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| HOLD | 21.950 | Bill Harris, CFA | 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 | Michael Simpson, CFA | Excellent energy trust, one of the few companies that can grow production and cut operating cost. | 2010-02-23 | |
| BUY | 21.920 | Peter Brieger | 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 | Ben Cheng | 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 | Laura Lau | (A Top Pick June 30/09. Up 18.57%.) Still a buy. | 2010-02-08 | |
| PAST TOP PICK | 20.240 | David Cockfield | (A Top Pick Jan 23/09. Up 39.86%.) Still buys on weakness. | 2010-01-21 | |
| PAST TOP PICK | 21.650 | Dean Orrico | (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 $4-5 per mcf. 13-15 years inventory. Well positioned to transition into a growth company at the end of the year. Interesting oil assets. This has been a laggard in the trust space. Excellent balance sheet. | 2010-01-05 | |
| BUY | 20.800 | Barry Schwarrtz | About 50/50 natural gas and oil. Have some great assets. 6% yield. Already cut the dividend a significant amount so as they convert he does not expect further cuts. Good management. Expect you will get 10%-15% return. | 2010-01-04 | |
| SELL | 19.980 | Bruce Campbell | Well managed but there is a potential small cut when they convert to a corp. Even a small cut in the short term would hurt the price so he would consider Crescent Point (CPG-T), which has already converted and the yield is very similar and they have better growth. | 2009-12-30 | |
| SELL | 20.280 | Bill Harris, CFA | Well run. Not as dynamic as it was. Big broad producer and is well hedged and will move with the commodity. Hard to have growth. He would rather have something like Imperial Oil (IMO-T), which doesn't have the trust structure and is very transparent in what they are doing. | 2009-12-21 | |
| PAST TOP PICK | 20.280 | David Cockfield | (A Top Pick Dec 5/08. Up 32.98% plus distributions.) Too much gas. He is negative on the gas side but this is one of the better operators. Still a Hold. | 2009-12-21 | |
| BUY | 19.970 | Peter Brieger | On his potential buy list. They acquired some assets and are doing an issue to pay for them. Doesn’t know if there is dilution, but thinks not. Risks are major spike in interest rates, pickup in inflation or further decline in US$. Deficit spending in US is bothering him. | 2009-12-14 | |
| HOLD | 19.570 | Rick Stuchberry | 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 | Michael Sprung | (Market Call Minute.) Superbly managed trust. Good long-term hold. | 2009-11-27 | |
| BUY on WEAKNESS | 20.800 | Michele Robitaille | 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 | Laura Lau | (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 | Rick Stuchberry | (A Top Pick Nov 26/08. Up 0.53% plus distributions.) | 2009-11-12 | |
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| 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 | David Cockfield | (A Top Pick Oct 31/08. Up 17%.) Good management. Still likes. A little big gassy. | 2009-10-30 | |
| PAST TOP PICK | 20.200 | Laura Lau | (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 | David Cockfield | (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 | Michael Simpson, CFA | 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 | Michele Robitaille | 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 | Peter Brieger | 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 | Rick Stuchberry | (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 | Laura Lau | (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 | David Cockfield | (A Top Pick Aug 1/08. Down 37.9%.) Gassy but still likes. | 2009-08-07 | |
| TOP PICK | 17.630 | Peter Brieger | 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 | Dean Orrico | (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 | Michele Robitaille | (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 | Ben Cheng | 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 | Rick Stuchberry | 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 | Laura Lau | 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 | |
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| BUY | 17.200 | Michael Sprung | (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 | David Cockfield | (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 | Rick Stuchberry | (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 | Bill Harris, CFA | 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 | Ben Cheng | (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 | Rick Stuchberry | (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 | Peter Brieger | 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 | David Baskin | 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 | Michael Sprung | 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 | David Cockfield | 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 | Rick Stuchberry | (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 | Hap (Robert) Sneddon FCSI | (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 | Bill Harris, CFA | 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 | |
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| BUY | 16.240 | David Baskin | Fairly conservatively managed trust in terms of reserves in the ground and the payout ratio. | 2009-02-09 | |
| TOP PICK | 16.020 | Dean Orrico | 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 | David Cockfield | 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 | Michael Simpson, CFA | 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 | Ben Cheng | 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 | David Cockfield | 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 | Michele Robitaille | 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 | David Baskin | 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 | Rick Stuchberry | 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 | Michael Simpson, CFA | (Market Call Minute.) Great oil and gas company. Good Montney exposure. | 2008-11-20 | |
| TOP PICK | 19.860 | Dean Orrico | 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 | David Baskin | (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 | David Cockfield | 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 | Michael Sprung | 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 | |
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| BUY | 20.300 | Michele Robitaille | 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 | David Cockfield | 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 | Michael Simpson, CFA | (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 | David Cockfield | 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 | David Cockfield | 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 | Peter Brieger | (Market Call Minute.) | 2008-06-04 | |
| HOLD | 30.580 | Bruce Campbell | (Market Call Minute.) One of a nice, but larger, slower growing trusts but you can get a nice yield on it. | 2008-05-26 | |
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| BUY | 30.180 | David Burrows | Alternative to BCE. Horizontal fracturing stimulates wells that were not economic previously. Increasing production but priced as if flat production, so could rally, plus a good yield. Not a on year deal, but good total return. | 2008-05-22 |