| BUY on WEAKNESS | 22.350 | David Cockfield | He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize. | 2008-08-01 | |
| TOP PICK | 20.550 | Jean-Francois Tardif | Mostly own royalties from oil production in Western Canada. 10.6% yield. Only affected by the price in commodities, not any costs. Free cash flow currently is $4.75 pre-tax. With taxes, it is $3.20. | 2008-05-27 | |
| HOLD | 16.220 | Alex Ruus | This trust is a royalty model, which makes it a little more stable than some of the other oil/gas businesses. | 2008-02-25 | |
| BUY | 14.980 | John Stephenson | Have a bit of a different model. They don't operate their assets, but get royalty payments from the production. They don't have the cost issues so much. Defensive. | 2007-11-12 | |
| BUY | 14.590 | Sandy McIntyre | These are the old freehold lands that were attached to the CN Railway. They get a royalty on companies that want to explore on their lands. Very low-cost production for them and high net back. | 2007-07-03 | |
| BUY | 14.120 | Sandy McIntyre | Have parcels of land that other companies develop at no cost to them. 12.8% yield. | 2007-04-13 | |
| BUY | 13.850 | John Stephenson | Probably one of the blue-chip names. Wouldn't hold it for appreciation, because all trusts are going to face taxation in four years. Distribution is relatively secure. | 2007-01-05 | |
| HOLD | 13.740 | John Stephenson | Would put it in the surviving category. | 2006-11-16 | |
| HOLD | 13.970 | Glenn MacNeill, P.Eng. | In the middle category of performers. Relatively immune to cost increases. | 2006-11-10 | |
| BUY | 19.560 | David Cockfield | Started buying under $20. It's a royalty trust, i.e., it collects royalties rather than drilling. Yield is over 10%. Good company. | 2006-10-26 | |
| DON'T BUY | 18.300 | Neil Wickham | Structured differently than most energy trusts. Don’t operate anything, but hold royalties instead. The negative is that when production declines, your royalties are reduced, so they have to continue to buy more and more royalty interests. | 2006-10-03 | |
| BUY on WEAKNESS | 21.480 | David Cockfield | Has a solid building block. Yield is around 10%. Royalty trust. Buying for new accounts. Try to buy under $20. | 2006-08-30 | |
| BUY on WEAKNESS | 20.640 | David Cockfield | Have been buying under $20. They have lots of drillable land. | 2006-07-13 | |
| PAST TOP PICK | 20.680 | Greg Guichon | (A Top Pick Jan 20/06. Up 7.7%.) Still likes it. Currently yielding about 10%. Its unique in that it owns properties and farms out for other companies to drill on and then collect a royalty. Very conservative management. | 2006-04-28 | |
| BUY | 19.500 | Michael Simpson, CFA | A smaller oil/gas trust with more exposure to oil. Unique, in that they are a royalty structure. They allow others to drill on their properties and they collect the royalties. In high oil/gas prices, they benefit from the amount of drilling. Solid management. | 2006-03-31 | |
| TOP PICK | 19.200 | Greg Guichon | This is the one trust that the bulk of their assets have a gross overriding royalty. Payout ratio is 78%, but because they don't have to do capital expenditures the higher payout ratio is okay. Yield of about 11%. | 2006-01-20 | |
| HOLD | 18.700 | Michele Robitaille | A very solid name. She sold her holdings for better opportunities. A little different than others in that they hold underlying royalty interest in a number of the properties which means there is no risk on operating costs. Well managed. If you own, you might consider taking a little bit of profit. | 2005-09-16 | |
| BUY | 15.230 | Greg Guichon | Unusual oil/gas trust. Other oil/gas trusts you participate after cash flow. This one you participate right at the top. Management is like a landlord, just collects rent and not involved in exploration/development of oil/gas. By its nature it has the potential to be one of the most sustainable of oil/gas trusts as they have no capital expenditure. Have large land postitions that others want to drill on. Pull back is due to financing of an acquisition during a soft market. Good time to Buy. | 2005-05-20 | |
| BUY on WEAKNESS | 17.260 | Michele Robitaille | Unique company in the oil/gas royalty space. About 75% of income is from royalties so it doesn't have the operating/production risks of its underlying company. Should trade at a premium to the group. Have been able to grow their production/reserves on a per unit basis. Good management team. Conservative balance sheet. Expensive. | 2005-01-28 | |
| VAGUE | 17.450 | John Priestman | Has had a great run and have been trimming back their positions. Good substitutions for a 2/3 year hold would be Arc Energy or Canadian Oil Sands. | 2004-12-31 | |
| HOLD | 16.550 | Garth Jestley | Has been a very good performer over time. 2/3's of its earnings comes from royalties, so doesn't have the risks of costs, etc.Has shopwn good growth in reserves. Trades at a premium valuation compared to its competition. | 2004-10-29 | |
| BUY | 16.200 | Glenn Paradis, BA, CFA | An ultra conservative energy trust. Very little debt. Most of their money is from royalties. If oil prices stay high, it will do very well, but if it drops, this is a safer one to be in. | 2004-10-14 | |
| BUY | 15.320 | Leslie Lundquist | Had an excellent second quarter. Boosted their distributions from $.10 to $.12 a month. Also declared a top up distribution of $.13. | 2004-08-13 | |
| BUY | 14.350 | Ben Cheng | Different than oil and gas trusts in this class. Not operators. Has always traded at a premium compared to other oil and gases. If you wish to collect income, Buy. | 2004-02-05 | |
| BUY | 12.880 | David Cockfield | Structure is different than an income trust. They hold lands and then lease them for royalty fees. A safer type of trust. | 2003-06-26 | |
| BUY | 11.300 | Sandy McIntyre | Conswervative balance sheet. Well managed. | 2003-03-25 | |
| WEAK BUY | 10.950 | Sandy McIntyre | High quality trust. Oil could drop. | 2003-01-23 | |
| BUY | 11.100 | Peter Brieger | Has a large landspread and likes it for the medium and long term play. | 2002-10-03 | |
| BUY | 10.450 | Garth Jestley | Likes oil trusts. Could be volatile. | 2002-08-06 | |
| BUY | 9.700 | Ben Cheng | Will have a lower yield, but stabler than others in a volatile price environment. | 2002-04-16 | |
| BUY | 8.300 | Ben Cheng | Has a good balance sheet. | 2001-12-03 | |
| BUY | 9.810 | Bill Shaw | Likes. Owns lands, but outsources drilling. | 2001-04-26 | |
| BUY | 9.100 | Bill Shaw | Should see more drilling on their assets. | 2001-03-13 | |
| BUY | 8.350 | Sandy McIntyre | Good.Well managed | 2000-12-06 | |
Experts that have talked about Freehold Royalty Trust
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