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| Comment | 28.050 | David Baskin | Believes they have tax pools that will shelter it for 3-5 years when they convert to a corp. Before investing in these types of trusts, this is a very important element that you have to check on. | 2010-02-08 | |
| TOP PICK | 28.710 | Gavin Graham | Cut the distributions a couple of times during the fall of oil prices and that the current level is about 4.5%-5%. The big deal outstanding is ConocoPhillips (COP-N) selling a 9% stake in Syncrude and this company is felt to be the logical buyer. If they buy, they will be able to maintain their payout. | 2010-02-01 | |
| Comment | 27.740 | Bruce Campbell | Canadian Oil Sands (COS.UN-T) or Crescent Point (CPG-T)? Rumoured they will be buying more Syncrude. Will be changing to a corporation and paying a dividend. Prefers Crescent Point (CPG-T). 5% yield. (See Top Picks.) | 2010-01-29 | |
| TOP PICK | 27.990 | Norman Levine | Biggest holder of Syncrude, which is increasing production. Stock has been held back because Chevron has announced they are putting their piece of Syncrude up for sale and he expects them to buy into a share issue. Will probably increase their dividend again in the next month. | 2010-01-28 | |
| TOP PICK | 28.330 | John Stephenson | Expecting oil to move higher. Had some operational hiccups at Syncrude in the 3rd quarter but that is behind them now. 4.8% yield. | 2010-01-22 | |
| PAST TOP PICK | 29.480 | Dean Orrico | (A Top Pick Feb 6/09. Up 42.78%.) Still a buy. | 2010-01-20 | |
| TOP PICK | 30.270 | Mason Granger | Has been a laggard. They had operational hiccups with vacuum distillation unit this year. Always been concerns about reliability. His view is that over time he will see considerable enhancements in reliability and operation. | 2010-01-05 | |
| TOP PICK | 29.500 | Rick Stuchberry | Has a reasonable yield and has the ability to raise its distributions. | 2009-12-30 | |
| PARTIAL SELL | 29.770 | Michele Robitaille | (Market Call Minute.) Good long-term hold but she would be trimming. Excellent long life forty-year resource play. Good payout ratio. 4.7% yield. | 2009-11-25 | |
| PAST TOP PICK | 30.800 | Dennis Da Silva | (A Top Pick Oct 21/08. Up 8.3%.) | 2009-11-18 | |
| Comment | 30.800 | Laura Lau | Can be volatile as it is a call on the volatility of oil. She is bullish on oil long-term. Also, ConocoPhillips (COP-N) indicated they would sell their 9% holdings in Syncrude and this company is interested. This would be a large amount of equity and debt they would have to issue. | 2009-11-18 | |
| Comment | 30.300 | Glenn MacNeill, P.Eng. | Has gone up substantially and has done very well and is very much driven by oil prices. Has gotten fairly expensive. Long life reserves so every portfolio should have some in it. | 2009-11-06 | |
| DON'T BUY | 29.180 | David Cockfield | Not a super fan of this one. Vulnerable when the market starts to sell off. US legislation poses a potential problem for any oil sands producer. | 2009-10-30 | |
| Comment | 29.450 | Jaime Carrasco | Likes it fundamentally long-term but sold his holdings to add to his cash position. Would definitely buy when he gets out of his gas plays. | 2009-10-29 | |
| HOLD | 29.450 | Derek Webb, CFA | Their long-lived reserve assets have never been priced correctly. Most companies have reserved lives of 3 to 7 years. If you have any patience, you just sit and hold as it will go up over time. | 2009-10-29 | |
| PARTIAL BUY | 30.170 | Andrew Cook | Start accumulating (33%) and when it goes down another 10%-15% accumulate more. Just raised their distribution. | 2009-10-28 | |
| SELL | 30.500 | Ross Healy | (Market Call Minute.) Pretty expensive and doesn't have much of a yield. | 2009-10-26 | |
| HOLD | 33.320 | Joseph Schachter | Getting back near its highs. If you have 2 to 3 years, definitely hold it and wait for weakness to buy more, otherwise there is not much more upside. | 2009-10-20 | |
| BUY | 34.150 | Christine Poole | 37% interest in Syncrude. Cut its distribution earlier in the year but raised it last quarter and there is speculation that they will do so again. If you are positive on crude, this is a reasonable investment. 2.9% yield. | 2009-10-15 | |
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| TOP PICK | 33.700 | Laura Lau | Longer term, she is a bull on oil. Shorter term, she believes they are going to increase their distribution by 20%-30%. Have a debt goal of $1.6 billion and are at $1.2 billion. With current oil prices they will be paying down their debt pretty quickly. 3% distribution. | 2009-10-13 | |
| Comment | 32.600 | Paul Harris, CFA | Likes oil over the long-term and this is a great asset. Oil has run up and he is fairly neutral on it right now and prefers natural gas. If you own you could Sell some and look to Buy it back or Hold looking for oil to go higher down the road. | 2009-10-08 | |
| Comment | 31.050 | Jeff Parent | Formed a diamond pattern from April to August followed by some easing and then took off again. Could see $35 in the short term. If it can maintain that trend it could be back up to the $47 level by the end of next year. | 2009-10-07 | |
| DON'T BUY | 30.750 | Charles Lannon | Popular trust because of the long life of their assets but they don't have a low-cost structure. Prefers Vermilion (VET.UN-T), which has a much cleaner balance sheet as well as a good balance between natural gas and oil and the dividend is much safer. | 2009-09-30 | |
| BUY | 29.870 | Jennifer Stevenson | Likes it. You don’t have capital expenditures for next 2 years. Nice distribution stream. | 2009-09-22 | |
| BUY | 28.930 | Glenn MacNeill, P.Eng. | Pure oil sands exposure. Made a commitment that they are going to increase debt to build the next stages of their several Syncrude projects. Dividend is reasonably safe and you will have some growth down the road. | 2009-09-18 | |
| BUY | 29.080 | Michael Simpson, CFA | Pure oil play based on the Syncrude oil sands. | 2009-09-17 | |
| BUY | 27.750 | David Burrows | A lot of the oil sands assets are very attractive. The reason you want to own this is the yield. Will continue to ramp up their production. Their ultimate policy is to pay out 100% of the free cash. Have just bumped the distribution and can bump it again very shortly. | 2009-09-14 | |
| HOLD | 27.110 | Rick Rule | Treat this as catastrophe insurance. In the event of some catastrophic event in the Persian Gulf you could easily see crude in the $150-$200 range. Also, in the next 2 or 3 years natural gas prices will be very low which will help keep their costs down. | 2009-09-01 | |
| BUY on WEAKNESS | 28.050 | Rick Stuchberry | (Market Call Minute.) | 2009-08-27 | |
| TOP PICK | 29.000 | Norman Levine | Likes their exposure to the oil sands. Price of oil is currently higher than people expected. Alberta’s labour costs have gone down. A big cost in the oil sands is natural gas, which seems to be going lower. | 2009-08-24 | |
| HOLD | 28.750 | John Stephenson | Dividend isn't great but they did raise it recently. This is a direct leverage to oil prices and says he is positive on oil, you should continue to hold. You could also consider Baytex Energy (BTE.UN-T) or Arc Energy (AET.UN-T), which is a little more gas weighted but a well managed trust. | 2009-08-21 | |
| BUY | 27.800 | Laura Lau | Probably one of the most leverage ways you can play if you are a really crude oil bull. One of the few trusts that were able to increase distributions. Very high fixed costs operations. Yield of under 4%. | 2009-08-14 | |
| SELL | 27.650 | Ross Healy | Sell this and buy Crescent Point Energy (CPG-T)? Canadian Oil Sands has recovered as far as he thought it would. Not a bad switch. (ED. Not sure he is enamoured with Crescent Point either.) | 2009-08-13 | |
| HOLD | 26.640 | John Stephenson | Payout ratio of about 48% but it's discounting $70 oil. Basically a call on oil prices. Not a lot of growth associated with it. Pretty fairly valued. | 2009-07-24 | |
| TOP PICK | 27.390 | Dean Orrico | Most of their CapX is behind them. Have unhedged exposure to higher oil prices. Management announced costs per barrel are going to be higher. When they report July 27 should be a really good entry point. | 2009-07-23 | |
| Comment | 26.750 | Christine Poole | Generates money from its 37% interest in Syncrude oil sands operation. This stock will track the price of crude. Cut distributions in January. | 2009-07-21 | |
| BUY | 26.290 | Michele Robitaille | Have tax pools to help them when they convert to a corporation. Long life assets and good future growth opportunities. In the near term 2nd quarter results could be a little disappointing but longer term it is an excellent holding. | 2009-07-17 | |
| TOP PICK | 25.990 | Dennis Da Silva | (A Top Pick Oct 21/08. Down 11.07%.) Lagged peer group because of Sycrude’s coker taking longer to turn around as well as the distribution cut. Great opportunity for long-term investors. Multi-decade long assets. | 2009-07-16 | |
| TOP PICK | 25.700 | Jaime Carrasco | Love's energy long-term. | 2009-07-06 | |
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| BUY | 27.790 | Laura Lau | (Market Call Minute.) Has a lot of leverage to oil prices and a fantastic asset base at Syncrude. | 2009-06-30 | |
| HOLD | 25.990 | John Stephenson | Look at this as a proxy for the price of oil. Slashed their distribution heavily so you don't hold it for the yield. Not much growth as there are 5 firms in the consortium. Sees oil prices higher in a year’s time. | 2009-06-24 | |
| HOLD | 25.660 | Laura Wallace | Seasonally this is not the best time to be looking at oil/gas stocks. Oil needs to be in the $65-$75 range for oil sands to be profitable. Prefers Suncor (SU-T). | 2009-06-23 | |
| BUY | 27.580 | Peter Brieger | (Market Call Minute.) Long-term buy. As the price goes up they will be on to increase the distributions. Have done most of their spending for now. | 2009-06-16 | |
| BUY | 28.100 | David Burrows | (Market Call Minute.) Great long-term asset. Likes the energy space. Great core portfolio holding. | 2009-06-15 | |
| BUY | 29.600 | Jennifer Stevenson | (Market Call Minute.) Likes it because it is oily. Has been lagging the index. | 2009-06-01 | |
| BUY | 27.790 | Rick Stuchberry | The “go to” Fort McMurray stock. Once the oil price gets up a little bit and stays up, distributions should start to increase again. | 2009-05-28 | |
| TOP PICK | 26.170 | Robert Lauzon | Bullish on oil and any producer that is unhedged is a Buy. He is looking for $80 oil this year. This one is unhedged. Dividends will increase with higher oil prices. | 2009-05-26 | |
| BUY on WEAKNESS | 26.520 | Bruce Campbell | Highly dependent on oil prices. With Suncor (SU-T) merging with Petrocan (PCA-T) this company becomes the only pure play giving it a higher valuation. Thinks the next 6 months oil prices will be flat at $55-$65. Might be a little ahead of itself here. | 2009-05-25 | |
| BUY | 26.550 | Michele Robitaille | Very good shape going forward. Cut distributions dramatically to make sure they were in a good position through the credit crisis. Have a lot of torque to oil prices as they don't hedge. Because of their low pay out ratio they are in one of the best positions in a rising oil price environment. | 2009-05-22 | |
| BUY | 26.160 | Jean-Francois Tardif | (Market Call Minute.) Long-term he is very bullish on oil. Should be in anybody's portfolio for the long-term that is bullish on oil. | 2009-05-21 | |
| Comment | 27.480 | Glenn MacNeill, P.Eng. | Has the largest part of the Syncrude Oil Sands project. Doesn't have a lot of capital expenditures in front of it, which he likes. A little bit of debt that they are paying down. Distribution is relatively safe. Very expensive relative to its peers. From a longer-term perspective, this represents a huge resource. This is one you would keep and sock away in your portfolio and leave for quite a while. | 2009-05-20 | |
| BUY | 25.100 | Craig MacAdam | Very bullish on energy and oil in particular. This one is a mature company with no start-up risks. | 2009-05-14 | |
| Comment | 27.200 | Steve Carlin | This is a pure call on the price of oil. From a growth perspective he would look at other companies. This is a fine company but a little bit expensive when compared to its peers. | 2009-05-12 | |
| BUY | 26.650 | Ben Cheng | 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 lots of other markets. Oil is the safer play. COS.UN is a pure oil play, vs. BNP.UN | 2009-04-27 | |
| HOLD | 26.000 | Hap (Robert) Sneddon FCSI | (Market Call Minute) Would like to see more support. | 2009-04-20 | |
| TOP PICK | 27.820 | John Stephenson | Has had a nice run so he essentially is recommending it as a takeout potential. One company that is screaming to get into the oil sands is Exxon Mobile. | 2009-04-14 | |
| BUY | 28.570 | David Cockfield | (Market Call Minute.) You could step into this one at these levels. | 2009-04-09 | |
| BUY | 27.480 | Lyle Stein | You buy this if you believe in the oil sands concept for the next 10, 15 to 20 years. A great way to get paid while waiting. Good company. | 2009-04-08 | |
| BUY | 26.820 | Peter Gibson | A pure oil sands play. ROE decline is there which bothers him but the yield curve is good in terms of payout ratio and debt cash flow coverage. | 2009-04-03 | |
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| Comment | 24.680 | Ben Stadelmann | (Market Call Minute.) This will be one of the big players. An industry that needs a lot of capital and they have it. | 2009-04-01 | |
| TOP PICK | 26.000 | Dennis Da Silva | Now that Suncor’s (SU-T) composition has changed this is the premier way to play oil sands. Has significant distribution upside as oil recovers back to $75. Well-run operation. No immediate capital spending plans for 2009 and very little in 2010. Long-term asset. 2.3% distribution. | 2009-03-26 | |
| TOP PICK | 22.780 | Jaime Carrasco | One of the biggest oil companies in Canada and he thinks institutional money will come in. Should have a good rebound in the next couple of months. Expecting distributions to increase as oil prices firm up. | 2009-03-13 | |
| DON'T BUY | 19.120 | Brendan Caldwell | A bet on a company that is highly leveraged to the price of energy. At $40 a barrel, oil sands is hard pressed to make very much in the way of money. If you think oil is going to go back to $75 (which would take something extraordinary) you will get more bang for your buck because production cost is higher. | 2009-03-05 | |
| DON'T BUY | 20.500 | Michael Brown | Would look at Suncor (SU-T) in terms of being the leader in environmental reporting and practices. This one is on his disqualified list. | 2009-03-04 | |
| BUY | 20.000 | Kevin Hall BComm, CFA | (Market Call Minute.) Given his longer-term view on oil prices, it is a Buy today. | 2009-02-27 | |
| TOP PICK | 21.430 | Gavin Graham | Chopped distributions from $1.25 to $.15 in the last 2 quarters. Have always been prudent with payouts. Profitable at $40 a barrel so if oil goes higher, it should do very well. 2.8% yield. | 2009-02-13 | |
| TOP PICK | 21.010 | Dean Orrico | Cut distributions recently by about 80% so this should position it very well to take advantage of a doubling of oil prices this year. | 2009-02-06 | |
| BUY | 19.250 | Michele Robitaille | Made a distribution cut but markets had sold off in anticipation of this. Story is still intact. Gives great exposure to oil when and if prices recover. | 2009-02-03 | |
| WAIT | 18.700 | Don Vialoux | There was negative anticipation of a really bad earnings report and just had an 80% distribution cut. Once the bad news was out of the way, the stock got hot. There are indications the stock is trying to bottom. Should be good when crude oil prices start to break above resistance at the $50 level. | 2009-01-30 | |
| DON'T BUY | 18.500 | Ken McCord | Not a fan of energy right now. Cut their distribution, which could lead to others doing the same. There are better names. | 2009-01-29 | |
| Comment | 17.400 | Michael Decter | Sold his holdings because of concerns about the sustainability of distributions. Although the long-term asset is good, in this pricing environment there is a significant possibility of a cut, which may already be factored into the price. | 2009-01-28 | |
| DON'T BUY | 17.400 | Laura Wallace | Distribution is going to be dependent on what happens to the price of oil. Likes the oil sands longer term. Well run. Reasonable possibility of another distribution cut. | 2009-01-28 | |
| Comment | 16.950 | Jim Huang | Biggest owners of Syncrude and the oil sands assets in the long-term are valuable. In the longer-term, oil has to be closer to $100 then it's present cost. In the current environment, it is possible they could cut their distribution to zero. If you are able to hold through the next 2 to 5 years you should do quite well. | 2009-01-22 | |
| DON'T BUY | 18.230 | Kevin O'Leary | Sold this when it looked like they were going to cut their distributions. Looks like they may have to do this again. Thinks there will be an opportunity to re-buy at a lower price. | 2009-01-21 | |
| Comment | 20.050 | Michael Simpson, CFA | Doesn't have a lot of tax pools. Own about 37% of the Syncrude project. If not taken out, they will be taxed at a high rate. Have diversified a little with some natural gas in the Arctic. If oil prices stay at this level, he is expecting a distribution cut. | 2009-01-16 | |
| BUY | 20.500 | Jaime Carrasco | US is going to want the Canadian oil sands. Mexico is running out of oil. By 2012, Temex (?) has already said that they won't be able to sell the US any oil. | 2009-01-15 | |
| DON'T BUY | 20.740 | Paul Gardner, CFA | Got caught in the oil selloff. Cut the distribution a while back. Well run company. At $40-$50 oil, extraction costs are pretty close to what it costs to produce. There is also the problem of their conversion back to a corporation by 2011. | 2009-01-13 | |
| DON'T BUY | 22.100 | David Burrows | If energy stocks rally, this one will probably do so also. A lot of people owned it for distributions but if oil prices stayed at $50 distribution would probably drop significantly. Relatively high cost producer. | 2009-01-07 | |
| BUY | 23.810 | Jeff Parent | (Market Call Minute.) If you like oil sands, this is the one to buy. Has some good potential. Will probably go up another $3 or $4 from here. | 2009-01-05 | |
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| BUY | 22.530 | John Stephenson | Believes oil will go higher in this trust gives you direct leverage to oil prices. Trades at a 40% to 50% discount to its NAV. Shouldn't see much more downside. | 2009-01-02 | |
| DON'T BUY | 18.150 | Gordon Higgins, CA, MBA | Dividend fluctuates on cash flow and at $40 oil they are going to have to cut the distribution. At $60 oil you might be looking at a $.50 distribution and at $40 oil you might be looking at $.10. (Sold his holdings recently.) | 2008-12-22 | |
| BUY | 19.190 | Dennis Da Silva | Based on $50US oil, they projected cash flow per unit of $1.80. Currently distributing $3, which would indicate there could be a 40% cut if oil stays at $50. Thinks oil will be $75 and $3 distribution would be sustainable. 15.2% yield. | 2008-12-18 | |
| Comment | 21.630 | Paul Gardner, CFA | To make oil sands worthwhile you need at least $75 a barrel for oil. | 2008-12-17 | |
| BUY | 21.600 | Peter Gibson | Entirely possible that oil prices could go lower. Trading at 5.3X earnings. 15% yield. Could weather the storm over the next 6 to 9 months. | 2008-12-09 | |
| BUY | 20.600 | Ken McCord | (Market Call Minute.) Best screened stock that he has. | 2008-12-04 | |
| Comment | 20.600 | Ron Meisels | If seriously interested in this, he would suggest you scale in. Buy a little bit at $20 and a little more if it goes lower, etc. Distributions should offset this. | 2008-12-04 | |
| BUY | 20.550 | John Stephenson | (Market Call Minute.) Not a lot of upside, but does believe oil goes higher and this is a direct leverage to that. | 2008-12-03 | |
| DON'T BUY | 22.440 | David Burrows | 13% yield. The longer that oil stays down or goes lower, the more risk there is on distributions. His exposure in oils is almost all in Integrateds. Would avoid heavy oil stocks. | 2008-12-01 | |
| BUY | 25.040 | Derek Webb, CFA | Has no idea where oil is going to go. We are way below production costs of oil, so probability says that oil should go up. Excellent asset. Longer-term it should be good but don't buy it for short-term reasons. | 2008-11-26 | |
| WAIT | 21.200 | Veronika Hirsch | Will probably have to cut their distribution one more time. Would wait until they do that. Expect that will be early next year. (Jan 30/09 is when they report. | 2008-11-21 | |
| Comment | 19.250 | Michael Simpson, CFA | Highly correlated to the price of oil. 35-40 year reserve life. Recently came to an agreement with the Alberta government regarding royalties. | 2008-11-20 | |
| BUY | 22.750 | Andrew Guy, CFA | Very oil levered. Oil sands production tends to be higher cost but it is well managed. It really comes down to your call on oil. Looking globally, the best reserves continue to be in the oil sands. This should continue to do very well. | 2008-11-19 | |
| Comment | 27.140 | Dean Orrico | Great company. Cash generating machine with very low cost per barrel. Steady play with a pretty good dividend. Will benefit from higher crude oil prices. | 2008-11-13 | |
| SELL | 24.260 | Peter Brieger | (Market Call Minute.)Because of what is happening in the price of oil, you are going to see some significant distribution cuts. | 2008-11-12 | |
| BUY | 27.590 | Peter Gibson | 19% yield. Never buy a high yielding company if you can't check the profit growth profile and make sure it is rising. Whole energy area is going to show some weakness in the next several months. This one is starting in a very strong position. Has a 37% ROE. Small likelihood they cut the yield but if so they will still have a higher than average yield going forward. Very cheap at under 9X earnings. | 2008-10-28 | |
| DON'T BUY | 25.710 | Brendan Caldwell | Question: If oil prices were $55 in 2009, which of Canadian Oil Sands (COS.UN-T), Suncor (SU-T) or Husky Energy (HSE-T) would you buy?Answer: Probably Husky. It is an integrated with a lot more diversification. Suncor is integrated but is mostly heavy oil. Canadian Oil Sands is entirely heavy oil. Heavy oil is the most vulnerable to the changes in energy prices. | 2008-10-27 | |
| TOP PICK | 27.990 | Sandy McIntyre | No significant capital spending in front of it. Current distribution of $5. You can buy at with a prospective 10% yield, no declines and have an asset with a life expectancy of 50 odd years. Relatively low level of debt. | 2008-10-24 | |
| TOP PICK | 30.640 | Dennis Da Silva | 37% interest in Syncrude. Long life strategic assets. Oil sands will play a strategic role going forward as the world becomes a smaller place to operate. 15%-16% yield faces a potential cut if oil prices are $70 or lower that he would be happy with half of that at 8%. | 2008-10-21 | |
| Comment | 31.320 | Duncan Stewart | Any of the oil sands plays are probably a hold as long as oil is above $75 and above $90 will probably see a bounce up. If oil prices weakened, distribution could be affected. The high 16% yield indicates the market is betting there will be a distribution cut. | 2008-10-20 | |
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| BUY | 26.330 | Jean-Francois Tardif | Taxes in 2011 will probably be small. Read that with oil at $50, it would still generate $2 per share. At the current stock price, you still get an 8% free cash flow yield. Good risk/reward. (Would not buy any oil sands project that has not completed their building as the costs are staggering.) | 2008-10-17 |
