STOCKCHASE

(A Top Pick June 30/09. Up 15.05%.) Still a buy.

2010-02-08

BUY

69.030

Not looking for as big a year as it had last year. Expect oil will go back over $80 a barrel. Will be a steady performer. We'll be happy to get it up to $80 range.

2010-02-08

PAST TOP PICK

70.710

(Top Pick Feb 10/09, Up 58%) Throws off a huge amount of cash. Core heavy oil business, oil sands and natural gas. They have tones of shale they aren’t telling anyone about. It’s a good management team.

2010-02-02

HOLD

74.970

Douglas Kee

A little expensive versus some of the others but a great company with great management. Good mix of oil sands and gas.

2010-01-08

PAST TOP PICK

72.950

(A Top Pick Feb 10/09. Up 63.37%.)

2009-12-21

TOP PICK

68.770

Steam assisted gravity drainage potential could substantially increase their production. 40 to 50 year reserve life with no declines.

2009-12-11

Comment

68.580

Rick Stuchberry

A lot of companies trade off the commodity and oil prices have dropped closer to $70, which is why the stock has dropped. Not a lot of sector rotation right now but when it happens this is the one that institutions will go for.

2009-12-10

BUY

66.910

Norman Levine

Price of oil in short term is very different from price in the long term. Demand is soft. Good opportunity to buy CNQ. Could fall to $62 (200 day moving average).

2009-12-08

STRONG BUY

70.470

John Zechner

The Horizon project is now on and this is one of the better oil sands projects. Also have other production growth. Valuation is cheap. A major player on the global scale.

2009-11-30

BUY

70.990

Likes this company and the entire sector even if oil doesn't go up a great deal from here. This one is 2/3 oil and 1/3 natural gas.

2009-11-23

STRONG BUY

71.090

(Market Call Minute.) Tremendous cash flow going forward. At $80, oil is pretty well fully priced but if it goes up this will follow.

2009-11-19

TOP PICK

71.980

(A Top Pick Oct 21/08 Up 31.2%.) Horizon, their oil sands project, is still ramping up. Didn't meet expectations in Q3 but this is one you have to keep with a long-term horizon. Estimating they will generate $3 billion in free cash flow in 2010 with oil at $80 US. One of the best growth stories out there for a senior producer.

2009-11-18

PAST TOP PICK

71.980

(A Top Pick June 30/09. Up 17.3%.) This one should be a core holding in any portfolio. Exceedingly well run. Oil weighted and visible production growth from their Horizon oil Sands and Primrose thermal projects. Buy on weakness.

2009-11-18

PAST TOP PICK

70.820

(Top Pick Nov 24/08, up 58%) Still likes it. Great company.

2009-11-10

TOP PICK

72.090

One of the few that can increase oil production by about 10% in 2010 and 12%-13% in 2011 while US comparables are struggling to get 3%-4%. $6.9 billion cash flow, mainly because of Horizon.

2009-11-09

BUY

67.710

Ron Meisels

A bit of correction but it has still not come back to the 200-day moving average. On a long-term basis, this is an exciting stock. Had a big base in the Dec-March period, which can support higher targets. Hold long as it is above its 200-day moving average. Seems to be in a trading range and the bottom is near $66.

2009-11-05

PAST TOP PICK

74.430

Richard Croft

(Top Pick Dec 24/08, Up 89%) Buy CNQ-T, Sell CNQ Aug. Calls, Sell CNQ Aug. Puts.

2009-10-23

BUY

78.230

This is a company they quite like. Disciplined management. Volumes over the next quarter probably grow 25%. Negative is that they are in gas.

2009-10-19

PAST TOP PICK

69.810

(Past Top Pick Oct 16/08. Up 46%.) Sold his holdings and put it into Crescent Point (CPG-T). The run is probably not over but cash flow estimates are coming down. Used to be $21-$22 but are now down around $12. Would buy at $65. (See Top Picks.)

2009-10-01

PAST TOP PICK

72.300

(A Top Pick June 30/09. Up 18.3%.) Have executed very well on their Horizon play with more than 100,000 barrels a day. Starting to be re-rated as an oil sands stock. In the short term, it is close to reaching its top. High beta at 1.4.

2009-09-30

TOP PICK

73.440

(A Top Pick Sept 22/08. Down 13%.) Likes its torque to the Horizon oil sands project. Has completed phase 1 and has done really well. Coming in on time, on budget and with production upside. Will have a lot of growth.

2009-09-28

BUY on WEAKNESS

71.840

Mason Granger

For a company of its size, it is fairly unique in that it has very visible production growth of probably 180,000 barrels going forward. Besides being the largest oil producer they are the second largest producer of natural gas. Would buy below $70.

2009-09-24

WAIT

76.640

Jennifer Stevenson

Just went up 26%. They can decide to stop drilling for Gas and start drilling for oil. Buy 20% of what you want and wait 6 weeks on the rest. It will come off 10% in a month.

2009-09-22

BUY

72.220

Has heavy oil production with its Horizon project. Had good results over the 2nd quarter. They watch their costs very closely, which is very important. About 1/3 production is natural gas and they will be among the low-cost producers.

2009-09-18

PAST TOP PICK

67.870

(A Top Pick Sept 4/08. Down 15%.) This would now be his 3rd pick after Encana (ECA-T) and Crescent Point (CPG-T). (See Top Picks.)

2009-09-10

BUY

65.700

Shauna Sexsmith

Has everything from oil sands to Canadian Western conventional to N. Sea to offshore West Africa. Great production and cash flow growth. Cheap.

2009-09-08

PAST TOP PICK

64.790

(A Top Pick Sept 17/08. Down 13.93%.) Pays a low dividend but it is growing steadily. Still likes.

2009-08-25

BUY on WEAKNESS

65.000

Joseph Schachter

Fabulous company. Horizon is now on and is ramping up. Using the cash flow to pay down debt. Would be a fabulous by $55-$60.

2009-08-21

TOP PICK

65.000

Has been one of the best performing oil/gas stocks but he thinks it will go higher because it is increasingly focusing on heavy oil and oil sands. Had originally been slated to do 100,000 barrels a day but has been doing intermittently 120,000. One of the benchmark names that you want to own.

2009-08-21

BUY

63.440

Andrew McCreath

Street-smart management. Goliath of a project that is delivering. Oil will be same place a year from now. Gas will be $1 higher. Over the longer term will be a big winner.

2009-08-18

PAST TOP PICK

64.220

(A Top Pick June 30/09. Up 3.51%.) Very connected to oil prices and heavy oil differentials and this is one of the best beneficiaries of that. Operationally, the Horizon oil sands project is adding 100,000 barrels a day this year.

2009-08-14

BUY

62.220

Mike S. Newton, CIM FCSI

One of the cleanest, best run companies in Canada. Thinks that the Suncor (SU-T) and PetroCan (PCA-T) merger will take some time to work through. A little on the expensive side but you can sit back and what should grow over time.

2009-08-11

PAST TOP PICK

68.000

(A Top Pick Aug 5/08. Down 9.28%.) Sold it last fall when the markets were in the tank. On his potential Buy list.

2009-08-05

BUY

64.760

Low cost producer in natural gas and heavy oil. Oil sands project is coming in on time, a little off budget. He is hoping the operating costs are somewhere in the high $20's.

2009-07-31

HOLD

63.490

Michael Sprung

This is one of the benchmarks in the energy industry. Selling at a reasonable price at around 6X forecasted cash flows. Also have large tax pools. Well capitalized and good prospects going forward.

2009-07-28

PAST TOP PICK

63.930

(A Top Pick Sept 22/08. Down 24.73%.) One of the top names in the patch. Horizon project is now up and producing. International investors go to this name. Buy.

2009-07-24

PAST TOP PICK

63.680

Dean Orrico

(A Top Pick Nov 13/08. Up 24.58%.) Successful in bringing their Horizon project online. A lot of gas exposure has been holding it back. Still a Buy.

2009-07-23

PAST TOP PICK

63.680

(A Top Pick Aug 5/08. Down 12.3%.)

2009-07-23

TOP PICK

60.570

Greg A. Taylor, CFA, BBA

Earnings come out in early August but would Buy some today and some afterwards. Did a good job at hedging some of their oil at higher prices. Their big growth vehicle is the Horizons project that is probably becoming one of the gold standards in the oil sands.

2009-07-22

Comment

63.010

Veronika Hirsch

Very high quality name. Fantastic assets and management. If you are a trader, try to buy in the $50's and take profits in the $70's.

2009-07-17

PAST TOP PICK

61.560

(A Top Pick Oct 21/08. Up 8.89%.) Premier Canadian oil/gas company. Their oil sands project Horizon is firing up and building towards 110,000 barrels by the end of 2010. Would add to this during the summer doldrums.

2009-07-16

TOP PICK

54.950

Richard Croft

Volatile security and you can buy the stock; sell it slightly out of the money call, which expires next January. Not looking for oil to surge but if it did this stock could go back over $70 again very easily. His downside breakeven is about $46 and he is comfortable with that price.

2009-07-09

BUY on WEAKNESS

58.280

Ara Nalbandian

Oils are correcting right now. Large caps have led the way. This is one of the highest quality large oil production companies in Canada with the tremendous Horizon oil sands project. Looking for a 5%-10% pullback but likes the company longer term.

2009-07-03

TOP PICK

61.190

Very leveraged to oil, especially in oil differentials, which have come down substantially. This company is one of the biggest beneficiaries of this. Can see growth of 100,000 barrels a day in the Horizon's project.

2009-06-30

BUY

60.910

Horizon project is going through its initial stages of starting up. Will generate huge amounts of cash flow. About 1/3 gas, 1/3 heavy oil and 1/3 light oil. Well managed.

2009-06-29

TOP PICK

58.900

Steve Carlin

Likes its exposure to the price of oil. The Horizon project is going and as it ramps up production this company has better volume growth than its peer group over the next year. Cheaper on a valuation perspective.

2009-06-19

BUY

58.700

With their oil sands exposure this has good upside potential.

2009-06-18

BUY

66.000

Mike S. Newton, CIM FCSI

Great Canadian company. Pristine balance sheet. Great entry point.

2009-06-11

WATCH

66.580

Don Vialoux

Getting close to a top. Energy sector tends to bottom right around the end of November each year and tends to peak right around the 1st and 2nd week in June. Sweet spot tends to be from mid-January until the end of May. Watch your technicals very carefully and if you see the “overbought” rolling over, that's a sign to take profits.

2009-06-02

WAIT

62.360

Laura Wallace

Looking at this very closely. Had spectacular earnings. Horizon project has started. The next step, costs are going to be down 20%-30%. Going into a seasonally weak period for energy but thinks this could be quite interesting. Would be tempted to wait until the fall.

2009-05-26

BUY

60.640

Jaime Carrasco

Likes most, if not all, Canadian oil companies. Important to have a longer-term outlook and understanding of Canadian oil patch. Be aware of the geopolitical problems such as Pakistan and the Middle East. Canada is the only place with rich, political free oil.

2009-05-22

BUY

63.590

A good 18-24 month hold. Has about 1/3 heavy oil, 1/3 light oil and 1/3 natural gas. The exciting thing about it is the new Horizon project, which is coming on slowly and ramping its way up to full production. Will throw out a lot of cash flow.

2009-05-20

BUY

62.060

Everybody needs one predominantly natural gas producer and one predominantly oil producer and some play on the oil sands in their portfolio. Once you have this, he is not sure owning multiple names gets you very far. Good company and has low cost compared to the industry.

2009-05-19

BUY

57.960

(Market Call Minute.) Likes the oil sands related names. This company has done a really good job in bringing their projects in on time.

2009-05-15

BUY

63.440

Hank Cunningham

Bonds are not a strong credit, but credit worthy. If you are doing corporate bonds, buy a number of them and spread your risk around.

2009-05-08

HOLD

56.190

Michael Smedley

(Market Call Minute) You need improvement in gas prices.

2009-04-28

TOP PICK

58.060

It does not matter too much what happens to the price of oil because of increasing oil production.

2009-04-27

BUY

57.530

Gerald Allaye-Chan

Doing well in horizons oil project.

2009-04-17

DON'T BUY

55.780

Nick Majendie

Responded quickly when the industry started to deteriorate last year, but valuations are a bit rich. Prefers SU-T

2009-04-16

HOLD

51.470

Laura Wallace

This is one she is looking and. Great earnings. Latest earnings report surprised the street. Have started the Horizon project and should be up to full capacity by year-end. Debt level is in a fairly comfortable position. Will be volatile with the price of oil but has a nice hedge position on the price of its production.

2009-04-07

Comment

53.510

Peter Gibson

Thinks oil is likely to rebound to the $70 level in the next few months.

2009-04-03

BUY on WEAKNESS

48.910

The reason for owning this is that you are now getting the Horizons oil sands project coming on stream. Over the next several years, this will add $3 to $4 cash flow to a $10 or $11 base of earnings. This makes it very attractive prospect. His Buy point would be $45.

2009-03-31

BUY

48.760

Norman Levine

(Market Call Minute.) Likes the outlook for oil. This will be one of the major players to own.

2009-03-30

TOP PICK

51.490

Jim Huang

One of the best managed Canadian oil companies. Recently completed their Horizon oil sands project. This couldn't be a better time to bring it on as oil prices recover from their low.

2009-03-27

TOP PICK

53.190

(A Top Pick May 1/08. Down 38.3%.) Thinks oil will go to $75 and expects an improvement in natural gas. Horizon project has just gone on and is ramping up to 100,000 barrels a day for this year giving it significant free cash flow. The only senior to have per share growth built into it this year.

2009-03-26

BUY

52.960

Petro Canada (PCA-T)/Suncor (SU&N-T) deal is making oil sands exposure a subject of interest. This company is a producer that has brought on their oil sands project pretty much on time and on budget.

2009-03-23

BUY

41.800

The most levered to oil prices of any of the choices you could take. Oil prices should move higher.

2009-03-06

DON'T BUY

38.540

Michael Brown

On his disqualified list. Would look at Suncor (SU-T) in terms of being the leader in environmental reporting and practices.

2009-03-04

STRONG BUY

36.550

Robert Lauzon

Bullish on oil and this will bode well for their Horizon project. A screaming Buy any time under $40.

2009-03-02

BUY

39.740

Sandy McIntyre

Horizon project is coming on this quarter and will start to see cash flow.

2009-02-24

HOLD

36.540

Paul Harris, CFA

Likes oil longer-term but shorter-term it is probably going to come under pressure and may go lower. If you own, Hold, otherwise buy it at lower levels.

2009-02-23

DON'T BUY

38.260

Rick Stuchberry

(Market Call Minute.) There is no rush to be there and doesn't give you a yield like some of the trusts.

2009-02-20

Comment

38.260

Jim Huang

One of the best managed oil companies in Canada. Their new Horizons project is coming on stream any day now, which will give them a big boost in production. He is looking for oil to rebound later this year. However, oil sands has a larger environmental footprint.

2009-02-20

WAIT

40.360

Because of the continuing erosion of their underlying commodity, it is very difficult to know where you will see that turn. Don't Buy until you see oil prices go up along with the stock price. (Would be more interested at $50.)

2009-02-19

BUY

42.550

(Market Call Minute.) Best quality of exploration and production companies after Encana (ECA-T). Has an oil sands project that is on stream and starting to produce.

2009-02-13

HOLD

43.140

Don Lato

Great company. One of the 3 premier companies in Canada along with Suncor (SU-T) and Encana (EC A-T). Oil prices will come back again someday and they are very well positioned. Financing is still tight so can't see a takeover at this time.

2009-02-11

TOP PICK

44.880

Well-managed. Top assets. Low cost. Slight amount of debt. Just built a brand new oil sands project and he hopes it operates at $29 a barrel. Have planned hedging with all sorts of businesses they can shuffle around in order to get at their debt. A core long-term hold.

2009-02-10

BUY

42.800

Michael Sprung

One of the premier companies in oil/gas. Will have a dip in cash flow this year but going into next year and beyond he could see cash flow back at $9-$10, which at current prices makes this stock compelling.

2009-02-02

BUY

42.800

John Zechner

The Horizon project is still going on and costs may have come down a bit. Very cheap. Good story and long-term growth.

2009-02-02

Comment

50.740

Beth Hamilton-Keen

You want to be careful with any company, particularly in the energy sector, to be sure you are buying a diversified company and will sustain and weather in an economic downturn.

2009-01-09

BUY

51.320

Technically, it is acting very well. Has a lot of exposure to oil sands. You could own this for a couple of years if your view is oil is working its way higher.

2009-01-07

Comment

51.990

Probably has the best oil leverage. Recognized by international investors as a "go to" name.

2009-01-02

TOP PICK

43.290

Santa Claus

Strategy: Buy this ($44.13?) and 1) Sell Aug $46 Calls @ $9.10 2) Sell Aug $46 Puts @ $10.70 for a net cost of $24.33. For selling the Call option you agree to sell the shares for $46. For selling the Put options you agree to buy more shares at $46. Only one of those options will have any value in August.If stock is above $46 your return is $46 divided by your net cost of $24.33 giving an 81% return.If stock is below $46, you have to buy another block of shares at $46. The $46 plus the $24.33 net cost, your average cost is $34.23, which is a very good investment.

2008-12-24

TOP PICK

45.100

(A Top Pick Oct 30/07. Down 40%.) Horizon project should hit 75% of production capacity of 77,000 barrels next year. Execution risks are very low. Looking for 25% growth per share next year. Strong balance sheet.

2008-12-18

Comment

40.900

Peter Gibson

Likes this one because it has some profit growth right now. His preference would be Imperial Oil (IMO-T), Canadian Oil Sands (COS.UN-T), Nexen (NXY-T) and Husky (HSE-T). However, ROE levels are about to erode.

2008-12-09

TOP PICK

42.200

Greg A. Taylor, CFA, BBA

A lot of the senior oil companies in Canada have been crushed. Trading around 4X next year's cash flow. The Horizon oil sands play, which has been a big cap X drag, is just about done. This will add a lot of cash flow.

2008-12-08

Comment

41.000

Ken McCord

Great trading fundamentals and great quality characteristics. Market direction can still impact you. You could buy this, but he would Short something else like Niko (NKO-T) as a pairs trade.

2008-12-04

DON'T BUY

41.000

Ron Meisels

Below its 50-day moving average of about $55 and the 200-day moving average of $76. Has to make a base.

2008-12-04

DON'T BUY

44.440

Oil prices have continued to move lower and he would stay on the sidelines.

2008-12-01

BUY

52.000

Jaime Carrasco

(Market Call Minute.) Energy prices will rebound. This one is at a ridiculous valuation.

2008-11-28

BUY

49.000

Rick Stuchberry

Lots of reserve life. For energy plays, he prefers royalty trusts so that he can get a big income stream and sit on yield. If you are positive on energy prices going forward, this is very reasonable right now.

2008-11-26

TOP PICK

45.000

Change in the Alberta royalty fees significantly benefits this company. Have debt because they just built their oil sands. It will be a low cost producer so they will be on top of their debt very quickly.

2008-11-24

TOP PICK

50.340

Dean Orrico

A leading Canadian oil/gas producers. International footprint. Relatively low operating costs. Just released Q3 results and it is in good shape to produce from its oil sands in 09.

2008-11-13

Comment

57.510

Likes this company. About a third light oil, a third natural gas and a third heavy oil. Getting a huge cash flow increase with the Horizon project. Scaling this project down because of increasing costs and declining crude prices.

2008-11-10

DON'T BUY

60.820

David Cockfield

Not a bad investment but his view is to stay away from low yield stocks. There is still some uncertainty about oils.

2008-10-31

HOLD

51.350

Peter Gibson

(Market Call Minute.) Doesn't have the profit characteristics that he wants but will behave like the other oil stocks in that area.

2008-10-28

BUY

49.260

This is a huge call and leverage on oil. Has tremendous torque to the oil sands with its Horizon project, which is basically done right now. Also has conventional business. If you believe that oil goes higher from here, buy this name in spades.

2008-10-22

TOP PICK

55.620

(A Top Pick Oct 30/07. Down 22%.) Good liquid stock with strong assets. Horizon project will be coming on by the end of this year. NAV at about $65 should have a premium given the quality of the assets. Looking beyond 18 months or 2 years it should be a core position. Good 10% to 15% upside when the markets start to revalue stocks on a more normalized commodity price.

2008-10-21

Comment

50.500

Jean-Francois Tardif

When the bull market was on, oil/gas stocks were going up and up. This did better than others. Believes that oil will reach $200 in the long term. Very good company.

2008-10-17

TOP PICK

47.850