STOCKCHASE

(Market Call Minute) Core holding. Loves the company.

2010-02-02

PAST TOP PICK

32.700

(A Top Pick Jan 22/09. Down 37.5%.)

2010-01-29

BUY

34.370

Michael Decter

This is one way to play resurgence in gas prices. A very big and strong player in natural gas. He is playing it more through Daylight (DAY.UN-T), which has both gas and oil. Probably a decent time to get some gas exposure.

2010-01-25

HOLD

34.570

2.5% dividend. One of largest of north american gas producers. A core holding.

2010-01-21

PAST TOP PICK

35.390

Dean Orrico

(A Top Pick Feb 6/09. Up 20.7%.) Still a buy.

2010-01-20

Comment

35.390

Andrew Cook

Thinks this will do quite well over the next 2 to 3 years. Prefers the smaller caps, which will give more opportunity.

2010-01-20

BUY

36.150

Mason Granger

Likes it. Exposure to 10 of the best resource plays, some of the most economical gas in North America. Considers it a core holding of theirs.

2010-01-05

DON'T BUY

34.260

David Driscoll

Likes oil and gas stocks at no more than 5 times cash flow. ECA is there. Cold weather is helping gas prices right now. He prefers Toromont TIH-T, which is less volatile.

2009-12-29

HOLD

33.850

Split into 2 companies with this one retaining natural gas and Cenovus (CVE-T) keeping the oil sands assets, some gas and downstream refining. There has been a pop in the natural gas market but he is still sceptical of it. If you own both, he would hold.

2009-12-23

Comment

32.580

Steve Carlin

Have great quality, long life natural gas assets. This will allow them to continue to garner a premium multiple.

2009-12-16

Comment

32.280

David Baskin

Natural gas faces some interesting challenges from increasing shipments of LNG and record storage across North America. On the other hand, as oil goes up gas becomes more attractive. Not on his buy list.

2009-12-15

BUY

32.280

Ara Nalbandian

Has been rallying the last couple of days because of an acquisition they made. Speculation that it could be taken over. Premier Nat Gas company in Canada. It’s a good holding and he is watching it and it would be the first one he would buy.

2009-12-15

BUY

29.660

Don Lato

Pure natural gas play now. While we are in the doldrums of the natural gas market, this is an opportunity to acquire positions, as it will probably be the premier natural gas company in North America.

2009-12-09

BUY

29.260

Largest gas producer. Recently separated off its oil sands property into Cenovus (CVE-T). Will do well when gas rises again so long-term it's a Buy.

2009-12-08

PAST TOP PICK

29.380

(A Top Pick Nov 10/08. Down 2.26%.) Gas with large amounts of money spread over a large geographical area. 5.8% dividend. Not keen on gas at this time. Good growth record.

2009-12-07

BUY

29.380

Bruce Campbell

Encana split into 2 separate companies Encana (ECA-T) and Cenovus (CVE-T). If you combined the 2 prices, this would be as cheap as they have been in quite a while. This one is the gassy side but this is the premier company and it will have growth despite the price of gas.

2009-12-07

TOP PICK

29.250

Robert Lauzon

Recently split into oil and natural gas companies. He likes natural gas and thinks it could average $7 next year.

2009-12-04

HOLD

56.570

Andrew Cook

Splitting their oil and gas assets into 2 separate companies. If you own, continue to hold as the split will allow each section to be properly valued and give a higher value. Could also be takeout targets.

2009-11-30

DON'T BUY

56.570

Spun off their oil into Cenovus (CVE-T) and both are trading around similar values. Cenovus Looks like a lower growth oil company with a little bit too much on the downstream business. Prefers others. Sold his holdings.

2009-11-30

BUY

56.730

Michael Sprung

Splitting their natural gas and oil assets into 2 separate companies on Dec 7/09. Expect this will be a good thing for investors.

2009-11-27

Comment

57.360

David Burrows

Will be splitting Dec between oil and gas. Crude will be under Cenovus (CVE-T). He doesn't like gas. Thinks there may be some arbitrage taking place. He would wait to see how it unfolds.

2009-11-25

HOLD

55.950

Paul Gardner, CFA

A Premier Canadian company. Does not like the idea of splitting their assets. He likes the fact that they have oil and gas. He is going to keep both pieces. You want to own this company for 10 or 20 years.

2009-11-24

TOP PICK

56.670

Douglas Kee

Splitting between oil and gas. Gas will be highly leveraged with great assets in the US with growth in production from shale gas. Oil side will have some gas (will probably be sold), oil sands exposure and partnership with ConocoPhillips (COP-N) on oil sands and US refineries.

2009-11-19

PAST TOP PICK

57.850

Dennis Da Silva

(A Top Pick Oct 21/08. Up 11.27%.)

2009-11-18

HOLD

57.850

(Market Call Minute.) Will be splitting up Dec 7. Cenovus (CVE-T) has been a disappointment because of top line production declines.

2009-11-18

PAST TOP PICK

58.410

Paul Thornton

(A Top Pick Aug 8/08. Down 15%.) Natural gas is not a place to be. This has held up better than most, as it is one of the best in the world. Prefers the oil sector.

2009-11-13

WAIT

59.250

Rick Stuchberry

Fundamentally a pretty good company but they will be doing this split at the end of this month and he is going to wait, have a look and see what happens. There is too much natural gas in the short term.

2009-11-12

PAST TOP PICK

61.500

(Top Pick Nov 24, 2008, Up 21%) Still likes it post-split, but preferred it as one company.

2009-11-10

BUY

62.770

Will be splitting Dec between oil and gas. Crude will be under Cenovus (CVE-T), which he thinks is fully valued at around $26-$27 but likes their gas because they did an incredible job of hedging and have locked in profits.

2009-11-09

PAST TOP PICK

61.120

(A Top Pick Nov 10/08. Up 6.8 %.) Split into 2 parts, Encana for gas and Cenovus (CVE-T) for oil, which he likes.

2009-11-06

BUY

60.510

Paul Harris, CFA

Splits at the end of the month. Thinks it’s a great company and will own both companies when it splits.

2009-11-03

Comment

60.170

Craig MacAdam

Currently in the process of splitting the company in 2. By the end of this month there will be Encana, which will be natural gas as well as Sunovas, their oil play. This will be an advantage to present owners. Target price would be $70-$75 of which 47% will be from Sunovas, the oil sands business.

2009-11-02

WAIT

60.000

David Cockfield

(Market Call Minute.) Wait until after the company splits.

2009-10-30

BUY

59.740

Andrew Cook

(Market Call Minute.) Going to split their oil and gas portions, which will be very positive for the stock.

2009-10-28

PAST TOP PICK

63.100

Gavin Graham

(Top Pick Nov 3/08, Up 14.58%)

2009-10-23

WEAK BUY

64.390

Likes it, but not his favorite. Not bullish on Nat Gas. He is bullish on oil. The split will be completed soon.

2009-10-20

BUY

64.340

David Burrows

Likes it and likes this space. They have this wonderful land position that will benefit from Nat Gas strength.

2009-10-19

PAST TOP PICK

64.580

Christine Poole

(A Top Pick Aug 26/09. Up 13.5%.) Splitting their oil into Cenovus and will continue holding their gas properties. Likes this move. Sunovas could be an attractive acquisition target. Hedged a lot of this year’s gas at $9 and next years at about $6.

2009-10-15

TOP PICK

63.820

Bullish on gas. Also when the company splits into Sunovas (oil sands portion) and Encana (Gas portion), there will be more value created. Sunovas will be worth about $35 and Encana about $42. Sunovas could be a takeover target.

2009-10-13

TOP PICK

59.610

(A Top Pick Nov 5/08. Up 2.25%.) Additional value can be created after the split. As stand-alone companies they are more likely to be takeover candidates, especially the oil side.

2009-10-02

HOLD

60.100

Peter Brieger

Rumours are that when it splits into the 2 different pieces, that one of them could be acquired. When this happens he will hold both pieces. Likes the oil sands and the oil business generally. Also thinks natural gas is about to take off.

2009-10-01

Comment

62.000

Splitting into 2 companies, oil sands and natural gas. Likes the differentiation of assets. Speculation that their partner, ConocoPhillips (COP-N) will want to take the oil company out.

2009-09-30

Comment

61.570

Andrew McCreath

Splitting between their oil and gas assets. Feels they are hoping for higher valuations for each part by having pure plays. Both of those individual companies become takeover targets.

2009-09-28

TOP PICK

61.570

Will trade higher because it will give clarity between the 2 asset bases. Has done everything right. Have land holdings in all the hot plays. They had just smartly and are up over $1.6 billion in cash flow this year. After the split he would be inclined to keep the gas.

2009-09-28

SELL

62.300

David Baskin

(Market Call Minute.) They're concerned about oversupply of natural gas.

2009-09-23

TOP PICK

62.400

Jennifer Stevenson

Still likes it. Likes it as a single entity that will split. $80 oil this time next year; $5-6 for Gas.

2009-09-22

PAST TOP PICK

62.400

Jennifer Stevenson

(Top Pick Sept 5/08, Down 9.6%) Happy about the split. No one pays any attention to their properties. You have more upside than you see in their stock price.

2009-09-22

PAST TOP PICK

61.390

(A Top Pick Sept 2/08. Down 14.94%.) Splitting between their oil and gas operations, which will give some clarity. Doesn't create a lot of value. Great hedging program.

2009-09-18

Comment

63.390

Steve Carlin

Spinning of the integrated assets and keeping the pure play natural gas. Very intrigued by this. If you own, when they split off you should keep both companies. Good long-term hold.

2009-09-16

Comment

63.620

Robert McWhirter

Will be splitting between oil and gas, which will be a good thing. If you think natural gas will recover in a year, it could be a good point to enter as a speculation. Near-term earnings are not there.

2009-09-15

DON'T BUY

63.620

Bruce Campbell

Re-announced splitting into oil and gas, causing a blip. Unlikely to go much higher in the next couple of months. Would keep both after the split if holding before.

2009-09-15

HOLD

63.450

Joanne A. Hruska, CFA

Announced they are going to split into 2 companies, one for gas and one for oil. Thinks it will be $20US for the oil company and $45 for the gas. If you own, keep both divisions as there is a chance that the oil division may end up becoming more of a takeover target.

2009-09-14

HOLD

59.340

Peter Brieger

Have just announced they will be splitting their oil and natural gas assets with oil being Cenovus Energy Inc. effective Nov 30.09. For more conservative senior players it is probably a Buy at this price.

2009-09-10

DON'T BUY

56.980

Shauna Sexsmith

You have every right to be concerned about this because of the natural gas prices. At the end of the last recession, 2001-2002, natural gas bottomed around $2 and we are currently at $2.74. Despite global growth/Chinese demand, natural gas is purely a domestic commodity. We need economic recovery and increase in industrial production to drive natural gas demand.

2009-09-08

TOP PICK

57.290

Christine Poole

Hedged 2/3rds of their 2009 natural gas production at about $9 and about 45% of 2010 at over $6 so that is protecting their cash flow and capital spending program. Gas at $3 is way out of whack with the price of crude. With a significant decline in drilling and a pickup in industrial activity, gas prices should start to move higher next year.

2009-08-26

TOP PICK

57.430

Gavin Graham

Largest oil/gas exploration and production. Actually an integrated because of its joint venture on refining with Conoco Phillips (COP-N). Off about 15% over the last year. Reasonable yield of 3%. Well run company. 1st choice if you are buying something with a big gas exposure on the expectation that gas is coming back.

2009-08-25

PAST TOP PICK

57.450

(A Top Pick Feb 20/09. Up 20.87%.)

2009-08-24

PAST TOP PICK

57.030

(A Top Pick Aug 22/08. Down 22.05%.)

2009-08-21

BUY

56.560

Biggest and most liquid way to play natural gas prices. Have hedged about half their natural gas prices next year at over $6. Good balance sheet. Have some of the best gas plays in North America.

2009-08-14

PAST TOP PICK

57.780

(A Top Pick Aug 20/08. Down 21.61%.)

2009-07-31

TOP PICK

59.080

Dean Orrico

80% natural gas. This is a name to own for exposure to natural gas. Have done a good job reducing costs.

2009-07-23

BUY

57.650

Greg A. Taylor, CFA, BBA

Reporting very soon and it should be a good quarter. Have been selling assets at attractive valuations and hedging their natural gas contracts.

2009-07-22

DON'T BUY

57.650

Norman Levine

This is a major play in North America on natural gas, which is why the stock has lagged. Long-term this puts them in a good position but not over the next year unless something dramatic happens, as gas prices will probably stay down.

2009-07-22

PAST TOP PICK

55.810

Dennis Da Silva

(A Top Pick Oct 21/08. Up 3.66%.) Held up remarkably well given that it is a natural gas producer. Has oil sands to look forward to as a future driver.

2009-07-16

Comment

55.810

Well managed and not very expensive. Heavily exposed to natural gas. He is not looking for much change in natural gas prices over the next 6 months. Expect they will bounce back strongly in 12 to 18 months and this company will do very well. No reason to jump in right away.

2009-07-16

HOLD

57.670

Not positive in the short term (3 months) as gas outlook is tough. More positive on 1 year out. One of the best companies at hedging gas.

2009-06-30

DON'T BUY

57.560

Has been writing lately because of its 80% gas weighting. You'll be able to get it cheaper down the road.

2009-06-29

BUY on WEAKNESS

55.030

Laura Wallace

Volatile but longer-term this is a premier producer in North America. Way ahead on technology. Hedged a good part of their production. Because of weak gas prices she expects downward pressure on these companies. She would buy more on significant weakness.

2009-06-23

BUY

58.010

Steve Carlin

Natural gas is holding it back. A split between their oil and gas components is not likely in 2009. They hedged about 1/3 of next year's production at about $6.39US and this will help protect their cash flow.

2009-06-19

TOP PICK

57.880

Sometime next year he expects a very sharp rebound of natural gas prices and should go back to the $6-$8 range. Very good hedges.

2009-06-18

TOP PICK

58.990

Peter Brieger

Could easily see another $6 if there is a firming of natural gas prices. Another great potential is if they spin off their oil assets. Sold a third of next year’s production at $6.20. Great shape to expand their activity in North America next year.

2009-06-16

BUY

62.990

Mike S. Newton, CIM FCSI

If natural gas goes any lower there will obviously be a supply problem. He is expecting natural gas to go a lot higher. This is probably the safest play.

2009-06-11

Comment

61.200

David Cockfield

He is a little concerned because it is mainly a gas producer. They have covered themselves by hedging through 09 and into 2010. He has been lightening up his holdings any time it has gone through the $60's and reinvesting into PetroCan (PTA-T), which is more oily.

2009-06-05

Comment

62.850

Jennifer Stevenson

Supposed to be some clarity on the splitting of oil and gas assets after they meet in June. Have a very meaningful position in 2 shale plays in the US.

2009-06-01

Comment

60.720

Rick Stuchberry

Natural gas pretty well has to turn around in price because at these levels, nobody's drilling for gas and there is no new gas being found. There is a 29% decline rate in the sedimentary basin. This company is the leader in natural gas and has had a wonderful hedge program in the last year.

2009-05-28

TOP PICK

59.370

Laura Wallace

2/3 of gas production is hedged at $9. One of the few companies that have been successful at locking in production. Lots of low-cost opportunities in unconventional natural gas exploration. They'll continue to dominate this field and bring on production at very attractive rates.

2009-05-26

Comment

62.260

Caller is considering exchanging this for Talisman (TLM-T). Not a bad idea. Encana has had a great move here. More fully valued than others out there.

2009-05-20

PAST TOP PICK

61.610

(A Top Pick Aug 20/08. Down 17.96%.) A core stock and will hold for the long term. As it goes down he will Buy more. 3% dividend. Could drop further as their hedges come off.

2009-05-19

BUY

65.420

David Driscoll

Like all the oils, they are starting to trade around 4X cash flow so this is usually an entry point en masse for oils. Because this is one of the senior producers, they will probably have a bigger following by institutions.

2009-05-08

BUY

61.320

Greg A. Taylor, CFA, BBA

(Market Call Minute.) Market is going to go higher on natural gas and oil in general.

2009-05-07

TOP PICK

61.320

(A Top Pick Jan 22/09. Up 17.45%.) One of the biggest exploration and producers in North America. Expect gas will go down further in the next few months but recovery will be equally strong.

2009-05-07

HOLD

54.460

(Market Call Minute) Diversified giant in gas.

2009-04-28

PARTIAL BUY

54.470

This is a must-have in a portfolio as a long-term hold. Has been ahead of the curve in every way, strategically and operationally. Won't be much visibility for natural gas for most of this year but a great time to pick away and build a core position.

2009-04-14

DON'T BUY

56.260

Bruce Campbell

Has done surprisingly well given that natural gas is struggling and industry demand is down. They benefited from having good hedges. Short-term outlook for gas is not great.

2009-04-13

BUY on WEAKNESS

54.880

Joseph Schachter

(Market Call Minute.) A Hold at this point and a Buy on weakness.

2009-04-06

HOLD

55.020

Rick Stuchberry

(Market Call Minute.) More gas than oil so wouldn't buy.

2009-04-03

TOP PICK

55.500

Gavin Graham

Biggest gas play in North America but is a virtual integrated with its joint refinery venture with Conoco Phillips (COP-N). Also has oil sands exposure.

2009-03-23

BUY

55.500

Martin Hubbes, CFA

A stock that will probably move a little less in this market because of large exposure to natural gas. You probably have to wait for the next heating season for recovery. Gas storage is at all-time highs. It will correct because drilling activity has fallen off a cliff. Great long-term holding with really good long life assets.

2009-03-23

BUY

51.350

David Driscoll

Doesn't see any problems with buying oil at this time. Commodity stocks have a much better valuation now than they did a year ago. This is a good start. If you are building a larger portfolio, you may want to have 2, 3 in the energy sector. 3.86% dividend yield.

2009-03-20

Comment

50.050

Likes the sector and likes the big plays, but the only drawback with this is that he sees more of a recovery in oil than in gas right now. We are getting into a short-term glut on natural gas production. He owns it and likes the sector. Could see a 20%-25% rate of return.

2009-03-16

BUY

49.700

David Baskin

The problem right now is that it does not have a big product mix. Mostly gas and gas liquids. They have traditionally hedged natural gas sales. This is a “must hold” for what will eventually be the resurgence of resource prices.

2009-03-12

Comment

48.610

Kevin O'Leary

Why is this stock going up when gas is dropping? Large Cap name and in tough times it will get more institutional support.

2009-03-09

BUY

48.610

David Cockfield

Because gas is so low, there is no justification for companies drilling. This company has hedged a fair amount. Expects gas will head back more towards the $5-$6 area. With the new shale discoveries, this will probably put a cap on prices. 4.25% yield.

2009-03-09

Comment

48.510

Storage for natural gas is generally bearish right now. Productivity of the shale plays has been surprising to the upside. Encana is the best positioned of any company with the best strategic direction. Currently not a great situation for gas players.

2009-03-06

PAST TOP PICK

50.270

Laura Wallace

(A Top Pick March 12/08. Down 36.2%.) Disappointing performance. Not surprising given the price of oil. For those underweight, she would be a Buyer. Longer-term, it is a premier company with lots of exploration opportunities and good hedge position on commodities.

2009-03-04

TOP PICK

48.270

Believes energy prices will stabilize and go up, especially oil prices. Exposure to both oil and natural gas and has new projects coming on. Thinks it will outperform the market. 4.17% yield.

2009-02-20

PAST TOP PICK

50.090

David Burrows

(A Top Pick Feb 15/08. Down 27.3%.) Prefers integrateds because with energy prices moving around they can manage earnings a little better. Got out of energy last June-July.

2009-02-19

HOLD

49.400

Charles Oliver, HBSc CFA

(Market Call Minute.) A “go to” name and should be part of your core portfolio but there is no rush to Buy it.

2009-02-18

PAST TOP PICK

54.110