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Weighted to natural gas. Current 7.9% yield indicates it is not an excessive payout at current levels. Expect the same level, on a tax-adjusted basis, when they convert to a corp. Very strong management.

2010-07-28

TOP PICK

22.940

Phenomenal company and great management team. A consistent, methodical development type company. Expecting it to be a 3%-4% dividend yielding stocks when it converts and will be able to grow organically. Low cost producer.

2010-07-06

TOP PICK

25.550

As a result of acquisitions in the last few years are increasing their gas exposure. Production growth will be very significant. Management owns 15%. 7.8% distribution.

2010-06-17

BUY

24.890

Likes it very much. Accumulating land as fast as they can. Expanding their drillings of mainly horizontal wells. Will convert to a corporation and thinks they will try to keep the distribution in tact.

2010-06-15

BUY

24.590

Nick Majendie

There are several oil/gas trusts that will be hybrids when they convert with very decent dividends and growth vehicles. This is one of them.

2010-05-04

BUY

24.050

Natural gas. Gives a decent yield and management focuses on return of capital.

2010-04-23

BUY

24.020

Paul Harris, CFA

One of the best managed companies in the industry. Low-cost producer and continues to grow their production.

2010-04-22

STRONG BUY

23.770

Very well run. Management owns almost 20%. Made a major acquisition from Talisman (TLM-T) that will really position them to grow. Gas weighted.

2010-04-16

BUY

23.770

(Market Call Minute.) One of the better names. Growthy.

2010-04-16

BUY

23.510

Norman Levine

Short-term outlook on natural gas is not very good. This one is a combination of gas and oil and a good way to play natural gas. Well managed.

2010-04-06

Comment

23.600

Will be transitioning to a growth and income model where they will try to grow the reserves production as well as pay a dividend come 2011. Because of this, they will likely cut their distribution.

2010-04-05

DON'T BUY

23.830

Philip Doyle

Issuing debt to buy some gas property, which could cause some dilution. One of the class acts among the gassier trusts. Strong balance sheet. Concerned with its exposure to gas.

2010-03-26

BUY

24.470

(Market Call Minute) About 68% waited in gas. Will convert to a corp. and provide a dividend as well as modest growth.

2010-02-23

BUY

24.630

The trick is what will they do with their cash flow when they convert to a corporation. Will they replace income with growth. A recent acquisition shows they plan growth. With the assets they have it will work out really well.

2010-02-16

TOP PICK

24.180

Solid management team. Very, very good set of assets. Above average growth trajectory. They are getting involved with unconventional plays, which is a risk.

2010-02-12

BUY

23.580

Yield is just a little bit over 8%, which indicates it is probably not in jeopardy going forward. Recently raised over $400 million. Tend to hedge a fair amount of their production. Fairly steady cash flow. Well managed.

2010-01-27

TOP PICK

23.850

About 60% gas. Made a large acquisition last year. Management owns about 15%. Relatively low costs. 7%-8% yield plus growth. Also have exposure to the cardium play in Alberta. Should see some real growth over time.

2010-01-20

TOP PICK

23.460

About 60% natural gas. Made a nice acquisition last year from Encana (ECA-T). 8% yield. Management owns 15% of the company.

2010-01-06

DON'T BUY

22.500

With trusts having to convert in 2011, you have to be very careful of a depleting asset based company. However, this company has always been run as a corporate entity so it doesn't have the same problems. Fantastic business and is really well run but too expensive for him.

2009-12-21

TOP PICK

21.150

60 Nat Gas/40% oil. Bulk of business in central Alberta. Organic growth of 5% a year enhanced by acquisitions. 17-18% capital gain on top of 9% yield expected.

2009-12-14

DON'T BUY

20.100

Bruce Campbell

(Market Call Minute.) Gassy and not his favourite place to be. Would prefer Progress (PRQ-T), which has better drilling upside.

2009-12-07

Comment

21.000

More than half the assets are in natural gas, which is where a lot of the problem has been. There is overcapacity in the gas market and pricing has not been great. Yielding over 9.1%. Have been fixing their balance sheet and have sold some properties.

2009-11-27

BUY

21.760

Excellent name. Hasn't participated in the rally as much as some of the others. Recently made an attractive natural gas acquisition from Encana (ECA-T) and will use horizontal multi-stage fraqing and is probably economic in the $3-$4 gas pricing. 8.8% distribution is likely safe.

2009-11-25

HOLD

22.400

One of the better names and he doesn't see a problem with the 8.6% distributions getting cut imminently. Very good operating metrics.

2009-11-09

BUY

21.690

One of the best trusts out there. Gas oriented. Results were in line with expectations. Management keeps their costs very low and their debt reasonable. 8.8% distribution.

2009-11-06

BUY

23.110

Has moved up with the improvement of natural gas prices. This is a very volatile period for natural gas because of the large inventory and the discovery of huge new fields. If you believe in the longer term future for natural gas, this would be a good trust. 8.3% yield.

2009-10-14

PAST TOP PICK

23.030

(A Top Pick Aug 14/09. Up 29.44%.) Just made an acquisition. Still a Buy.

2009-10-13

BUY

20.270

Mainly natural gas. The distribution and good yield of 9.5%, which he thinks, can be maintained going forward. Like outlook for natural gas.

2009-10-01

BUY

20.420

2/3 gas and 1/3 oil. Overpaying distribution a little. Can do so because management has exchangeable shares. Model after 2011 will be a combination of growth plus distribution but have not made percentages clear so she thinks the 10% distribution will be cut. However not expensive. New play at Holdly (?) is fantastic and will work at $4 gas.

2009-09-30

BUY

20.620

Very impressed with the acquisition they just did. Distribution is safe at this point. In 2011 they have the asset base to turn into a corporation that still pays a dividend.

2009-09-22

BUY

20.720

Quality company. Recently acquired more natural gas assets. Very good operators. After they convert to a Corp., dividends will be lower than current distributions.

2009-09-17

STRONG BUY

20.000

Very good holding. Planning on converting in early 2011 and maintain the current level of distribution. Recently acquired some gas assets from Encana (ECA-T). 9.6% yield.

2009-09-11

TOP PICK

17.500

Very solid gas name. Did a great acquisition that will help them go past 2011. Economic returns look very good on the new acquisition.

2009-08-14

WAIT

17.110

Low-cost operator. About 60% natural gas so is vulnerable to gas price changes. Recently made an acquisition and will be helped by a reduction in BC royalties. Very well managed. Waiting for gas prices to increase and a more positive outlook.

2009-08-11

BUY

17.300

Solid company. If he were adding a name to his accounts this would be one that he would consider. The other one would be his Top Pick Arc Energy (AET.UN-T).

2009-08-05

DON'T BUY

17.520

David Baskin

Not bullish on natural gas because LNG shipments keep increasing and shale gas has changed the game with increasing reserves. He sees natural gas staying below $5 for the rest of the year.

2009-07-27

STRONG BUY

17.290

One of the top management teams. Recently acquired $700 million of primarily gas assets from Encana (ECA-T), which will really propel them into a new direction.

2009-07-23

BUY

16.850

Very high quality oil/gas trust. Strong management team. High netbacks. Just bought a large amount of natural gas assets from Encana (ECA-T) and with new technology they feel results can be very significant.

2009-07-17

BUY

17.590

(Market Call Minute.) Great management. Spends capital prudently.

2009-07-06

BUY

18.300

Over half of their production and weight in volume is in natural gas. One of the more dominant trusts in the natural gas area. Distributable cash in units is well in excess of their payout. 10.4% yield. Have a good deal of tax pools so they will not be immediately taxable when they convert to a corporation.

2009-06-26

BUY

19.000

This was a close 2nd to his Top Pick Daylight Energy. Gas oriented and he likes gas. Impressive management.

2009-06-16

BUY

19.300

Very conservatively run with good cost control. 10.5% distribution is solid. Attractive growth profile.

2009-06-01

BUY

18.550

(Market Call Minute.) A great oil company that has protected its balance sheet.

2009-05-14

DON'T BUY

18.780

Obama looking at increasing taxes paid by companies that are creating more carbon emissions. This would impact oil coming from Canadian oil sands. However there are other places that will take the markets such as China. Oil is the safer play. COS.UN is a pure oil play, vs. BNP.UN. We expect softness in Gas.

2009-04-27

STRONG BUY

17.090

Joanne A. Hruska, CFA

Market Call Minute. Always had a premium multiple but now they have a discount.

2009-04-15

BUY

15.840

Particularly good value here for medium and long term. Very well run. Could make a medium to small sized acquisition. Will be able to manage a transition into a corporation very well.

2009-04-02

BUY

15.300

One of the ones he likes in that space. Impressive management. Thinks distribution cuts will be coming to all energy trusts. Enterprise value per BOE per day is around 40-45, which is very competitive making it one of the cheaper trusts.

2009-03-31

Comment

16.070

Incredibly well run and incredibly transparent. Slightly too expensive. If anybody is going to get through this, they will. They will be acquirer's. On his list of things to own.

2009-02-10

BUY

16.720

(Market Call Minute.) Looks like good value at this price. Very shrewd management.

2009-02-06

BUY

17.180

Management has good track record on creating value. Just distributions. Balance sheet is in decent shape. Have a record of making accretive acquisitions so this is a good environment for them. 13.5% yield.

2009-02-03

BUY

17.750

(Market Call Minute.) Well exposed to natural gas.

2009-02-02

BUY

15.500

(Market Call Minute.) Solid management team. Possible distribution cut is coming that this is built into the price.

2008-12-08

BUY on WEAKNESS

20.750

One of the more solid royalty trusts. Approximately half oil and half gas. They might not have to cut their distributions. Try to buy on a down day.

2008-10-29

BUY on WEAKNESS

32.370

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

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

(Market Call Minute.) Good gas exposure. A long-term hold.

2008-05-01

TOP PICK

31.340

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

(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

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

One of the premier oil/gas trusts. Solid producer. Good balance sheet.

2007-09-05

BUY

29.910

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

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

Balanced trust, 45% oil, 55% natural gas. Sustainable business model. Very flexible business model.

2007-06-11

BUY

29.850

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

Good management. Shorter reserve life than the average but very good assets.

2007-03-02

HOLD

29.580

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

A high quality trust. Management owns a substantial portion. Extremely well managed.

2006-12-29

PAST TOP PICK

28.820

(A Top Pick May 19/06. Down 15.7%.) Will be a survivor in 2011. Still likes.

2006-12-01

HOLD

24.940

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

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

Have done a great job. Dropped because of decline in commodity prices. A sustainable business model.

2006-10-13

HOLD

29.880

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

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

An extremely well-run company. Has some very good properties. 11.5% yield.

2006-09-19

BUY on WEAKNESS

37.170

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

Has had a decent pullback and is at a good price. High quality management team. Superb track record.

2006-06-23

BUY

32.420

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

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

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

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

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

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

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