2004-08-05 | |
| DON'T BUY | 19.770 | John Priestman | Good fundamentals. 80% gas. Getting expensive compared to some of the other royalty trust. If you own, take some profit. | 2004-05-26 | |
| BUY | 19.350 | Allan Meyer | Mainly gas weighted. Locked in gas prices so not affected by the vagaries of the commodities. Good management. 14% yield. | 2004-04-12 | |
| DON'T BUY | 19.000 | Dean Orrico | Has an external management contract and we prefer it internalized. Would like to see debt to cash flow reduced. | 2004-04-05 | |
| BUY | 15.770 | David Burrows | Has great gas exposure. Well-run. Have made good acquisitions. | 2003-12-03 | |
| BUY on WEAKNESS | 15.990 | Peter Brieger | Possible decline in distributions because of lower energy costs. If a decline occurs, would buy on weakness. | 2003-11-25 | |
| DON'T BUY | 17.100 | Glenn MacNeill, P.Eng. | 80% natural gas, so pretty well fully priced now. | 2003-08-21 | |
| BUY | 15.350 | John Priestman | 17% yield. One of the best. Biased to gas. Great track record. | 2003-07-30 | |
| WAIT | 15.500 | David Burrows | Summertime sees weakness in energy related companies. Gas inventories are stronger than expected. Might be OK in the fall. | 2003-07-22 | |
| BUY | 16.310 | Peter Brieger | | 2003-06-03 | |
| HOLD | 15.600 | Sandy McIntyre | On the expensive side. Good management. | 2003-05-07 | |
| BUY | 15.450 | Peter Brieger | Assumes distribution will be $2.90 this year and $2.24 next, on the assumption natural gas prices would be lower. | 2003-04-23 | |
| HOLD | 14.400 | Peter Brieger | Likes this company, but not at the top of their list. | 2003-04-10 | |
| BUY | 15.390 | David Baskin | Well managed. Distributions should rise. | 2003-03-04 | |
| BUY | 13.640 | Peter Brieger | Likes their exposure to natural gas. | 2003-01-15 | |
| WAIT | 13.410 | Sandy McIntyre | Made some good acquisitions. Wait to see what the reserve life will be after drilling. | 2003-01-09 | |
| BUY | 12.900 | Peter Brieger | Good yield/management. Getting new reserves. | 2002-12-30 | |
| HOLD | 13.300 | Peter Brieger | Has gone up well. Good yield. | 2002-10-03 | |
| BUY | 11.950 | Glenn MacNeill, P.Eng. | Good trust. Locked in their gas prices. | 2002-07-17 | |
| WAIT | 10.920 | Glenn MacNeill, P.Eng. | May pause for awhile. Will recover in the fall. Buy in the summer. | 2002-04-18 | |
| BUY | 11.250 | Garth Jestley | Good management/assets. Short reserve life. | 2002-03-19 | |
| BUY on WEAKNESS | 8.560 | Sandy McIntyre | Poor gas prices in the short term. 76% of production is hedged and has nade some good acquisitions. | 2002-01-29 | |
| BUY | 8.180 | Ray Steele | A good income fund with good assets. | 2002-01-16 | |
| BUY | 7.770 | Sandy McIntyre | A more aggressive trust. Hedged gas so has stability. | 2001-10-29 | |
| DON'T BUY | 7.450 | Sandy McIntyre | New issue at $7.50. Reserve life - only 8 years. Higher risk. | 2001-10-02 | |
| BUY | 8.600 | Sandy McIntyre | Gas weighted. Share price reflects gas. Would buy. | 2001-09-06 | |
| DON'T BUY | 12.000 | John Sinkins, CFA | Earnings not as good as expected | 2000-10-20 | |
Experts that have talked about Advantage Energy Income Fund
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