STOCKCHASE

50/50 gas oil, very well run energy trust. There is nothing in there to get excited enough on any day. Nice predictable company with exposure to shale plays. He would not buy it buy if you have it, might as well hold it.

2010-03-03

BUY

21.830

Excellent energy trust, one of the few companies that can grow production and cut operating cost.

2010-02-23

BUY

21.920

Going to Buy it. His entry was to be $21.50 or better. This is a good entry point and you can hold it for some time.

2010-02-17

BUY

21.820

Jennifer Stevenson

(Market Call Minute) Fantastic finding and development costs. Well-run company and makes money with $5 gas.

2010-02-16

TOP PICK

21.560

It remains run by one of the smartest management teams out there. They have great properties. It’s an unconventional gas play. An above average growth pattern. Commodity prices are the biggest risk.

2010-02-12

PAST TOP PICK

20.040

(A Top Pick June 30/09. Up 18.57%.) Still a buy.

2010-02-08

PAST TOP PICK

20.240

(A Top Pick Jan 23/09. Up 39.86%.) Still buys on weakness.

2010-01-21

PAST TOP PICK

21.650

(A Top Pick Feb 6/09. Up 9.47%.) Still a buy.

2010-01-20

TOP PICK

21.410

Mason Granger

Even balance between oil and gas, which he likes. Economics down to $4-5 per mcf. 13-15 years inventory. Well positioned to transition into a growth company at the end of the year. Interesting oil assets. This has been a laggard in the trust space. Excellent balance sheet.

2010-01-05

BUY

20.800

Barry Schwarrtz

About 50/50 natural gas and oil. Have some great assets. 6% yield. Already cut the dividend a significant amount so as they convert he does not expect further cuts. Good management. Expect you will get 10%-15% return.

2010-01-04

SELL

19.980

Bruce Campbell

Well managed but there is a potential small cut when they convert to a corp. Even a small cut in the short term would hurt the price so he would consider Crescent Point (CPG-T), which has already converted and the yield is very similar and they have better growth.

2009-12-30

SELL

20.280

Well run. Not as dynamic as it was. Big broad producer and is well hedged and will move with the commodity. Hard to have growth. He would rather have something like Imperial Oil (IMO-T), which doesn't have the trust structure and is very transparent in what they are doing.

2009-12-21

PAST TOP PICK

20.280

(A Top Pick Dec 5/08. Up 32.98% plus distributions.) Too much gas. He is negative on the gas side but this is one of the better operators. Still a Hold.

2009-12-21

BUY

19.970

On his potential buy list. They acquired some assets and are doing an issue to pay for them. Doesn’t know if there is dilution, but thinks not. Risks are major spike in interest rates, pickup in inflation or further decline in US$. Deficit spending in US is bothering him.

2009-12-14

HOLD

19.570

A great trust. Claim they can keep their distribution going as they have a lot of tax loss carry forward they can use. They can make money on their new Montney gas play in northern BC.

2009-12-10

BUY

19.920

(Market Call Minute.) Superbly managed trust. Good long-term hold.

2009-11-27

BUY on WEAKNESS

20.800

Very high quality holding. Will have very good exposure to low-cost natural gas. Cut their distribution and will likely be up to maintain the current level of 5.7%. Good exposure to the Montney play in BC.

2009-11-25

PAST TOP PICK

21.400

(A Top Pick June 30/09. Up 21%.) There is 3 years of visible production growth and it is very profitable.

2009-11-18

PAST TOP PICK

21.000

(A Top Pick Nov 26/08. Up 0.53% plus distributions.)

2009-11-12

BUY

20.530

Glenn MacNeill, P.Eng.

Very well managed. Will change into a corp in the latter part of next year probably. About 50/50 oil and gas. In some great areas. 5.8% yield.

2009-11-06

PAST TOP PICK

19.510

(A Top Pick Oct 31/08. Up 17%.) Good management. Still likes. A little big gassy.

2009-10-30

PAST TOP PICK

20.200

(A Top Pick June 30/09. Up 15.3%.) Next year there will be substantial growth from their Montney project, which will still make money at $4 gas.

2009-09-30

BUY

19.430

John Stephenson

(Market Call Minute.) Longer-term Buy. One of the most conservative names. Well managed but a little gassy weighted and increasingly so.

2009-09-28

PAST TOP PICK

18.570

(A Top Pick Sept 26/08. Down 16.96%.)

2009-09-23

BUY

19.000

Jennifer Stevenson

(Market Call Minute) Valuation is reasonable. Could buy for the long term.

2009-09-22

BUY

19.150

Quality company but about 50/50 oil and gas. Although natural gas prices are not encouraging, over the long-term he is looking for much better pricing levels.

2009-09-17

BUY

18.350

Have cut distributions, as have most of the oil/gas trusts. About 50/50 oil and gas. Very attractive land position in the Montney. Allocating a lot of CapX to building a gas facility and putting some infrastructure in place. When their gas comes on stream in 2010, you should see a lot of pick up in production growth.

2009-09-11

BUY

17.900

One of his favourites. Pretty well balanced between oil and natural gas. Good management. On his watch list. 6.7% yield.

2009-09-10

TOP PICK

17.050

Jaime Carrasco

A little bit overweight natural gas and he thinks natural gas merits some consideration. Have good hedges in place.

2009-09-04

PAST TOP PICK

17.630

(A Top Pick Nov 26/08. Down 7.28%.) Has more oil than gas but gas is what pulled it down. Well managed. Distribution should be safe.

2009-08-27

PAST TOP PICK

18.010

(A Top Pick June 30/09. Up 0.19%.) Expecting substantial growth out of the Montney play next year. Gas is there and they just have to build the infrastructure to get it out. One of the better management teams.

2009-08-14

PAST TOP PICK

17.880

(A Top Pick Aug 1/08. Down 37.9%.) Gassy but still likes.

2009-08-07

TOP PICK

17.630

Likes oil/gas and this one is 50/50. Management is top rate. Mid-tier producer at 60,000 barrels a day. Enterprise value per flowing BOE per day is around 84,000. Yield of about 6.58%.

2009-08-05

PAST TOP PICK

17.400

(A Top Pick Nov 13/08. Down 7.22%.) About 50% gas. One of the leading players in the Montney shale in northeast BC. Good pipeline of drilling opportunities. Buy.

2009-07-23

TOP PICK

16.930

(A longer-term pick.) Great exposure to assets in the Montney, a natural gas play in northern BC. Currently have a 50/50 balance between oil and gas. Great management. Have cut distributions several times and she thinks they are through that cycle. She sees good production growth, particularly into 2010 when they start bringing Montney production on stream.

2009-07-17

HOLD

16.050

50/50 split between oil and gas Very solid management team. Good quality suite of assets. Dominant swing factor for them are holdings in the Montney region, particularly Dawson Creek. Natural gas prices are hovering around $2.50. Not economical for them but does not detract from the longer-term value. Could be some short-term volatility.

2009-07-13

Comment

15.900

Like so many of the trusts, has been disappointing in the last little while. Royalty trusts should be okay going forward on their yields because of their “loss carried forward”, which should shelter the dividends. If they have more than 50% gas, they will be under pressure from low gas prices.

2009-07-10

TOP PICK

17.810

Chances that 6.9% distribution will be cut in order to fund the Montney program in northeast BC and will allow them to transition from a trust to more of a growth in 2011. Very good valuation especially for growth ahead. Market perceives it as a gas trust but it is actually balanced between oil and gas. Long-term basis they have some very good oil projects for enhanced oil recovery.

2009-06-30

BUY

17.360

Glenn MacNeill, P.Eng.

Will probably be a trust as long as it can be. When it goes to a corporation, it is hoping to generate enough cash flow to pay both capital expenditures, taxes and continue distributions/dividends. Think they'll be successful at this.

2009-06-29

BUY

17.200

(Market Call Minute.) This is a Buy for a longer-term investor. One of the better managed trusts. Great properties, good management and a good balance sheet.

2009-06-26

DON'T BUY

19.250

Charles Lannon

Reserve life is probably the single most important impact on the stock. Oil/gas royalty trusts can no longer tap capital markets for secondary rounds of financing and are now saddled with pretty marginal assets and weak balance sheets. Would prefer Vermilion Energy (VET.UN-T) or Royal Dutch Shell (RDS.A-N), which pays 7%.

2009-06-12

PAST TOP PICK

18.550

(A Top Pick June 20/08. Down 34.23%.) Good recovery going on. A player in the Montney and he still likes it. Good management. Have hedged so distributions should be okay.

2009-06-05

PAST TOP PICK

16.940

(A Top Pick Nov 26/08. Down 13.71%.) A little more than 50% oil but a big natural gas component to it. Natural gas is really hurting. Had fully expected gas to be around $5-$6. If you own continue to Hold.

2009-05-28

DON'T BUY

17.000

One of the great trusts but because of the hedging and the implied stability, it never got cheap enough.

2009-05-19

PAST TOP PICK

15.570

(Top Pick Apr 16/08, Down 35.75% including distribution) Long-term play – gas will be cheap all summer. Wait to buy

2009-04-27

Comment

14.780

Joseph Schachter

Considered as one of the best in the industry on the natural gas side. Good management, asset plays and cost structure. Until natural gas prices recover, the stock will probably languish. If you have a long-term time horizon and if we are in a $8 to $10 price environment, the stock will probably be up 10 points from here.

2009-04-06

PAST TOP PICK

14.430

(A Top Pick Nov 26/08. Down 24.3%.) Only reason he didn't get stopped is because crude went from $35 to the low $40’s so with underlying crude position improving he expects it may come back a little.

2009-04-03

BUY

14.150

No question that you will see a decline in distributions in all energy trusts. In this one, he is looking for a 40% reduction. This company and management are one of the finest mid cap oil companies in this country. Great long-term Buy.

2009-03-31

BUY

14.750

Jim Huang

Has been operating well with regards to maintaining production and increasing reserves. Price is down along with the price of oil. This is the one of the better places for oil/gas. Good balance sheet and resource base.

2009-03-27

BUY

12.400

Jaime Carrasco

Although the commodity has taken off, these trusts have not followed through yet. NAV in the $17 range.

2009-03-13

HOLD

12.380

Have cut their distribution along with all the oil/gas trusts. Good reserve life and distribution percentage of free cash flow is good. Probably looks inexpensive compared to its peers.

2009-03-12

HOLD

12.280

Almost the benchmark trust in the industry. Half natural gas and half oil. 11%-12% distribution is fairly safe. Financially strong.

2009-03-10

TOP PICK

11.730

Well run oil company that happens to be an income trust. Loves their Montney properties. Cut their payouts but 12.25% should be sustainable. If gas prices come back, which he thinks it will, you'll probably see the payouts come back again.

2009-03-09

BUY

13.950

Kevin Hall BComm, CFA

On a debt to cash flow basis looked quite good but saw an opportunity to raise cash and got $250 million. A prudent move on their part as it will fund their capital projects. (One is a Montney gas plant this year.) Should be part of a core portfolio in energy.

2009-02-27

Comment

13.470

Lyle Stein

Hurt with the price of oil. Likes oil/gas sector and in particular, energy trusts because they pay while he waits. As the trusts all come off in 2011, most of them have tax pools that will shelter their income.

2009-02-25

TOP PICK

13.380

Sandy McIntyre

Has consistently maintained or grown reserves and production per unit while maintaining a sustainable distribution ratio. Have a Montney play in Dawson that has a big resource.

2009-02-24

PAST TOP PICK

13.630

Hap (Robert) Sneddon FCSI

(A Top Pick Nov 26/08. Down 28.2%.) Had previously cut distributions so thought it would be okay but the day after the recommendation, they cut it again. Very close to being stopped out. If oil holds, you have a great distribution.

2009-02-20

Comment

14.780

(Market Call Minute.) Looks like a lot of the rest of the sector. It's on support and you will have a chance to Sell if you need to. Either a Hold or a Sell.

2009-02-17

DON'T BUY

15.570

Trusts are being phased out in a few years but it does not mean trust structures are going away, they are just going into public pension plans. For individual investors, he thinks trusts are overvalued. He would prefer something like ProEx (PXE-T) for growth gas assets at a cheaper price.

2009-02-10

BUY

16.240

Fairly conservatively managed trust in terms of reserves in the ground and the payout ratio.

2009-02-09

TOP PICK

16.020

Recently raised $250 million to shore up its balance sheet. Dominant player in the Montney greater Dawson area. Cut distributions a number of times over the last 4 or 5 months. There is probably a good base of distributions.

2009-02-06

Comment

16.750

Michael Decter

Cut distributions once already. Likes the exposure to Montney gas play in BC. That will be a huge upside for them in the long haul. Natural gas prices are very weak. Wouldn't buy for a 1-year perspective but for a 3-year perspective he would put it on his list. Could be a further distribution cut.

2009-01-28

TOP PICK

16.690

Have cut their payout about 3 times but hasn't suffered that much. In the Montney Shale and have lots of property. Also in the Bakkens. A growth company.

2009-01-23

Comment

17.570

Cut distributions because of declining commodity prices. One of the best well-managed trusts. Evenly balanced between oil and gas. In the Montney in BC. If a long-term investor and thinks natural gas will increase in the long-term, he would be a holder.

2009-01-16

STRONG BUY

20.900

John Stephenson

(Market Call Minute.) Good exposure to Montney. Conservative management. Survivor and possible consolidator in the patch.

2009-01-02

BUY

17.150

Any call on any of the oil/gas trusts will be very dependent on your outlook for the price of energy. This has one of the best management teams. Very solid balance sheet. Very good quality name. A cheap way to play the Montney exposure.

2008-12-08

TOP PICK

15.250

Oil/gas. One of the highest rated managements in the oil/gas income trust area. They are in the hot plays of the Montney and Bakken. Big positions in the Montney. They have been able to increase production and operate in an efficient way.

2008-12-05

BUY

15.250

Cut distributions in September. Longer period of lower energy prices might result in distribution cuts again. Payout ratio is a little high especially factoring in their CapX program. Not particularly well hedged going into 2009. If you have a longer term view, this is a tremendous opportunity.

2008-12-05

BUY

18.140

Thinks they will have to cut distributions because of where gas prices are. Have good reserves. Payout ratio looks unsustainable. Of all the oil/gas trusts, this is the one he likes the most.

2008-12-02

TOP PICK

19.940

Likes to get paid while he waits for the energy sector to recover. Excellent management team. Very steady with distributions. Reserve life indexes have held on extremely well.

2008-11-26

BUY

17.650

(Market Call Minute.) Great oil and gas company. Good Montney exposure.

2008-11-20

TOP PICK

19.860

Increased distributions as commodity prices increased and have now brought them back down again. When it announced distribution decrease, it also announced an increase in its reserves. One of the dominant players in the Montney formation in northeast BC. Very disciplined management.

2008-11-13

BUY

19.610

(Market Call Minute.) Will probably have to cut the distribution a little more. However, it is reasonably priced.

2008-11-06

TOP PICK

18.280

A good oil company that happens to be an income trust. Will be a good oil and gas after they convert. May not have to convert until 2012-2013 because of their tax pools. Numbers on their Montney were so good that the units were up today. Great yield.

2008-10-31

BUY

16.300

Robert Lauzon

Balanced oil and gas. Some nice land positions in BC in the Montney. Top tier management team. The risk you run it as a short-term small distribution cut but suspects it will still yield between 12% and 14%.

2008-10-29

BUY

16.200

Sandy McIntyre

(Market Call Minute.) Has the gas exposure and is a really well run company.

2008-10-24

BUY

17.000

John Stephenson

Best of breed and thinks the dividend is safe. Extremely conservatively managed. Has exposure to Montney. One of the better and more solid companies.

2008-10-22

HOLD

15.690

Likes it quite a bit. Just lowered distribution in the anticipation that things would get quite tight. Long reserve index. Half oil and half natural gas.

2008-10-16

WAIT

20.300

Ross Healy

12 years life is not a lot of time. In a couple of years it will become a straight energy company. Wait when it gets beaten up because of converting to a corp.

2008-10-02

BUY

20.300

Fantastic management team. Thinks there is significant upside. May take some time to realize it. Very conservatively managed from a debt perspective. Cut distribution in September and took a hit, making it a good value now.

2008-10-02

BUY

22.550

Kevin O'Leary

It’s one of the good trusts.

2008-10-01

TOP PICK

24.840

Oil/gas trusts have really taken a beating and virtually all of them are in a Buy zone right now. Excellent management. Big in the Montney and Bakken plays. Good yield.

2008-09-26

HOLD

25.150

Michael Decter

Likes their Montney exposure in BC. Has come off about as far as it will come off and he can see some good upside. Almost 12% yield.

2008-09-23

BUY

25.200

(Market Call Minute.) Evenly balanced oil and gas.

2008-09-19

BUY

24.930

Joanne A. Hruska, CFA

Big fan of this trust. Montney region has such great growth potential. Great management. Doesn't currently own but is looking at getting back into it. Excellent cash flow. About a 12% yield.

2008-09-12

BUY

30.210

Peter Gibson

Some pretty good underlying fundamentals in terms of operating characteristics and profit growth. 11.2% yield.

2008-08-29

Comment

29.850

Bruce Campbell

(Arc Energy (AET.UN-T) versus Crescent Point (CPG.UN-T).) Less growth but a higher yield. Well managed enough that they have solid prospects.

2008-08-18

BUY

28.810

Sandy McIntyre

Have a very good position in the hot gas play in the Montne. Just pulled the best well recorded in that area. Top tier management.

2008-08-15

TOP PICK

28.770

Like sit under $30. Thinks oil and gas will stabilize. This one is in both the Montney and Bakken areas. 11% yield.

2008-08-01

BUY

29.350

John O'Connell, CFA

(Market Call Minute.) Likes the story. Trading at a pretty rich valuation. Prefers Encana (ECA-T).

2008-07-31

BUY on WEAKNESS

31.090

Glenn MacNeill, P.Eng.

Like this a lot. Just increased its capital expenditure program which will go to good use. Exposure in the Montney region. Has land/opportunities in great areas.

2008-07-18

BUY

30.220

Veronika Hirsch

(Market Call Minute.) Trusts are probably not a bad way to weather the uncertainty in the oil market.

2008-07-17

BUY

33.300

Neil Wickham

Signed an agreement with the Alberta Research Council on carbon capture storage. The large amount invested cuts into the profits available for shareholders. Expect it will continue to be a pretty good performer.

2008-07-14

BUY

31.460

David Burrows

9.5% yield. A stable producer that has become a growth producer and, as a result, the price will move higher and the yield comes into line with other growth trusts.

2008-07-11

PARTIAL SELL

32.880

Andrew Cook

Some of these stocks could correct another 10%-15%. From a longer-term perspective, he likes this one quite a bit. Have a significant exposure in the Monte area of B.C., which is a big resource play and will underpin some strong growth. 2010 and 2011 are very positive for the company.

2008-07-02

TOP PICK

31.000

Distribution of over 9%. Gas people are just making money hand over fist. This company is one of the best in the industry. Also have 140 sections in the Montney, which gives them some long-term hits. Expect distributions will be increased.

2008-06-20

BUY

31.560

Ron Meisels

10% distribution. Quite a bit above its 200-day moving average.

2008-06-19

BUY

29.500