| HOLD | 10.930 | Kevin Hall BComm, CFA | Mother company in the US is going through bankrupt proceedings, so there is a lot of speculation regarding their Calgary facility. Just signed a new 20-year contract with Calgary. Expect distribution will be sustainable. Have a lot of cash. Can see some upside. | 2006-10-27 | |
| SELL | 10.160 | Patrick Kim | Have been through a lot over the last 6/8 months with their parent company seeking bankruptcy protection. There will continue to be a lot of uncertainties. Fairly high risk. | 2006-08-04 | |
| DON'T BUY | 9.420 | John Stephenson | A little less optimistic because of the convoluted contractual rate arrangement between this company and the Calpine Corporation which has gone into bankruptcy. | 2006-06-28 | |
| DON'T BUY | 9.250 | David Cockfield | Has lightened up his position in this stock over time. The parent company in the US went into Chapter 11. There are various inter company arrangements relating to debt, fees, etc. which caused them some problems. | 2006-05-15 | |
| DON'T BUY | 9.300 | Sandy McIntyre | Have used this as a trading stock in the past. There is uncertainty on hydro costs in Alberta. They are very good assets but because of uncertainty, he doesn't own now. | 2006-05-12 | |
| BUY | 9.150 | Kevin Hall BComm, CFA | Very complicated story with a lot of moving parts. Their parent is going through bankruptcy procedures and they still own some of this company. A lot of uncertainty. Good buying opportunity. Over the next couple of months, the story should get a lot cleaner. | 2006-05-05 | |
| DON'T BUY | 9.680 | Patrick Kim | Parent in the US took creditor protection last year and the price dropped to $7.50 which was a very good price. North of $10, he was selling his units. | 2006-04-21 | |
| BUY | 8.980 | Patrick Kim | Calpine Corp. in California is going into bankruptcy protection and this trust contracts with them which created a lot of concerns. There is definitely a risk of distribution cut of 25% but the drop in price has fully reflected this and was very pessimistic. Very solidly run business. Below $9 it is a good buy and in the drops below $8 it will be a good take a candidate. | 2006-01-13 | |
| BUY on WEAKNESS | 8.030 | Michael Simpson, CFA | There is some value in this fund and he would be a buyer around $7.50. | 2005-12-30 | |
| DON'T BUY | 8.250 | Sandy McIntyre | The issue on this one is not the underlying assets, but is the contracts between it and its California parent which is in financial difficulty. If the parent company were out of the equation, it would have distributable cash flow of roughly $0.69. Would be a buyer in the mid $7’s. | 2005-12-16 | |
| DON'T BUY | 8.020 | Leslie Lundquist | They have a power purchase agreement with Calpine Corp, in the US and Calpine Corp. is very close to bankruptcy. This has been reflected in the price of the trust. Thinks they will be able to change the purchaser to a new body. There will be volatility here. | 2005-12-07 | |
| SELL | 8.450 | John Stephenson | In between a supply contract, you have the parent Calpine Corp. (CPN-N) standing in the middle which is somewhat unique. The parent is a bankruptcy case. | 2005-12-01 | |
| DON'T BUY | 9.000 | Bruce Hartman | Operates 3 very fine power generation facilities. The big problem is that the guarantees behind the power contracts are held by Calpine Corp. in the US which is virtually bankrupt. Calpine Trust has very little ability to call on their parent for back up revenues. | 2005-10-21 | |
| TOP PICK | 10.800 | Dan Bastasic | (A Top Pick May 27/05. Up 5%.) Very good value. | 2005-08-05 | |
| TOP PICK | 10.150 | Dan Bastasic | The big issue is their relationship with Calpine Corp (CPN-N) on which there are lots of rumours on bankruptcy. The only real connection is through Calpine Corp.'s Calgary Energy Centre which has long term contracts with them. This is a speculative Top Pick with a little bit more risk. | 2005-05-27 | |
| BUY on WEAKNESS | 9.900 | Kevin Hall BComm, CFA | Has been a very exciting place to be in the last few weeks. There has been a lot of concern with Calpine Corp (CPN-N) in the US which this company has some exposure to some of their contracts. Calpine Corp has been rumoured to be going bankrupt for quite a while and has been treading water, but recently speculation has resurfaced again. A very complicatd structure. Good speculative at $9.50. | 2005-05-06 | |
| DON'T BUY | 9.060 | Michael Sprung | The market is suggesting that this company is in question. Feels that this is indicating real doubt about the distribution level being maintained. Expects a cut. | 2005-04-28 | |
| HOLD | 9.900 | Peter Brieger | Negative news came out on this recently so he's going to take a look at it. Considering selling it. Do your homework on it and consider selling. | 2005-04-26 | |
| BUY | 10.140 | Dean Orrico | Calpine Corp (CPN-N), a US based entity, announced a possible cash crunch over the next couple of years. Owns 30% of the income fund and is the off-taker of all the power for the Calgary energy facility which is one of the income funds primary assets. However there is subordination of it which cushions other investors. This pull back represents a pretty good entry point. | 2005-04-22 | |
| DON'T BUY | 10.950 | Matt Baillie | Doesn't own because of the parent company. Sell a lot of their power to the parent company Calpine (CPN-N) which has a low debt rating (about 80 which is junk) in the US. Doesn't want any risks of anything happening to the parent company. Would prefer a Transcanada Power (TPL.UN-T), Inter Pipeline (IPL.UN-T) Great Lakes Hydro (GLH.UN-T). | 2005-03-16 | |
| BUY | 10.400 | Garth Jestley | Underweight on power trusts because of the risk of higher interest rates. Tainted a little by its relationship with Calpine in the US, but they have good assets and a premium yield. | 2004-10-29 | |
| BUY | 9.950 | Peter Brieger | Outside RRSP portfolios, look for an income trust that is 100% tax deferred such as Fort Chicago, Calpine Power and Acclaim energy. | 2004-06-17 | |
| DON'T BUY | 11.350 | Ross Healy | Wouldn't buy trust units from this company due to their problematic history. | 2003-10-09 | |
| BUY | 11.210 | Peter Brieger | Any risk will be with its long-term contract with its parent in the US. About twice as efficient as their competitors in power plants. Expects $.94/$.98 distribution. They’re tax-free at the moment. | 2003-10-08 | |
| BUY | 11.250 | Glenn MacNeill, P.Eng. | New offering. Assets look pretty good. Mostly gas orientated. An interesting offering. | 2003-09-24 | |
| TOP PICK | 10.500 | Bob Stodgell | If economy starts to grow, power generation will have a greater demand. Tax deferred. Good yield. | 2003-07-15 | |
| PAST TOP PICK | 10.320 | Sandy McIntyre | (Was a top pick on May 7/03. Up 9%.) Still likes. | 2003-06-19 | |
| TOP PICK | 9.380 | Sandy McIntyre | Suffering under the stigma of its parent, so is down in price. Just commissioned a generator for the Alberta sectorat the end of March at the Cakgary Energy Centre. | 2003-05-07 | |
| BUY | 9.190 | David Cockfield | Like their assets. Relatively conservative. Had been oversold. | 2003-01-24 | |
| BUY | 10.320 | Peter Brieger | Has had a run up. Likes the power trusts. Buy for long term. | 2002-10-03 | |
Experts that have talked about Calpine Power Income Fund
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