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| HOLD | 18.930 | Hap (Robert) Sneddon FCSI | Payout ratio went from 67 to 112 and down from $20 to $18.93 in about a week. Is it a Sell? When the payout goes beyond what they can afford, you know something is going to happen. Chart trend line looks like it is holding at about$19, the level back in September/October. Likes the utilities sector. | 2011-05-04 | |
| Comment | 18.950 | Michael Simpson, CFA | Primarily coal generated power plants. Stock just dropped and he doesn’t know why. | 2011-03-04 | |
| TOP PICK | 15.450 | Mark Carpani | 5.95% 2036Doesn’t mind the very long term. Potential for capital appreciation. | 2010-06-07 | |
| PAST TOP PICK | 16.800 | Jeff Parent B. Eng. FCSI | (A Top Pick Jan 5/09. Up 2.6%.) It looks okay. Has a nice chart. Had a Stop on it and pretty much broke even. Nice dividend. | 2010-01-15 | |
| BUY on WEAKNESS | 15.840 | Robert Lauzon | Not much capital appreciation. Would look for a pullback to $15. (See Top Picks.) | 2010-01-06 | |
| HOLD | 14.080 | Michele Robitaille | Current level of distribution should be safe. | 2009-11-25 | |
| BUY | 15.300 | Michele Robitaille | Created Capital Power (CPX-T), which becomes the parent as well as having the management contract. Cut distributions just before the Capital Power IPO and thinks the new distribution will be sustainable over a 5-year period. | 2009-07-17 | |
| Comment | 14.700 | Michael Simpson, CFA | Have about 20 power facilities in Canada and the US. Recently cut its distribution with their payout ratio at about 75%-80%. Their parent recently spun off another entity Capital Power, which has a lower payout ratio but greater growth prospects. It also owns 30% of this company. The 2 may merge in 2011. | 2009-07-06 | |
| WATCH | 12.850 | Prakash Hariharan | Limited partnership. Have utilities. Best asset base in terms of power plants and utilities. Massive overhang because they are carving out some of their best assets to Capital Power. It's a whole mishmash of assets. He would wait to see what happens to Capital Power. | 2009-05-25 | |
| BUY | 12.600 | Michele Robitaille | Looking very cheap right now. There is some concern about the distribution but she is comfortable they will be able to maintain the 21% yield. Edmonton Power has announced another spin out of another entity, which raised the question of what was going to happen to this one. | 2009-05-22 | |
| DON'T BUY | 13.450 | Charles Lannon | Fairly valued but cannot maintain their current distribution. | 2009-04-23 | |
| HOLD | 14.640 | John Stephenson | Operates about 20 power projects in Canada and the US. Earnings were a little disappointing this last quarter. Distributing over 100%, which could potentially become an issue. Does have a fair amount of tax pools. | 2009-03-06 | |
| HOLD | 16.200 | Kevin Hall BComm, CFA | (Market Call Minute.) Very nice distribution yield. In this environment it is the right place to be. | 2009-02-27 | |
| PAST TOP PICK | 16.200 | Kevin Hall BComm, CFA | (A Top Pick Dec 4/07. Down 18%.) Infrastructure type of play. More defensive. Good market cap and good liquidity. Very good operators. Stable distribution in a tough economic market. | 2009-02-27 | |
| BUY | 17.570 | Michael Decter | Thinks the distribution is safe. Likes the yields and in a more buoyant market it will go up. | 2009-01-28 | |
| TOP PICK | 18.670 | Jeff Parent B. Eng. FCSI | (Not to be confused with its parent Epcor, which is owned by Edmonton.) Owns a basket of about 20 power-generating stations. Thinks it has been oversold. Likes the distribution. Use a $16.50 Stop. | 2009-01-05 | |
| BUY | 16.700 | Robert Lauzon | Power trusts are generally more stable. Just reported earnings and were generally in line. Has some US$ exposure. Pretty strong parent and good management team. | 2008-10-29 | |
| BUY | 21.650 | Lyle Stein | 12% yield. Has utility type income. Stable cash flows. Great name to diversify into. | 2008-09-09 | |
| WEAK BUY | 22.510 | Robert Lauzon | Pays distributions on a quarterly basis. Yield of over 11%. Fairly stable set of assets. Payout ratio is higher than he likes. Buy as part of a basket of power trusts. Going out to when their Power Purchase Agreements expire, their assets are not hydrology but have a lot of gas-fired plants which require capital expenditure every 15 years or so. | 2008-04-28 | |
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| TOP PICK | 22.690 | Kevin Hall BComm, CFA | Had been beaten up quite a bit but recently had a nice little recovery. Well diversified across 20 different power facilities through natural gas, hydro and biomass. Market has over penalized and it is cheap. Over 11% yield. Defensive. | 2007-12-04 | |
| BUY | 20.820 | Michele Robitaille | Thinks distribution is safe. Has been really beaten up here. Investors are concerned about their US$ exposure but they have hedges on about 70% of their cash flow. 50% stake in Primary Energy recycling (PRI.UN-T), which suspended their distributions, but expects it will be reinstated. Yield of about 12%. | 2007-11-28 | |
| BUY | 22.550 | Michael Simpson, CFA | Diversified with both natural gas and coal. They have a 15% interest in Primary Energy (PRI.UN-T), which recently released some bad results. At these levels it represents very good value for the long term. | 2007-11-08 | |
| HOLD | 24.480 | Patrick Kim | Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base. | 2007-09-21 | |
| HOLD | 25.320 | John Stephenson | A decent name to hold. With these contractually based, electric generating utility type assets, there is an issue where there is so much cash flow being paid out that it is interest-rate sensitive. 10% yield is very safe. | 2007-08-08 | |
| Comment | 27.060 | Leslie Lundquist | Power generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure. | 2007-07-25 | |
| Comment | 26.660 | Michael Decter | Recent environmental policy decisions seem to penalize the people who have done the most. They're going to have to reduce emissions. Pretty solid value at 8 X cash flow. | 2007-06-20 | |
| HOLD | 26.560 | Neil Wickham | Yield of about 9.5%. As a little bit higher debt level than others, but as a utility, the cash flow is pretty reliable. It should continue to prosper because of electricity needs. | 2007-03-20 | |
| BUY | 26.280 | David Baskin | One of the better trusts and better yields in that sector. You have another good 3 years to own. | 2007-03-14 | |
| BUY | 25.600 | David Baskin | Thinks it was oversold. Very good value. | 2007-02-13 | |
| BUY | 26.710 | John Stephenson | Feels the distribution is safe. Expects some modest increase in valuation. | 2007-01-05 | |
| Comment | 24.750 | Ben Cheng | Still trading a bit expensive to where its corporate counterparts are trading. Expecting further pull back. However, more clarification is needed from the government as to what the trusts can do going forward. If they have a 4 year window to raise capital, they may be OK. | 2006-12-01 | |
| BUY | 24.970 | Michael Decter | Likes this and has been buying a little bit at these prices. As some growth potential ahead of its in adding some assets and revenue. Good value. | 2006-11-24 | |
| HOLD | 25.000 | David Baskin | Took a huge hit. No compelling reason to sell at this price. Will gradually come back to where it should be. | 2006-11-21 | |
| BUY | 27.300 | Patrick Kim | The infrastructure trusts in general, including this one, will outperform a lot of the regular business trusts. A very high-quality name. | 2006-11-01 | |
| BUY | 32.750 | Robert Lauzon | A dull boring company, providing power. You won’t hit a home run with this, but if you are looking for 7%-8% return each year, it will work for. | 2006-10-20 | |
| BUY | 31.100 | Leslie Lundquist | Distribution yield a little over 8%. Has dropped quite a bit since the beginning of the year. There is some fear on power units that are sometimes fed by natural gas. This one has long-term fuel contracts. | 2006-05-17 | |
| BUY | 33.300 | Robert Lauzon | Raised some money to buy a power plant from their parent. It is S1 rated which means that it is one of the most stable trusts. Yield is about 7%. Won't make a lot of money on it, but it is stable. | 2006-04-07 | |
| BUY | 33.800 | Ravi Sood | Likes this trust in the utilities sector. Distribution is very sustainable. | 2006-02-10 | |
| BUY | 36.300 | Ravi Sood | Very stable distribution. High degree of stability. Don’t look for much growth. Relatively inexpensive relative to its peers. | 2005-12-09 | |
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| WEAK BUY | 36.800 | Leslie Lundquist | Usewd to be Trans Canada LP and was sold to Epcor. Very highly rated by the rating agencies. These units won't set the world on fire. You won't get super high returns out of these but you should get a very stable distribution stream. Expect that Epcor will roll some plants into the LP structure which should give some distribution increases. | 2005-09-16 |
