| BUY on WEAKNESS | 32.370 | Glenn MacNeill, P.Eng. | Good company. You have to time your purchases. Anything below $30. Mostly gas and has some properties in the Bakken area of Saskatchewan. Very well managed and management owns a significant portion of the trust. 11% yield. | 2008-07-18 | |
| BUY | 33.290 | Michael Simpson, CFA | 67% focused on natural gas. Have recently been buying land in Saskatchewan that is more oil focused. Very solid management and they spend money very wisely. | 2008-05-14 | |
| BUY | 31.050 | Peter Brieger | (Market Call Minute.) Good gas exposure. A long-term hold. | 2008-05-01 | |
| TOP PICK | 31.340 | Jennifer Stevenson | Stable company. Expects to see a near term great potential for distribution increase. | 2008-04-25 | |
| Comment | 29.600 | Bill Shaw | If you think long-term oil is going to remain at these levels, this is a buy. Payout ratio is fairly reasonable. Reserve life index is not bad. | 2008-02-19 | |
| BUY | 25.590 | Ben Cheng | (Market Call Minute.) Very cheap. Management team owns a lot of stock. This is a natural gas play that you want to stick with. | 2008-01-21 | |
| TOP PICK | 28.700 | Joanne A. Hruska, CFA | 12.5% yield. Management has had wide experience in acquisitions at cheap prices, optimizing them, and increasing their own production. Just acquired some assets from another company giving them about 4000 barrels a day. Good price. | 2008-01-04 | |
| BUY | 25.450 | Michele Robitaille | Good quality name. Has been knocked back to where the valuation is very attractive. One of the premier management teams in this space. Strongly focused technically. Solid balance sheet. There is a possibility they could make a small cut to the distribution. | 2007-11-28 | |
| HOLD | 28.520 | Ben Cheng | One of the premier oil/gas trusts. Solid producer. Good balance sheet. | 2007-09-05 | |
| BUY | 29.910 | Sandy McIntyre | On a strict cash flow to distribution plus capX, they are paying too high a distribution. However, have a number of outstanding exchangeable shares and dividend reinvestment plan, so their net cash in/cash out is okay. Excellent management. | 2007-08-13 | |
| Comment | 30.440 | Kevin Hall BComm, CFA | About 55% natural gas and 45% oil. A good long-term name. Great management team. Need an increase in natural gas prices to give it a lift. | 2007-07-11 | |
| HOLD | 30.600 | Peter Brieger | It's a first rate company. Would not buy at these levels, due to the unclear rules. However if you already own it, hold it. | 2007-06-29 | |
| TOP PICK | 30.620 | Michele Robitaille | Balanced trust, 45% oil, 55% natural gas. Sustainable business model.
Very flexible business model.
| 2007-06-11 | |
| BUY | 29.850 | Michael Simpson, CFA | About 57% weighted to natural gas. Management owns a significant stake. Assets in B.C. and Alberta. Will have no trouble transitioning. Reasonable debt. | 2007-03-20 | |
| HOLD | 29.270 | Ben Cheng | Good management. Shorter reserve life than the average but very good assets. | 2007-03-02 | |
| HOLD | 29.580 | Peter Brieger | One of the ones in the 2nd tier that will either be merged, acquired or make its own acquisitions. 12.25% yield. Some concerns on the safety of distributions. Likes it, but has other favourites. | 2007-02-19 | |
| BUY | 28.150 | Sandy McIntyre | A high quality trust. Management owns a substantial portion. Extremely well managed. | 2006-12-29 | |
| PAST TOP PICK | 28.820 | Ben Cheng | (A Top Pick May 19/06. Down 15.7%.) Will be a survivor in 2011. Still likes. | 2006-12-01 | |
| HOLD | 24.940 | John Stephenson | One of the better trusts. Large drilling inventory and low payout ratio. | 2006-11-16 | |
| BUY | 25.720 | Bruce Campbell | Trust that has growth management and will be fine in the longer term. Gassy which is a short-term negative. Good entry point. | 2006-11-15 | |
| BUY | 27.600 | Michael Simpson, CFA | Good management and they own a significant stake in their company. About 63% gas weighted. Debt to cash flow is conservative, under 1 X. Payout ratio of about 65%. | 2006-11-03 | |
| DON'T BUY | 28.140 | Ross Healy | His Fair Market Value has been falling, and lately fairly quickly. Doesn’t like companies that have negative earnings or negative outlook. | 2006-11-01 | |
| HOLD | 34.100 | Kevin Hall BComm, CFA | Recently announced a distribution cut which brought the payout ratio down to a reasonable level. Market accepted this. Very high quality management team. | 2006-10-27 | |
| BUY | 30.900 | Sandy McIntyre | Have done a great job. Dropped because of decline in commodity prices. A sustainable business model. | 2006-10-13 | |
| HOLD | 29.880 | John Stephenson | This has been one of the better trusts, but they have all suffered a pullback. 13.25% yield. | 2006-10-12 | |
| DON'T BUY | 29.700 | David Cockfield | A little bit concerned about this one. Fairly high payout ratio. Not sure the distributions are sustainable. | 2006-10-05 | |
| HOLD | 32.280 | Robert Lauzon | The trust has done well. It is well managed. It has a higher pay out ratio . Recommends holding it. | 2006-09-29 | |
| BUY | 33.800 | Michael Sprung | An extremely well-run company. Has some very good properties. 11.5% yield. | 2006-09-19 | |
| BUY on WEAKNESS | 37.170 | Glenn MacNeill, P.Eng. | Great assets and good management team, which owns a large chunk of the company themselves. Relatively short reserve life index of about six years, which hasn't been an issue as they have been able to find new reserves. Expecting oil patch costs to come down in the next several months and this company will be a good beneficiary of that. Buy as gas prices soften up. | 2006-08-23 | |
| BUY | 35.340 | Ravi Sood | One of his favourite names on the oil/gas side. Has one of the most stable distributions profiles. There is capital appreciation from this level. | 2006-07-21 | |
| BUY | 35.600 | Greg Guichon | 58% gas weighted. Excellent management. Current yield of about 11% but has a very low payout ratio. | 2006-07-14 | |
| BUY | 33.140 | Dean Orrico | Has had a decent pullback and is at a good price. High quality management team. Superb track record. | 2006-06-23 | |
| BUY | 32.420 | Robert Lauzon | Gas prices have pulled it back where it is a great buying opportunity. Top-notch management team. Very conservative. All other acquisitions have worked out. Reserve life is close to the average of 9/10 years. | 2006-06-21 | |
| BUY | 33.750 | Bruce Campbell | Good management from before they were a trust. Growing the company well. Low payout ratio. | 2006-06-08 | |
| BUY | 35.280 | Peter Hodson | Run by one of the best management teams. They've done very well. One of the slow and steady names. One of the better trusts in the business. | 2006-06-06 | |
| TOP PICK | 33.970 | Ben Cheng | Solid management. About 60% natural gas. Reserve life is slightly shorter than their peers. Trade at too much of a discount to the peer group. Yield of 11.75%. Very solid capital programme going forward. | 2006-05-19 | |
| BUY | 33.700 | Robert Lauzon | Dropped along with other oil/gas stocks. A top quality run trust. | 2006-05-18 | |
| BUY | 34.660 | Leslie Lundquist | A bit more weighted to gas. Has a strong management team. Strong property portfolio. Valuations are reasonable. | 2006-05-17 | |
| DON'T BUY | 36.500 | Robert Lauzon | One of his favourite trusts. Trading near its all-time highs. Valuation is higher than the rest of the group, but is warranted because of its great track record and management team. Fairly valued and upside is probably limited. | 2006-04-07 | |
| HOLD | 37.010 | Michael Sprung | Fairly priced right now. A good yield of a little over 10%. Distribution will likely be sustainable over the next year or two. Has some good assets. | 2006-03-23 | |
| HOLD | 37.850 | Michele Robitaille | Higher quality. A lot of confidence. 60% payout ratio. Sharp correction in all the oil/gas trusts.. | 2006-02-08 | |
| DON'T BUY | 38.000 | Bill MacLachlan | Reluctant to buy a number of energy trusts at today's prices. The pricing is such, that he would rather buy oil/gas through the more conventional vehicles. This one has a solid management team, excellent assets and an excellent track record. One of the best royalty trusts out there. | 2006-01-10 | |
| BUY on WEAKNESS | 38.280 | Michele Robitaille | One of the higher quality energy trusts. Likes the management team. One of the more conservative names. Looking a little expensive and would wait for a pullback before jumping in. | 2006-01-06 | |
| TOP PICK | 38.030 | Leslie Lundquist | This is the new model oil/gas trust, which has a more sustainable profile because of a fairly low payout ratio. Strong management team. Properties are diversified among oil and gas. Will be a long-term survivor. | 2005-12-07 | |
| BUY | 37.190 | Garth Jestley | Able to maintain the distribution and retain the reserve life out of their cash flow. | 2005-12-02 | |
| WEAK BUY | 36.370 | Bill Harris, CFA | Crescent PointEnergy Trust (CPG.UN-T) and Bonavista Energy Trust (BNP.UN-T) are his 2 favourite income trusts. Extremely well run businesses. Great upside. His problem is that because of the trust structure with the declining asset base, it has a very different profile than a regular type of investment. Getting expensive and would like them when oil is $35. | 2005-11-24 | |
| BUY | 33.150 | James Leung | One of the better energy trusts that are currently on the market. Excellent management. Reserve life is about 9 years and the quality of the assets is excellent. This trust always focus on high working interest and low risk drilling prospects. | 2005-11-11 | |
| BUY | 31.250 | Glenn MacNeill, P.Eng. | Likes this one. Has traditionally had very high returns. Well managed and management owns a large chunk of the company. | 2005-10-20 | |
| Comment | 35.000 | Robert Lauzon | (Ed. - Caller looking for diversification.) If you truly want diversification, you are probably better doing it through a fund. | 2005-09-23 | |
| BUY | 35.850 | Leslie Lundquist | Likes this name very much. Has excellent properties and management. Holds back a fairly substantial percentage of its cash flow for acquisitions. | 2005-09-16 | |
| PAST TOP PICK | 34.500 | Glenn MacNeill, P.Eng. | (A Top Pick Apr 29/05 Up 16%.) One of his favourite companies. Owns a large part of the company. | 2005-09-02 | |
| HOLD | 32.350 | Sandy McIntyre | In the short term, some of these names are getting extended from a price point of view. Longer term, it is a very well managed trust. | 2005-08-12 | |
| PAST TOP PICK | 32.000 | Dean Orrico | (A Top Pick Apr 22/05. Up 3%.) Feels it still has some upside in it. | 2005-07-29 | |
| WEAK BUY | 31.750 | Matt Baillie | Started out with a short reserve life. Management has proven itself before and done it again with this trust. Grown its reserve life. Has a lot of undrilled land base. His problem is that it is one of the most highly valued of the trusts. | 2005-07-15 | |
| PAST TOP PICK | 31.460 | Glenn MacNeill, P.Eng. | (A Top Pick Apr 29/05. Up 6%.) People hadn't realized the exchangeable units grow and grow. Basically they are an accumulation of distributions. Still likes. Well managed. Management owns 20%. Consistant track record of growing their production. | 2005-07-08 | |
| BUY | 31.020 | Peter Brieger | More of a natural gas play. One of his favourite trusts. | 2005-06-29 | |
| BUY | 31.300 | Michael Sprung | One of the pre-eminent oil and gas trusts. A yield of just over 10%. Payout ratio is only about 55%. Management owns a significant portion of the company. Likes their large capital expenditure program. | 2005-06-24 | |
| BUY | 30.530 | Fred Sturm | Brilliant people. Have done a fantastic job. Feels that the resource trust will just stall out for a while. Should be good for the next 5 years. Allow for a pullback if the oil price should moderate as he expects. | 2005-06-22 | |
| PAST TOP PICK | 30.750 | Robert Lauzon | (A Top Pick Apr 8/05. Up 3%.) Low payout ratio. Lots of internal growth opportunities with undeveloped land that they own. | 2005-06-17 | |
| BUY | 29.850 | Leslie Lundquist | Likes it very much. Has a very good asset base. Payout ratio of about 55/60%. Reserve life of about 8/9 years. | 2005-05-20 | |
| TOP PICK | 29.860 | Glenn MacNeill, P.Eng. | Management owns a significant portion of it. Has shown a sustained growth record in its production. Has a good slate of properties. Very stable and well managed. | 2005-04-29 | |
| TOP PICK | 31.150 | Dean Orrico | (A Top Pick Apr 1/05. Down 1.8%.) Have good sustainability. Paying out less than 60% of their cash flow and maintaining about 100% of production on the cash flow, so they don't have to make acuisitions or borrow. Management team owns about 20%. | 2005-04-22 | |
| BUY | 30.300 | David Baskin | One of the better royalty trusts with a better reserve life and lower payout ratio. Prefers Arc Energy (AET.UN-T). You can't go too far wrong with this one. | 2005-04-21 | |
| TOP PICK | 29.790 | Robert Lauzon | Have grown their reserve life to about 8.5 years. Impressed with the management. Internal growth. | 2005-04-08 | |
| TOP PICK | 29.750 | Brian Prokop | Reserve life is about 9/10 years. Management has a lot of ownership. Do a really good job of focusing on costs. In the order of 50,000 BOE now. | 2005-04-05 | |
| TOP PICK | 30.850 | Dean Orrico | Superb management team and they own 20% of the trust. Have shown a tremendous ability to increase the reserve life. Slowly edging up the ROI. Has probably one of the best netbacks (operating cash flow) in the sector. | 2005-04-01 | |
| DON'T BUY | 30.750 | Norman Levine | Within the energy trust sector, this is the premier company. The combination of quality management and building of reserves. The danger is that all the energy trusts are very expensive. | 2005-02-23 | |
| DON'T BUY | 30.530 | Bill Shaw | Management has done a great job in expanding production. Their cost structure is reasonable. Distributions have been increasing, but at some point in time, oil will fall back and distributions will come off. Would consider taking some profits. | 2005-02-22 | |
| BUY | 31.000 | John Stephenson | Good, long term hold. Has one of the lower payout ratios, so less chance of a distribution cut. Has lower production costs than average. | 2005-02-15 | |
| TOP PICK | 29.760 | Brian Prokop | 8/8.5 reserve life. Management owns 20/25% of it. Very good set of inventory and very strictly managed. Possible increase in distributions. | 2005-02-02 | |
| BUY | 29.100 | 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 | |
| BUY | 29.100 | Matt Baillie | Any of the royalty trusts are expensive these days, but have been skated on side by high oil prices. This one is one of the very best of the roylaty trusts. Low payout ratio and has been able to grow by the drill bit. Lower reserve life than average. | 2005-01-27 | |
| BUY | 28.480 | Blair Wilson | A top pick in the oil/gas royalty trust sector. Made a significant acquisition that adds to their reserve life. | 2005-01-18 | |
| BUY | 28.050 | Glenn MacNeill, P.Eng. | One of his favourite trusts. Has a relatively small reserve life index. They have been able to mitigate this by growing their production every year. Keep their costs low. 50% of their cash flow goes to distributions. | 2005-01-14 | |
| BUY | 26.910 | Blair Wilson | Has a sector outperform on this trust. Now have 4 key areas that they derive their natural gas from. The majority of their acquisitions are funded from their cash flows. | 2005-01-07 | |
| WAIT | 27.250 | Bill Harris, CFA | A first rate company. Very worried about the oil price coming off, so this is one he would buy if oil came down to $30. | 2005-01-07 | |
| DON'T BUY | 27.720 | David Baskin | Pretty expensive. High dividend pay out and very rapid depletion on their resource. Going to do another share issue. Prefers Arc Energy. A good time to take profits. | 2004-12-16 | |
| BUY | 26.470 | Gavin Graham | Just made an acquisition and the metrics look pretty good. It's gas which he likes even more than oil. | 2004-12-13 | |
| BUY | 27.880 | Norman Levine | Of the energy trusts, this is one of the best managed. Outlook for energy is positive. | 2004-11-29 | |
| BUY | 27.560 | Blair Wilson | One of the concerns on royalty trusts is their ability to maintain distributions through a cycle. Watch how they fund acquisitions. This trust does it 100% through their operating cash flows. | 2004-11-26 | |
| BUY | 27.000 | Dean Orrico | A favourite in their portfolio. | 2004-11-19 | |
| WEAK BUY | 26.650 | Leslie Lundquist | Primarily natural gas. Oil/gas trusts are expensive, but this one pays out much less of their distributable cash, so well set in tough times. | 2004-11-17 | |
| SELL | 25.400 | Peter Brieger | A short life asset. Prefers others with 9/10 years. | 2004-10-13 | |
| BUY | 25.850 | Leslie Lundquist | A good name in the oil/gas trusts. Pays out a smaller distribution than most of its peers to preserve cash for future acquisitions. | 2004-10-07 | |
| BUY | 25.750 | Kevin Hall BComm, CFA | A good oil and gas trust. | 2004-09-24 | |
| TOP PICK | 25.250 | Brian Prokop | A sector outperform. Management has large holdings. 55% payout ratio so there is room for distributions to move up. Have inventory that can be drilled. | 2004-09-15 | |
| PAST TOP PICK | 23.400 | Glenn MacNeill, P.Eng. | (A Top Pick Nov 5/03. Up 35%.) Still likes. One of the best management teams on the oil patch. Watch their costs. | 2004-08-25 | |
| DON'T BUY | 23.550 | Peter Brieger | Doing much better and extending its reserve life, but doesn't like dealing with a trust with a reserve life of less than 9/10 years. | 2004-08-18 | |
| DON'T BUY | 23.640 | Peter Brieger | Reserve life is too short. | 2004-08-04 | |
| BUY | 23.480 | Blair Wilson | Has a sector outperform on this stock. | 2004-07-22 | |
| PAST TOP PICK | 23.490 | Glenn MacNeill, P.Eng. | (Past top pick Sept 24/03. Up 35%.) Still likes. Well-run company. Management has a significant stake in it. | 2004-07-21 | |
| BUY | 23.200 | Glenn MacNeill, P.Eng. | Has one of the best management teams in the oil patch. Relatively short reserve life of under 6 years. Management has done a good job in acquisitions and expiration to keep it at 6 years. | 2004-06-25 | |
| BUY | 22.350 | Dean Orrico | Has been a good trust. Has a shorter than average reserve life of about 7.5 years. Low payout and have been able to increase reserves. Relatively low debt to cash flow. | 2004-05-05 | |
| DON'T BUY | 22.190 | Peter Brieger | Doesn't like trusts with reserve lifes of 5 years or less. Prefers 9/10 years. | 2004-05-04 | |
| TOP PICK | 22.130 | Allan Meyer | Yielding about 13 1/2%. Excellent management. One of the low-cost companies for adding reserves. Payout is only 60% with 40% available for growth. Have a huge land base. | 2004-04-12 | |
| VAGUE | 21.000 | Bill Harris, CFA | Target price under $20. Dont have long term reserves. One of the best oil and gas companies in Canada. Stock price is ahead of itself. | 2004-01-02 | |
| PAST TOP PICK | 20.490 | Glenn MacNeill, P.Eng. | (A past top pick Nov 5/03. Up 16.3%.) Well-managed. Still a favorite. | 2003-12-18 | |
| BUY | 18.600 | Glenn MacNeill, P.Eng. | One of the best management teams in the industry. Expect them to grow this trust. Have a good slate of properties and they are gas oriented. | 2003-12-11 | |
| BUY | 17.210 | John Priestman | Has a great balance sheet. Payout ratio is targeted at 70/75%. Have a huge land base that they can exploit. Should be able to increase their reserve life through the drill bit as well as the checkbook. | 2003-11-07 | |
| TOP PICK | 17.200 | Glenn MacNeill, P.Eng. | (A top pick Sept 24/03. Unchanged.) Well-managed. Lowest cost in the oil and gas area. Pays out a relatively small percent of their cash flow allowing stable income even if oil prices drop. Can be used as a “ buy and hold” stock. | 2003-11-05 | |
Experts that have talked about Bonavista Energy Trust
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