STOCKCHASE

Not too sure why it sold off. This is a gassy stock but they are in the Liquid Natural Gas side of the business. A good area to be in. Company has managed to keep building its earnings through these difficult times. One of the best managements in Western Canada. Still have lots of potential.

2012-05-04

DON'T BUY

19.860

Greg Newman

54% natural gas. If natural gas stays where it is, they could have a problem with their dividend. Good company, but with natural gas where it is, it is all about what sort of hedges they have. Fortunately they have about 64% of their natural gas exposure hedged. Doesn't know what they have for 2013.

2012-04-26

HOLD

19.470

This is one of his favourites. Because it is about 60% natural gas, its price reflects natural gas pricing. 50% of its oil reserves and 50% of its natural gas production has been hedged for this year and starting to make inroads for hedging for next year. Feels the distribution is going to be sacrosanct.

2012-04-25

PARTIAL BUY

18.870

Nick Majendie

The low price is obviously reflecting weaker gas pricing. Have a large exposure to the Montne play. Very well run company. Conservative balance sheet. Good level to start accumulating. 6.3% dividend yield should be safe.

2012-04-23

Comment

18.870

Ron Meisels

Chart shows it has a major downtrend. If you own, on any kind of a minor rally, sell and move onto something else.

2012-04-23

HOLD

20.330

About 50-50 oil and natural gas. Have some good hedges in place. Well-managed. He was buying when the stock dropped below $20 this week.

2012-04-12

Comment

19.450

50% weighted towards gas. Recently announced that cap X is an option, not an obligation, in other words they are willing to scale back their cap X and put it towards oil and take it away from gas drilling. Will probably have more bang for your buck in something more oil weighted.

2012-04-10

SELL

20.490

David Burrows

A tough position to be in. They are not covering their distribution. Price of gas is in free fall so no one knows where the bottom is. There are a lot of natural sellers here. This could take a while. Don’t buy things that are falling in price. If gas prices stay week, it can continue to go lower. Pick a stop.

2012-04-05

PAST TOP PICK

24.000

(Top Pick Apr 15/11, Up 3.20%) Been one of his income type stocks. About the only gas stock he holds. They were quick to move toward NGLs. Thinks they will continue to well and to pay good dividends. Doesn’t think we will see Nat. Gas go up for years.

2012-03-16

TOP PICK

25.550

40% oils and liquids and 60% natural gas. 75%+ of revenues come from oil. Have a terrific position in Alberta in the Montne. Very astute about what they're doing with new properties. Shedding old properties that are marginal. Yield of about 4.7%. Great, long term buy.

2012-02-29

BUY

25.450

John O'Connell, CFA

Good company and very well run. The dividend which he thinks they will be able to continue to pay. Big exposure to natural gas but at some point, natural gas prices will stabilize.

2012-02-22

TOP PICK

24.790

In gas liquids and have done a good job. One of the better managed. Yield of about 5%.

2012-02-17

BUY

24.060

Would nibble away at this stock at these levels. Dividend is safe. If gas went to $1.50, they would cut capital spending. They would take money from DRIP programs and they would sell extraneous land, so the dividend is safe.

2012-01-25

Comment

23.250

50% oil-50% gas. One of the better performers in the oil/gas sector last year but is probably getting hurt along with all the other gassy style stocks. Dividend is sustainable. If you are an income seeker, he would buy and hold but if you are looking for growth it would look elsewhere.

2012-01-16

DON'T BUY

22.740

Douglas Kee

Not geopolitical investors, but what’s going on in Iran could push oil prices up.

2012-01-12

TOP PICK

24.750

Steve Carlin

Dividends! 4.6% In a volatile market like we have now they have 10% production growth and stable dividends. They have a hedges in place that protect the price over the next couple of years. 18% total return projected.

2011-10-26

TOP PICK

22.750

Trace record of execution is good. A good management team. Great sustainablity model. Payout model is 110% this year to 90% next year. A lot of good prospects in this environment. At this level it's good, if you are patient and scale in as it goes lower even better.

2011-10-06

BUY

21.940

Robert Lauzon

He sees good value if you buy it in low $20s. 10-12% growth. You can sleep at night owning this.

2011-09-12

PAST TOP PICK

25.010

(A Top Pick July 2/10. Up 30.91%.) This gives you yield and has great reserve growth and good management. Trimmed at about $27 but will add back at about $24.

2011-06-30

BUY

25.910

Prefers oil vs. gas weighted stocks. This is the first to do fracing. They have never had a production miss. They are gas and oil weighted.

2011-06-06

BUY

25.150

Dennis Da Silva

Been a top tier performer. They know how to manage and deliver consistent returns. Consistent dividend yield. Fairly balanced between oil and gas. The real upside comes from its key Monte assets in Alberta, so tracks gas a little closer than oil. 4.8% dividend yield is sustainable.

2011-04-25

TOP PICK

24.200

Natural gas. Gas storage in the US has changed dramatically. Instead of the usual story where the gas inventory builds up rapidly, it has been reasonably slow. Makes him wonder if the industrial consumption has picked up. If so, maybe we have seen the bottom. This one of the best managed energy companies in western Canada. A very big and profitable part of their production is in gas liquids. Good yield.

2011-04-15

SELL

27.260

Not his favourite top pick in the oil patch. It’s way too expensive. They are great operators but the price reflects that. Would take profits.

2011-03-01

PAST TOP PICK

25.590

(A Top Pick Feb 12/10. Up 22.38%.) Still a Buy.

2011-01-11

DON'T BUY

25.590

Bruce Campbell

Best management of trust out there of last decade. When they convert, you have to show some growth. Thinks they will, but perhaps not enough for the current multiple. Needs $2 cheaper or more valuation in order to buy it.

2011-01-06

HOLD

24.680

Not going to buy any more. Talisman is preferred. Don’t sell it.

2010-12-07

BUY

24.360

Christine Poole

Producing about 73,000 barrels a day. Will be converting but keeping distributions at current level. Tax pools so not taxable for a few years. Well managed. Lot of land positions in the Montney with liquid rich gas. About 57% gas but make money on it. They feel they can grow production by about 10,000 barrels a day for the next few years. 5% yield.

2010-11-29

Comment

21.500

Christine Poole

55%/45% natural gas to oil. On conversion, distributions will likely be maintained at around current levels. Well managed and located in good regions.

2010-10-25

BUY

21.500

Douglas Kee

Well managed trust. Good properties. 50%/50% oil and gas.

2010-10-25

PAST TOP PICK

19.160

(A Top Pick Aug 5/09. Up 16%.) Still likes but would hold off before adding to it.

2010-08-12

HOLD

19.860

50/50 oil and gas. Have some interesting plays, particularly in Northeast BC where he can see good strong production growth. Will be converting some time later this year. Spending capital on processing of natural gas so distribution could possibly be cut.

2010-07-07

TOP PICK

19.990

Stock has gone sideways for a long time but very well run. Gas play in the Montney and he is positive on gas for the long-term. Accumulate these while they are cheap.

2010-07-02

BUY

19.730

About 50/50 natural gas and oil. One of the better managed energy trusts. Doesn't have the yield that a lot of other trusts have because you are paying for quality. Good balance sheet.

2010-06-30

TOP PICK

21.600

About 55% gas, which will go to about 65% as a result of an acquisition of Storm Exploration (SEO-T). One of the first players to move into the Montney Shale formation. 5.5% yield that he expects will not change when they convert to a Corp.

2010-06-17

BUY

20.700

Daylight (DAY-T) or Arc Energy (AET.UN-T)? Arc would be the better because they are so conservatively managed with big positions in the Montney. When there is a turning gas, this is the name you want to be in.

2010-05-28

BUY on WEAKNESS

22.060

Excellent properties and have increased their exposure to the Montney. Announced increased CapX. Recently raised $250 million quite easily to acquire more properties. Would like to see it 10%-15% lower.

2010-04-27

TOP PICK

21.470

One of the best management teams in the energy sector. Only about 50% gas but will be closer to 60% in 12 months. Attractive valuation.

2010-04-16

BUY

21.470

(Market Call Minute.) Very solid. One of the best trusts there is. Has a lock on the Montney.

2010-04-16

PAST TOP PICK

21.290

(A Top Pick June 30/09. Up 24.33%.) Gas weighted so could be in for a rough summer.

2010-04-05

PAST TOP PICK

21.370

(A Top Pick March 9/09. Up 95.87%.)

2010-03-19

HOLD

21.470

Michael Smedley

Would rank this as #2 behind Baytex (BTE.UN-T). Fine assets.

2010-03-18

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

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

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

(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

(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

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

(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

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

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