STOCKCHASE

(A Top Pick April 8/11. Up 20.22%.)

2012-01-25

TOP PICK

29.280

Douglas Kee

A new position for them. Sold Transalta because there is more dividend potential with ALA. By 2014 he expects dividend growth to increase from 5% per year to somewhere as much as 10% per year.

2012-01-12

TOP PICK

31.330

John O'Connell, CFA

4.4% dividend and thinks they can grow it 5% a year for the next couple of years. Sold 60-year contracts to the BC Hydro. Full consumer price inflation indexing, which is almost unheard of. The big dividend funds have not picked this up as yet.

2012-01-09

TOP PICK

31.280

John O'Connell, CFA

Converted from a trust. 4.6% monthly dividend. Just increased their dividend. Processing, distribution and transportation of natural gas. Just signed new 60 year contracts to build some hydroelectric generating capacity to sell to BC Hydro. Can increase dividends up to 2014 by 5% a year followed by 10% a year after that.

2011-12-08

TOP PICK

30.790

David Burrows

Energy infrastructure. About 50% of revenues is from transmission of gas and this is growing. About 33% is from our transmission. Will probably double their EBITDA by 2017. 5% yield. Just acquired Pacific Gas, which gives them a foothold into Kittimac to develop future liquefied natural gas business for exporting.

2011-11-29

PAST TOP PICK

29.800

Andy Nasr

(A Top Pick Aug 23/11. Up 15.49%.) Sees Upside to around $33.

2011-11-11

BUY

29.790

DRIP is available in this company. Has done very well and he is thinking of buying it back. If you can be patient with this for 5-10 years, it's a terrific way to have growth and to reinvest dividends.

2011-11-10

BUY

30.300

Laura Lau

Likes the growth prospects. Building and expanding gas plants. Long-term growth is really in the power generation side in BC where they have very good power purchase agreements. Expecting a big bump in cash flow in 2014-2015 from a very large project. Have 2 other projects nearby that they have just signed on with very good power purchase agreements.

2011-11-08

BUY

29.920

Prakash Hariharan

Interesting company after the consolidation of the utility business. Just raised dividends yesterday. 60-year contract with inflation protection. Positioned to grow its cash flow over the next few years.

2011-10-28

PAST TOP PICK

27.250

Still a great place to be.

2011-10-06

TOP PICK

26.090

Andy Nasr

Middle man processor of energy, distribution. Power production. Strong development pipeline. Will benefit from higher power prices. Reasonable payout ratio and can increase dividends in future.

2011-08-23

BUY

26.600

His forecast is for the payout to be below 100% payout in 2013 and below 80% in 2014. Couple of major projects coming on. A core holding. Likes the name and it is trending in the right direction.

2011-07-18

TOP PICK

26.280

Laura Lau

Growth in 2011 because they will have some new gas plants. In 2012 there will be more growth. 18% increase in cash flows due to some power projects they are bringing on. Big one will be 2014 when they will have over 100 MW for a project in British Columbia. Cash flow will double by 2016.

2011-07-05

TOP PICK

26.310

Energy infrastructure play. Basically have a balance between power, gas and utility. Benefiting from Alberta’s leverage to power prices. With Transalta (TA-T) bringing down its Sundance plant, supply dynamics has tightened up. Also benefiting from strong frac spreads. Very visible growth opportunities for the next several years. Goal is to double EBITDA by 2016. 5% yield.

2011-04-08

PAST TOP PICK

21.590

Mark Carpani

(Top Pick Dec 29/09, Up 19.01%) Reach his targets that he set for it.

2011-01-10

Comment

20.100

Robert Lauzon

There would be some upside if you think the economy in Alberta is going to increase. Fairly hedged so natural gas prices do not hurt or help them too much so would be more concerned on the electricity side.

2010-09-13

HOLD

19.850

(Market Call Minute.) Attractive from a yield perspective but doesn't see a catalyst going forward.

2010-07-23

SELL

17.830

Announced the distribution cuts in July. Did some digging and now prefers other trusts like Northland Power. Significant exposure in gas market. Hydro market that they like is 5 years off and they don’t have expertise in hydro generation. Prefer Inter pipe, Fort Chicago.

2010-06-11

BUY

17.590

Energy infrastructure involved in the midstream business. Have wind power and energy storage assets. Will be converting to a corp. and reduce their distribution to reflect the new dividend that they want to pay. Good price. Can generate about $100 million in free cash flow.

2010-05-13

BUY on WEAKNESS

18.550

Reasonable buy. Good yield. Probably $2 billion of growth projects over the next 5 years. Will probably trim distributions a little when they convert but won't be a huge slashing, maybe 15%-20%. That could be a good buying opportunity.

2010-01-25

TOP PICK

18.760

Mark Carpani

6.94% bond maturing June 29/16. 6.3% yield. Holding the bond until maturity would not be a problem. Likes the energy space and feels gas is undervalued. Good cash flow and they don't have to issue a lot of debt. If he saw 150 basis point move in the next year or two he might look at lightening up.

2009-12-29

SELL

17.630

Planning on converting to a corp at the beginning of the 2nd half of 2010 and looking at going from 90% payout to 40%-50%. If this happens, the dividend won't be safe. Not thrilled with the business model.

2009-12-11

BUY

18.840

Looking quite attractive. Likes midstream infrastructure space. Has been penalized. Some exposure to field processing/gathering, which has been soft this year. Some catalysts are coming up that bode well. 11.5% yield.

2009-11-25

SELL

18.910

Laura Lau

(Market Call Minute.) There is a good chance there could be an equity issue and they will be cutting their distribution.

2009-11-18

DON'T BUY

18.350

Bill Harris, CFA

Little too much debt and got punished by the market. As they go back into a corporate entity, will the market care? He is very nervous about why the market values it as it does. It could sink down.

2009-11-10

DON'T BUY

18.150

Energy infrastructure company. There are others he prefers better. 12% distribution is suspect.

2009-11-06

BUY

17.360

Managed fairly conservatively. 60% of the business is gathering and midstream and midstream has been very profitable. Relatively safe. Management has indicated they will be paying a dividend of about the same level after they convert to a corp.

2009-09-28

TOP PICK

17.100

Natural gas distributor and service company. Cash flow is not weighted towards gas price although down the road it could be weighted towards gas production volume. Almost 13% distribution could be slightly vulnerable if gas volumes drop off a lot.

2009-09-18

BUY

16.500

In the infrastructure area, midstream area, which does not avoid some of the commodity risks out there. Revolves around infrastructure and producing electricity. Good distribution.

2009-08-11

HOLD

16.010

Doesn't see it going much higher from here but you get paid to hold it.

2009-07-24

BUY

15.910

(Market Call Minute.) Energy infrastructure trusts. Will convert to a Corp. in 2011.

2009-07-06

BUY

16.160

Their business is pretty diversified. They are making a spread between the price of oil and the price of gas. A stable business. Thinks the distribution is safe.

2009-06-24

HOLD

16.300

Jennifer Stevenson

(Market Call Minute.) Power and natural gas liquids are weak and the frac spreads are thin. Long-term it is a very well run company.

2009-06-01

BUY

14.620

Ben Cheng

(Market Call Minute) 50% exposure to power/50% exposure to gas.

2009-04-27

TOP PICK

14.400

Energy infrastructure balance between power and gas, with a gas part being gathering and processing and NLG extraction. Conservative and defensive in how it manages its business. A lot of hedging in place. Good balance sheet. Really, really cheap.

2009-04-02

BUY

14.180

(Market Call Minute.) Energy infrastructure name.

2009-03-25

TOP PICK

13.650

Hap (Robert) Sneddon FCSI

Natural gas. 2nd quarter results were quite strong. Has been unduly punished and is very cheap. Thinks distribution is safe. Do a very good job of hedging with 66% on the power side for 09 and 50% in 2010. On frac spreads 50% in 09 and 15%-20% in 2010. Good management ownership.

2009-02-27

BUY

14.280

Still on a base building pattern. At this level, you could probably make a purchase with a Stop at about $14.25. Expect some resistance at about $19, which would be a good point for profit taking.

2009-02-17

BUY

14.980

Gavin Graham

(Market Call Minute.) Midstream pipelines and some power generation in Alberta. Very steady performer.

2009-02-13

BUY

16.370

13% yield is safe. Conservatively run. Clean balance sheet. Number of projects coming on stream. Pretty good visibility on growth. Balanced in that it has a 1) power business, 2) gathering and processing business and 3) NGL extraction. Those 3 tend to move out of step with each other so weakness in one place could have strength somewhere else. Good hedges.

2009-02-03

BUY

16.550

Went to pipelines when things got ugly in the market. His #1 is Inter Pipeline (IPL.UN-T), #2 Pembina (PIF.UN-T), #3 Keyera (KEY.UN-T) and Altagas (ALA.UN-T). In terms of consolidation he thinks all 4 are takeover candidates by institutional holders. 13% yield is sustainable.

2009-01-28

BUY

17.180

Gets affected by the frac spread, the difference between oil and gas. Have done a pretty good job of hedging and have diversified into wind power and energy storage.

2009-01-16

BUY

14.780

Ben Cheng

Very exposed to the Alberta energy market. The liquid extraction business and processing business is doing fairly well. Believes drilling activity will remain fairly constant. Looks like very good value.

2008-12-08

BUY

18.500

Sandy McIntyre

(Market Call Minute.) He is buying this.

2008-10-24

TOP PICK

25.390

Gather and process natural gas in Western Canada. Has some good upside. 8.4% yield.

2008-05-06

BUY

24.850

A great long-term hold. Will have a very easy time converting back to a corporation. Very conservative balance sheet and payout ratio. Just acquired another high-quality company, which diversifies their asset base.

2007-11-28

Comment

26.840

Andrew Guy, CFA

Provides services to the oil/gas sector in western Canada. Not too popular with the oil/gas people. Good company and very stable business. Not a favourite of his.

2007-07-27

TOP PICK

26.400

They 1) gather/processing natural gas, 2) extract natural gas liquids and 3) electrical power generation. Good record of growth. Clean balance sheet. May have some good acquisition opportunities.

2007-03-09

BUY

27.200

Sandy McIntyre

Processes oil/gas production and puts them in the pipeline.

2006-07-28

WEAK BUY

27.250

Michael Sprung

Over a 7% yield. They gather, process and market natural gas so it is not a normal energy play. His only hesitation is that they have a fair amount of debt.

2006-07-18

BUY

28.130

Operates in the midstream area of oil/gas in that they gather and process of natural gas. Also sell power in the Alberta market. High-quality management team. Good history of predictable growth. Outlook is quite good.

2006-05-05

BUY

29.000

Ravi Sood

Should be a core holding in most portfolios. Stable distribution. Don’t buy for growth.

2005-12-09

BUY

24.980

The outlook looks quite good. They've just spun off the Alta Gas Utilities division because there was no advantage holding this in the income trust structure. Made 4 small acquisitions over the last couple of months. Great track record.

2005-11-18

BUY

25.000

A high quality trust and the pull back was just the overall market sentiment. Expecting good results out of them. At a level where it is starting to look very attractive.

2005-10-14

WAIT

28.000

One of our holdings, owned for quite a while. High quality trust. Diverse, good management team. 10% + growth. Good place to be, fairly valued. Might wait for a lower price, long term it's going to be a great name.

2005-08-26

PAST TOP PICK

27.200

Dan Bastasic

(A Top Pick May 27/05. Up 8%.) Still likes. Represents good value anywhere between $24 and $26, so it's fairly valued at this point.

2005-08-05

TOP PICK

25.200

Dan Bastasic

Well diversified energy company. Recently announced that they are spinning off their natural gas regulated distribution pipeline in Alberta. Unitholders will not be affected as they will be given shares. Likes the management. Very conservative payout ratio on a free cash flow basis of 80%.

2005-05-27

BUY

23.450

Likes this trust. Historically they have had a very good track record of growth in a conservative and well managed manner. A little shake up in management as the chairman has announced that he will be stepping out of the CEO role in 2006 and the COO has just resigned. Could spur a potential takeover bid.

2005-04-15

BUY

24.070

Robert Lauzon

Underweight on the whole power/pipe sector as he doesn't see the growth. If you are looking for stability, this sector has that. This company will participate in the growth of the pipeline expansion out west.

2005-04-08

BUY on WEAKNESS

22.900

Near the higher end of their shorter term valuation.

2005-01-13

BUY

23.150

John Priestman

A terrific core holding. Has grown at 15%+ every year. Great management and make smart acquisitions.

2004-12-31

BUY

23.100

Ben Cheng

A mid-stream service provider within the natural gas patch. A very good, stable trustable business.

2004-12-17

BUY

22.850

Dean Orrico

These trusts will not rise as well in rising interets rate situations. Likes the trust.

2004-11-19

TOP PICK

21.450

Matt Baillie

Not much growth in utilities because bond rates are dropping. This gives you a midstream player that's very stable but can grow because it's small enough and can make acquisitions with its cheap capital. Growing at 15% yearly. Yield is 8.6%

2004-10-22

PAST TOP PICK

20.450

Mark Jackson, CFA

(A Top Pick May 28/04. Up 6.4%.) Still likes. Growth for their business in mid stream oil/gas should be good. Not expensive.

2004-10-04

BUY

20.620

Likes very much. One of the better growth stories going forward. Some very good acquisition opportunities. 9 1/2% yield.

2004-09-24

PAST TOP PICK

19.750

(A Top Pick April 22/04. Then: $20) Stock still values about 21-22 dollars. Very well run company.

2004-08-26

TOP PICK

19.800

Steve Gold

When Enbridge sold their position, the stock fell. Has wonderful cash flow growth. Have a lot of money in the bank and will increase their distribution.

2004-08-11

BUY

19.850

A mid-stream company that is less risky than others. Pays a fair return.

2004-07-21

BUY

21.000

Steve Gold

Recently raised 75/80 million and will make acquisitions. Management has been very good at increasing earnings by 20% on an annualized basis. Management is very good at what they do.

2004-07-07

TOP PICK

19.350

Mark Jackson, CFA

Showing great growth. Unit trust payout of close to 10%. Sees a combination of good growth and income.

2004-05-28

BUY

19.080

Dean Orrico

Not a fan of power income trusts but this is an exception. Good management. Good growth.

2004-05-26

TOP PICK

20.000

Converting into an income trust. The recent weakness offers a pretty attractive entry point.

2004-04-22

WEAK BUY

20.620

Mark Jackson, CFA

Turning into an income trust. Valuation has become expensive and may be a little bit ahead of itself. Should do well, but the easy money has already been made.

2004-03-15

PAST TOP PICK

12.240

Larry Berman CFA, CMT, CTA

(Was the top pick on May 20/03.Up 19.4%.)Still likes.

2003-08-13

DON'T BUY

10.330

Has a lot of overhead resistance in the $11 area. Risk/reward is not that good right now. Needs a breakout.

2003-05-26

TOP PICK

10.350