STOCKCHASE

Hap (Robert) Sneddon FCSI

This company, along with all of the ex oil and gas trusts have just been hammered with the continually falling natural gas price. In today's questionable gas environment, it is going to continue to be very tough.

2012-05-09

HOLD

17.670

Ron Meisels

The long-term picture shows the stock has broken an uptrend line. This was followed by a long downtrend line so there is no surprise the stock has been breaking down further and further. At the current stage, he feels the stock is fairly oversold and there is a chance there could be some recovery rally. If you own, but a stop/loss on it. If it got to $20, then Sell.

2012-04-23

SELL

17.870

Jeff Parent B. Eng. FCSI

Reminds him of Nortel given that people are hanging on in spite of the chart showing it could be a disaster. It was trying to stay above the $22 level, but once it broke down, the volume picked up and there was obviously some bad news. Technically there is no bottom on this as it keeps breaking down. This one is top ranked as a Short.

2012-04-20

SELL

18.530

Looks really oversold, but it could keep being oversold. The chart shows no support. $22 was the last level of support. He sold his holdings. Yield of 11.6%, which probably tells you something else is going on. If you own, consider switching to Suncor (SU-T) or Husky (HSE-T).

2012-04-16

Comment

20.570

Joseph Schachter

All of these companies are being heard by natural gas prices, which will hurt distributions. This stock is back to the 2008-2009 lows. Higher risk name because of gas prices.

2012-04-05

DON'T BUY

20.980

Sold her holdings about 1.5 years ago. Very solid dividend yield of about 10% but there is concern about the sustainability of it. Very large capital program of about $800 million this year. Have high-quality assets but they do require a fair amount of capital to get the growth and production.

2012-04-04

SELL

23.340

John O'Connell, CFA

If you get back close to your cost, take it. Recently raised money and will pay it back to shareholders over the next year. They should not be paying a dividend as high as they are. A business that is not shareholder friendly. Ultimately shareholders are losers.

2012-03-12

DON'T BUY

24.110

Concerned as to whether the yield and their production can be maintained. Prefers the light and heavy oils compared to gas.

2012-02-17

HOLD

23.490

Recently raised some capital so they should be able to maintain the dividend. This one is more than 50% weighted towards gas so wouldn't go into it at this time.

2012-02-13

HOLD

25.120

Gavin Graham

A former income trust. You need to be comfortable with the outlook for oil/gas. Doesn't have the same management pedigree as someone like Canadian Natural Resources (CNQ-T) but it is a very competent management.

2012-01-13

Comment

24.770

Michael Sprung

Have made some improvements in operations in the last year or so, especially in some of the smart metering that they are getting into over the longer term. That is supposed to help them. Relative to their earnings, the dividend is at a fairly high payout ratio so there is a question if they can stay at current levels.

2011-12-19

DON'T BUY

28.520

John O'Connell, CFA

Produces and sells natural gas but natural gas prices are not doing very well. Good management. 7.6% dividend, which should be a warning sign when it is yielding so much more than others. May be a sign that the dividend is not secure.

2011-11-02

Comment

30.030

Robert Lauzon

Feels the dividend is sustainable. Based on their current CapX expectations, their payout ratio is just over 100%. Feels natural gas over the next 18 months will go higher and will benefit them. Putting a lot of money into the Marcellus but the shale gas in this area is a bit worrisome. As a single stock, don't Buy bit in a basket, it's OK.

2011-05-09

PAST TOP PICK

29.790

Rick Stuchberry

(A Top Pick March 31/10. Up 34.05%.) Great name. About 50/50 gas and oil. Good growth prospects. 7.3% distribution, so while you’re waiting you are getting paid. Still likes and would Buy on a pull back.

2011-04-21

Comment

29.490

Doesn’t think you will go wrong with this one. 7.3% yield is sustainable. Large and well managed. You could buy now or wait until oil comes off a little more.

2011-04-13

WAIT

31.540

It will do better as we move into 2012. Put some money in today to work for tomorrow. It will ultimately go higher. He suggests waiting for a bit.

2011-03-04

DON'T BUY

31.050

One of the slower Income trusts. Don’t have the same kind of cash flow and have older assets. Should be OK to cover their payouts.

2011-02-25

Comment

31.050

Joanne A. Hruska, CFA

Have done a good job over many years. 4th quarter results were nothing special. Chart looks like it is breaking down a little and if you are a holder you should be cautious. If you see a big break down, consider taking some off the table. Dividend should be fine.

2011-02-25

PAST TOP PICK

31.810

Rick Stuchberry

(A Top Pick March 31/10. Up 41.46%.) A former income trust. About 50-50 oil and gas. Trimmed about a quarter of his position but still really likes it.

2011-02-07

Comment

30.960

Douglas Kee

What happens after tax pools run out and can they maintain yield. A lot of these stocks are trading very nicely because people are after yield. Is this a yield-driven market? The low guys increase dividends more.

2010-12-21

Comment

29.760

Converting to a Corp but also changing the business by selling longer life oil sands play and redeploying capital into the Marcellus. Has given him some concern. Will continue to pay out a high level of income

2010-12-09

BUY

29.240

Has had a nice pick up. A high quality trust. Good solid performer.

2010-11-11

HOLD

23.770

Not been a favourite of his for some time but they have new management now and multiples look relatively cheap. Good properties and have been making some good moves. 9% yield.

2010-08-06

WAIT

23.650

Jim Huang

Good assets. When they convert, the challenge is having the assets to sustain growth and dividends. They have the assets but have not been able to put it all together to get the momentum. Likes it long term.

2010-06-22

HOLD

22.500

Jim Huang

Once they convert, like any other trust, they have to convert to a payout model to a growth model. This is a transition they have been making for the last couple of years.

2010-05-21

TOP PICK

24.800

Nick Majendie

When it converts to a corporation it will be a hybrid with very decent dividends. He can see 5%-6% dividend over the next 3-5 years and grow their operations at about the same amount assuming $75-$85 oil prices.

2010-05-04

Comment

24.490

Laura Lau

Gas weighted. Payout ratio is under 50% so distribution should be safe. Will probably convert at the end of this year. Doesn't see a lot of growth until at least 2012 because reserves had been written down and will also be disposing of some assets. Their growth engine is the Marcellus shale in Pennsylvania. You could hold for yield.

2010-04-05

TOP PICK

24.070

Rick Stuchberry

This is a play for yield on the commodity side. Into Marcellus shale, which is a good thing as well as Kirby and the Bakken. Payout ratio of about 80%. Have a lot of loss carry forwards. 9% yield.

2010-03-31

HOLD

23.580

One of the better trusts. It’s hard to see what would be a catalyst for the next leg up.

2010-03-05

DON'T BUY

23.580

Significant amount of it's earning from Natural Gas. He's been a bear on Gas in the past (still is). Not his favorite, but management is good. Shale gas coming from south of the border is a problem, and will keep it under 6 dollars.

2010-02-26

DON'T BUY

22.610

Laura Lau

Going sideways because they haven't given much guidance as to what they want to be in 2011. Thinks it will probably be a high dividend payout model.

2010-02-08

SELL

24.500

50/50 gas and oil. So big it has multiple strategies, which is a problem. He is contemplating reducing his holdings and taking advantage of other opportunities.

2010-01-19

HOLD

24.440

Jeff Parent B. Eng. FCSI

Stalled out with no indication that it is taking off. No big gains or losses. Volume is dropping. Tight consolidation means people have lost interest. You will have to wait for a news item to create a breakout one way or the other. Buy if it goes above $25.50 and if you own, get out at $23.25 and take a Short position.

2010-01-15

HOLD

24.080

Large trust so there is a diversified mix of assets. 9% distribution, which will go down if they convert to a corporation.

2009-12-07

TOP PICK

24.500

Laura Lau

Generally in the past it has traded at a substantial premium to its peers. Now trading at less than most trusts. Did an acquisition taking them into the Marcellus in Pennsylvania, which is the most economic gas play in North America. Can easily make money at $4 gas. Great visible growth.

2009-09-30

HOLD

24.400

One of the largest companies of its kind. Production of just under 100,000 BOE a day, which is at the upper end. An improving visibility story.

2009-09-28

HOLD

22.200

Very well managed big trust but predominantly gas so it is hard to move the needle, particularly with weak gas prices.

2009-08-21

DON'T BUY

23.480

Ross Healy

When it converts to a corporation, it will probably be one of those companies where there may be a savage slashing of the income payout. Fair Market Value right now is actually lower than the price of the trust itself.

2009-08-13

WAIT

24.070

Michael Simpson, CFA

Have a slightly higher natural gas weighting making him a bit more cautious on this. Expect there will be an opportunity this summer to get it cheaper. Well managed company.

2009-07-06

HOLD

24.030

One of the biggest and oldest trusts and has lots of leverage it can pull. In the 1st quarter it spent 75% of its capital budget on gas drilling and he thinks gas is not the right place. 8.9% yield.

2009-06-24

DON'T BUY

22.510

A decent company. It will be a survivor. The only negative is that it is a fairly gas weighted trust. Your best bet is to be in the oil weighted names.

2009-04-14

BUY

20.800

Peter Brieger

Looking at this longer-term, distributions will come down along with all energy trusts’. Very competitively priced.

2009-03-31

BUY

17.110

(Market Call Minute.) Oldest and one of the largest royalty trusts. Seems to be really starting to turn.

2009-03-06

BUY

21.560

Kevin Hall BComm, CFA

(Market Call Minute.) Very good balance sheet. Should be able make some very good acquisitions.

2009-02-27

Comment

24.030

Gavin Graham

(Market Call Minute.) Cut the dividends by more than two thirds. Very well run. It will come back.

2009-02-13

BUY

25.740

(Market Call Minute.) Very well run. Pretty safe yield at these levels.

2009-02-06

Comment

27.550

In the current pricing environment, they are going to have difficulty sustaining their production. Well managed.

2009-01-28

DON'T BUY

26.420

David Burrows

Prefers larger caps with a good source of funding and relatively low costs. Likely to see continued distribution cuts in some of the trusts’ area. Would prefer Arc Energy (AET.UN-T) although they are susceptible to distribution cuts. 11.25% yield.

2009-01-07

BUY

23.580

(Market Call Minute.) Fantastic balance sheet. Good prospects going forward.

2008-12-08

HOLD

28.050

(Market Call Minute.) Decent name. Did a good job of selling off some of its Jocelyn Creek oil sands but no immediate catalyst for the upside.

2008-10-22

BUY

42.850

Very good name. One of the larger trusts. Has done very well in bringing on production. Diversity of projects such as coal bed methane and enhanced oil recovery. These trusts give a solid yield and it pays to hold onto them. You want to be in the ones that are going to be survivors and have good balance sheets.

2008-08-22

DON'T BUY

42.460

He is picking away at trusts he likes and tries to Buy on weakness but would stay away from this one.

2008-08-01

Comment

48.500

Just acquired Focus Energy Trust, a gas driven trust. Has exposure to the oil sands, which is good. Also has exposure to the Bakken area in Saskatchewan. Feels distributional is safe at the moment. There are others he prefers better.

2008-05-16

BUY

47.280

Michael Simpson, CFA

(Market Call Minute.) Good exposure to natural gas and with their purchase of Focus its a Buy.

2008-05-14

BUY

46.770

Robert Lauzon

60% gas/40% oil. Also have some oil sand exposure. Looking to sell their 15% Jocelyn asset, worth about $3 per share. Also developing their Kirby oil sands project. Over 10% yield.

2008-04-28

Comment

42.740

John O'Connell, CFA

(Market Call Minute.) You could be a buyer here, but he would be cautious. It will be one of the long-term survivors. Prefers the actual producer over the trust.

2008-03-03

Comment

42.050

Sandy McIntyre

At the forward current strip he is quite comfortable with their distribution at today's levels. If there is a material downtick in oil and gas there might be some risk of a minor trim. This is one of the longest duration asset-base of the conventional oil/gas income trusts with a very high quality. This is his #1 oil/gas position.

2008-02-26

HOLD

38.600

With most trusts, what has been supporting them has been the yield from distributions. Probably have 10% to 15% downside risk when they revert to a corporation. This is one of the older ones and has some prospects in the oil sands, but right now it is sort of stuck in the middle without a clear-cut strategy. Thinks it will do okay.

2008-02-08

BUY

38.200

First oil/gas trust that was formed. 13 year reserve life. Recently has not performed as well as some of its competitors. Income will continue to be high. Given the nature of assets, management feels the best use of their cash flow is not to reinvest, but to pay out to its investors. Don't expect huge growth.

2008-01-29

BUY

37.370

Michael Simpson, CFA

3 good balanced and diversified energy trusts would include Arc Energy (AET.UN-T), which is evenly weighted between oil and gas, Crescent Point Energy (CPG.UN-T) at about 78% oil and a great play in Saskatchewan or Enerplus Resources (ERF.UN-T) with oil sands and exposure. All 3 are excellent value right now.

2008-01-22

WATCH

36.150

Good balance sheet and one of the strongest oil/gas income trusts. One of the few trusts that will migrate more readily to the E & P structure post 2011. Missed production numbers and to recover will take a lot of work. Integration risk with Focus Energy (FET.UN-T).

2008-01-21

BUY

39.800

Joanne A. Hruska, CFA

Merging with Focus Energy (FET.UN-T), which is great for them. Hadn't quite hit their production targets in the last couple of quarters but the new deal gives them good assets.

2007-12-05

BUY

39.750

Norman Levine

Announced a merger with Focus Energy (FET.UN-T), which would be a good for both companies. Focus is a gassy trust and Enerplus is oilier.

2007-12-03

BUY

40.470

Good quality name. Diverse asset base. Have a lot of options with their oil sands leases and their US gas play. Have been a little challenged in the last couple of quarters having missed slightly. Longer term it is a very decent holding. Prefers Bonavista (BNP.UN-T) or Arc Energy (AET.UN-T).

2007-11-28

SELL

40.810

Bruce Campbell

(Market Call Minute) A gassy trust, which is the kind of thing he avoids.

2007-11-22

HOLD

40.890

A very solid trust and well managed. Has been buffeted low gas prices, strong Cdn$, et cetera. Good distribution at the 11% range.

2007-11-12

BUY

45.420

Could spin out their Montana assets into a US based MLP, which could be very accretive to them. Equal to 11,000 barrels a day in production.

2007-09-05

BUY

45.300

Sandy McIntyre

A bit more gassy (58%?) than oil. Very close to a 52-week low. A very good long-duration asset base. Distribution is reasonably well covered.

2007-08-13

HOLD

47.900

Leslie Lundquist

She has been reducing her holdings over the last few quarters because of better values elsewhere.

2007-07-25

BUY

51.490

Very strong management team, and strong tech focus. Some oil sands exposures. Cheap for all the things they have. Are very well positioned.

2007-06-11

TOP PICK

51.960

Larger granddaddies of the trust market. Has properties in the US, is spending a lot more of it's capital on it's sleeping giant field (light oil), has shallow gas, that can be brought on stream if prices go up, has oil sand properties, a lot of diversity. Doesn't think the oil sands properties are baked into the price. (another $4 or $5) Get paid a 10+ yield just to hold it. Paid 51.40

2007-06-06

HOLD

49.540

Very stable, well-managed company. Very well positioned for transformation back to a corporation. Have significant resource potential. Has exposure to the US.

2007-03-23

BUY

48.570

Neil Wickham

One of his favourites in the oil/gas trust sector. Well managed. Can't remember them ever having to decrease the distributions.

2007-03-20

PAST TOP PICK

49.640

(A Top Pick Jan 13/06. Down 12.7%.) This one should always be on the radar for investors looking to consolidate their position in royalty trusts. As fantastic, long-term, stable assets.

2007-01-26

BUY

50.250

Gavin Graham

Looks pretty cheap compared to conventional oil/gas companies. One of the more conservative in growing by acquisition. 10% yield.

2006-12-28

BUY

54.140

Very strong management team. Stable payout. Long-term holding.

2006-12-15

BUY

52.700

Excellent reserve life. Good management team. Should survive the changeover in 2011.

2006-12-01

SELL

46.750

Bruce Campbell

Had avoided this one because of the heavy US participation. Always have to make acquisitions to keep production up. Will have trouble going forward. Sell on strength.

2006-11-15

BUY

53.300

Neil Wickham

The oldest oil/gas trust. Has grown steadily over time. Stable distributions. They hedge their commodity at higher prices.

2006-10-03

BUY

64.750

One of the largest royalty trusts. Current production is about 86 thousand BOE’s. Relatively balanced between gas and oil. Has some interesting discoveries in Montana. Likes this one a lot.

2006-08-23

HOLD

65.780

Very solid asset base. Very large and diversified. Trade at a slight premium to their peers and feels they should trade more in line. Hedging policy is not as conservative. If you own, consider trimming some of your profits.

2006-08-04

BUY

62.240

Ravi Sood

Distribution is safe. As for the unit price and your capital exposure, this has been the “go to” name. Chronically overvalued because of its US listing. You won't earn significant capital gains unless there is a huge move upwards in oil/gas.

2006-07-21

PAST TOP PICK

60.070

(Past Top Pick Jan 13/06. Up 4.5%.) One of the highest quality oil/gas trusts, particularly with their diversified long life reserves.

2006-04-21

BUY on WEAKNESS

59.670

Has wide exposure to oil/gas. This is a good trust. Has been quite expensive but is coming down because of gas exposure. There will be opportunities in the next few months to buy.

2006-04-13

BUY

58.570

James Leung

A prudent operator with a low risk profile.

2006-03-31

PAST TOP PICK

56.940

Enerplus went up 9%. Their top 3-4 oil and gas trusts. Has been around since the first trusts were launched in 1986. Reserve life today is higher than it was in 1986. Producing more and has exposure to oil sands deposits. It is in very good shape.

2006-03-12

PAST TOP PICK

62.320

(A Top Pick Oct 18/05. Up 20%.) Feels that commodity prices are going to stay quite strong and he still likes this trust.

2006-02-03

TOP PICK

57.020

This is a valuation call. Should trade at a premium to a lot of it's peers. Very large with a very diversified base. Good reserve life. More than 50% of its investors are outside of Canada.

2006-01-13

BUY

56.010

Leslie Lundquist

Based on the quality of management, quality of assets and the outlook for the company, this is a good long-term hold. This is dependent on oil/gas prices.

2005-12-07

BUY

56.030

Garth Jestley

A very good trust. Since its inception, it has managed to maintain its reserve life index, at around 13 years. Has recently expanded into the U. S. it also has some interest in the oil sands.

2005-12-02

DON'T BUY

52.940

Jean-Francois Tardif

Thinks there's a problem with energy trusts as they are depleting their assets. He doesn't like them, nor does he own any.

2005-11-29

BUY

49.920

One of the largest and is the oldest income trust. Very diversified asset base. Have been quite active in their acquisitions. Has been an outperformer compared to its peers. An interlisted trust meaning it trades on the US exchange and has a lot of US investors. Governement action could severly affect foreign investors in trusts.

2005-11-04

BUY

48.890

Greg Guichon

A high quality trust. This and ARC Energy (AET.UN-T) are the blue chip trusts in the market place. Sensitive to the prices of oil and gas. If you feel that oil/gas prices are going to be stronger, than this is a core holding.

2005-10-21

DON'T BUY

47.650

One of the good highly liquid companies. Feels it's fairly fully valued right now. Have an interesting tar sands project, but it's a long way down the road to cash flow.

2005-10-20

TOP PICK

51.480

Reserve life of about 14 years. Good quality management. Owns 16% of the Johnson Creek project in the oil sands.

2005-10-18

BUY

52.950

Ravi Sood

Increased their distributions by 13%. A phenominally well run company. Stock has fallen to level where it represents interesting value. Oil is still in a pull back mode and you may be able to get it a little bit cheaper. Excellent assets.

2005-10-14

BUY

53.300

Has been really hammered in the last few days because of its New York connections where it is also listed. Good quality stock. Good payout. Expects they will increase their payouts.

2005-10-12

TOP PICK

54.910