STOCKCHASE

Korea National Oil Company have offered to acquire but will be subject to government approval. If you own and have a nice profit and are close to the bid, Sell and that the arbitrageurs take the risk.

2009-12-14

Comment

9.870

Being acquired by Korea National Oil. A lot of people are not happy with the price agreed to.

2009-11-27

Comment

7.080

Sharply penalized because of narrow margins on the refinery side. Margins have been coming back. There are other companies that have more stability in the group but they have been doing better on both sides of their operation and that should continue. 8%+ yield.

2009-10-14

DON'T BUY

7.050

Laura Lau

Their payout is not very high but their debt is. The debt will become due in about 1 year. They'll probably do another equity issue so she wouldn't be surprised if they cut the distribution.

2009-10-13

HOLD

6.650

Robert Lauzon

(Market Call Minute.) Would hold the stock but by the convertible debentures.

2009-10-05

DON'T BUY

6.560

Jim Huang

Conventional oil/gas production in Western Canada and refining in Newfoundland. Had taken on a lot of debt to acquire the refinery and refining margins have not been good. Doesn't see this changing for while. Changeover in 2011 is another challenge and they have their work cut out for them.

2009-10-02

Comment

6.400

Joanne A. Hruska, CFA

As with many of the trusts, there is a risk that the 9.6% yield could be cut going into 2011. Their refinery business has been quite challenging.

2009-09-14

DON'T BUY

6.270

Hasn't participated in the upside. Cheap, but for a reason. Refining operations will continue to be challenged and the upstream operations have never been stellar. Ugly balance sheet.

2009-09-11

Comment

5.860

Jaime Carrasco

One of the few companies that has a refinery and have done quite well on the refinery margins. Has been playing this through the convertible bonds, which he thinks is a better way of playing it.

2009-09-04

DON'T BUY

6.700

Ross Healy

(Market Call Minute.) Some potential for them but it is getting late in the day for energy trusts and he is nervous about their payouts.

2009-08-13

SELL

5.620

Doesn't see a lot of upside so he would be comfortable Selling it. Took on a lot of debt to buy the refinery in Newfoundland.

2009-07-24

Comment

5.610

Rick Stuchberry

When he gets into an energy stock, he wants to see a profile of some growth to protect the dividends going forward. (See Top Picks for an alternative.)

2009-07-10

DON'T BUY

6.400

1st quarter on the refining side was very profitable. Debt is high. Need to do capital expenditures on their refinery. Much higher risk than others.

2009-06-29

DON'T BUY

6.200

Last quarter had reasonably decent numbers. Downstream was reasonably strong. Likes management but has trouble seeing why you would want to buy this name right now. Thinks it will survive bankruptcy. Refining seems to be in a secular decline.

2009-06-24

Comment

6.900

One of the riskier oil/gas income trust. Huge refinery in the Maritimes. Plant was upgraded and is good. The refinery can swing earnings around significantly. Oil and gas operations have not been that great. Likes the yield of 8.6%. Doesn't expect it to go back to its high levels of a couple of years ago.

2009-06-05

Comment

6.670

Pretty hard hit last year because refinery margins got crushed. Lately they have been coming back a little. Financial position has been improving. He takes a look at this one from time to time.

2009-05-27

DON'T BUY

7.250

Took on a lot of debt when they bought the refinery in Newfoundland. Have recently raised money, which has paid down some of their debt but it is still higher than what he likes. Just had a spectacular quarter in the crack spreads. Doesn't expect this to last. 8.2% distribution is probably sustainable.

2009-05-20

BUY

7.350

Craig MacAdam

Just reported a very strong quarter. Achieve higher margins than expected on its Come by Chance refinery. Was also successful in raising money on an equity issue. Still high levered but with oil prices doing what they are doing and what they showed on the last quarter, he thinks it will get through.

2009-05-14

Comment

7.130

Jeff Parent

(Market Call Minute.) Looks like it is coming down. Put a Buy order in at $7 and see what happens.

2009-05-13

DON'T BUY

5.170

Good management. Currently they have some problems with their big bet on refining and the big debt associated with this.

2009-04-14

SELL

5.030

Have some pretty significant balance sheet issues. The refinery part of their business is relatively muted and the upstream part has not been performing particularly well. Expect there will be a distribution cut.

2009-04-02

DON'T BUY

4.860

Oil and gas and a refinery in Newfoundland. Doesn't like trusts that have refineries, as there is a lot of CapX. Earnings and cash flow are quite volatile. This one has far too much debt.

2009-03-25

SELL

4.860

Michael Decter

Bought a refinery, which is a very expensive, not very useful business for them to own. Could go to zero or near zero.

2009-03-24

DON'T BUY

4.040

Have $1.6 billion outstanding on a line of credit. Upstream production in Alberta hasn’t been great. Their refining has been under incredible pressure. Think they will make it but doesn’t see any reason to own it.

2009-03-06

TOP PICK

4.180

Kevin O'Leary

(My deepest Apologies. This was on Tuesday night's show and I missed it.) 6.5% bond due Dec 2010. Currently yielding 9%. So out of the money that it is trading like debt. Trust cut its distribution 83%. Don’t buy the unit, only the bond. (Amanda says DANGER!)

2009-03-05

DON'T BUY

6.420

Balance sheet problems. Too much debt. Need to renegotiate an operating line over the next year. 60% distribution

2009-02-24

DON'T BUY

9.420

Dean Orrico

38.8% yield, which he expects will be cut. Not only a producer but bought a refinery, which is probably one of the worst businesses you could get into.

2009-02-06

DON'T BUY

10.500

Have something in the order of 8 or 9 outstanding issues of convertible debt plus a fairly substantial bank line. Not comfortable with highly levered commodity cyclicals.

2009-01-22

DON'T BUY

11.070

Kevin O'Leary

(Market Call Minute.) He can’t buy any trusts until they resolve the price of oil.

2009-01-21

SELL

10.320

(Market Call Minute.) Would be tempted to sell this. A lot of their earnings come from their refinery operations, which is where they have had big swings in the earnings.

2008-12-19

Comment

10.070

(Market Call Minute.) High-risk situation. Right at the top of the list of potential distribution cuts.

2008-12-05

SELL

11.390

(Market Call Minute.) This is a Short. Refining margins and kind of spotty production on the upstream.

2008-12-03

DON'T BUY

11.530

Oil and gas. Have a refinery in Newfoundland. Results in Q3 surprised analysts on the upside by refining margins. Debt levels are above his comfort level. Payout ratio is also high. Can't see distributions being sustainable.

2008-11-20

DON'T BUY

11.400

Robert Lauzon

32.5% gross yield and is unsustainable. High levels of debt. Half of their business is their East Coast refinery and refinery margins have really been squeezed. Their upstream business of oil/gas has been affected because of commodity prices.

2008-10-29

DON'T BUY

10.940

Good management but this is not a name he would be buying. Upstream has been disappointing lately. It also has the refinery piece on the side. A lot of debt. Distribution could be liable to a cut.

2008-10-22

WEAK BUY

10.900

Hurt earlier in year and should come back.

2008-10-16

DON'T BUY

18.600

Refinery spreads are starting to get a little bit better. There are some capital expenditure situations coming up. They may need to raise a lot of capital in the next year or so.

2008-09-24

DON'T BUY

19.250

Unique in that they have a refinery as well as oil/gas production. Debt level is too high and he thinks they will have to cut distributions. In order to expand their refinery, they are looking at capital expenditures approved of $2 billion.

2008-09-19

Comment

20.120

Joanne A. Hruska, CFA

(Market Call Minute.) Looking at their debt levels, she would not be interested in this. It would be either a Sell or Hold.

2008-09-12

DON'T BUY

20.740

Crude oil producer and refiner. They're refinery needs more capital expenditure to continue to producing. Took on a lot of debt and their balance sheet is slightly stretched. Expect distributions will not be maintained at the present level.

2008-09-02

DON'T BUY

20.580

Have had horrible performance out of their refinery in Come By Chance. Looking to do a retrofit that is well beyond their scope. Will have to bring in a partner or raise some capital. One of the highest payout ratios and debt levels in royalty trusts.

2008-08-22

DON'T BUY

20.910

Michael Decter

Conventional energy trust, which he likes. Also owns the Come By Chance refinery, which is the big albatross around its neck. Getting to the range where if they got rid of the refinery it would do well but if they keep it, they’ll use their cash flow to keep it running.

2008-08-18

HOLD

19.240

(Market Call Minute.) Has a significant refining business and is under a lot of pressure. If oil prices go higher, it will be under pressure.

2008-08-07

SELL

20.120

17% yield, which should make you suspicious. Having difficulty, mainly because of their Come by Chance refinery. Margins are very poor in the refinery business right now. Highly likely the distribution will be cut.

2008-07-18

BUY

24.600

Ken McCord

Fundamentally what is backing up energy stories is still very much intact. A big believer in energy. In the next week or two, there could be a little pullback but this one hasn't had the big spike like others so you could buy now.

2008-05-23

HOLD

23.750

(Market Call Minute.) In conventional oil/gas and in refining and marketing. Refining and marketing has low margins right now. Too late to sell.

2008-05-12

Comment

23.040

15.5% yield. Doesn't like the balance sheet. Too many issues of convertible debt. Have a refinery in Come by Chance Newfoundland, which has been going through a seasonally weak period and will likely come into a seasonally strong period through July and August. Would Sell, but wait until the strong period.

2008-05-05

DON'T BUY

22.340

A year ago it was throwing off a lot of cash with good refining margins. In the last year, there has been a squeeze in margins. Doesn't see this alleviating in the near future. 16.2% yield indicates people are worried about the company going forward.

2008-04-30

Comment

24.510

Focused on heavy oil production but also have a significant part of their business in a refinery in Come- by-Chance Newfoundland. Refinery had some down time, which affected their cash flow and earnings. Concerned about their balance sheet because of their higher debt relative to their peers.

2008-04-16

HOLD

24.150

Joanne A. Hruska, CFA

(Market Call Minute.)

2008-04-14

Comment

23.830

Bruce Campbell

Because of the refinery side, the production side doesn't need to churn. Well run. Likes it better than the other income trusts, but still prefers to go elsewhere for his oil exposure.

2008-04-11

WEAK BUY

22.820

Ken McCord

Likes the yield on it. Likes the name and sector, but is not ready to get into it yet. Would rather like ener plus, and arc energy better. The high yield raises a red flag.

2008-03-26

DON'T BUY

22.570

Think very highly of management. Having fairly strong production declines, struggling to keep production up in their traditional upstream business. They may potentially cut the distribution.

2008-03-25

BUY

22.800

2 businesses. Normal oil/gas trust in Western Canada, but also acquired the Come By Chance refinery in Newfoundland. This is great diversification for them and a good long-term business. The timing of it however was that they got it when margins where near their peak and have come down quite a bit. They had to cut their distribution. 15.8% yield.

2008-03-10

DON'T BUY

22.770

Downstream operation is actually doing very well. Crack spreads have come off since last year as costs have gone up. Feels their coker project is on hold while they assess the market. Debt is relatively high. Distribution of 15.7% indicates a concern.

2008-03-07

DON'T BUY

21.950

Dean Orrico

Has stumbled in the past. Became more negative on it when it bought the refinery in Newfoundland. Refinery business is very difficult to run a lack of sustainability of cash flow. 90% payout ratio so he could see a distribution cut.

2008-01-29

DON'T BUY

22.680

Have an exposure to refining that a lot of other trusts don't. Investors were buying last year because of higher refining margins but when margins began to tighten there was some selling pressure. Have had some weakness on both upstream and downstream operations. At current prices, there is almost a 16% yield, which is a red flag. Selling at a fairly large multiple.

2008-01-08

HOLD

20.400

Market is beating up on the units because it is anticipating a cut in distribution. Likes their refinery, which is their major asset in the Maritimes. Recently, spreads on refining have narrowed significantly but he thinks they are going to open up again. There is a shortage of refining space in North America and this is strategically placed. 18% yield.

2007-12-21

DON'T BUY

21.300

John Zechner

Balance sheet is a little bit stretched. Thinks oil prices are heading back down. Sold his holdings earlier this year.

2007-12-05

DON'T BUY

21.340

Kevin Hall BComm, CFA

Unique story in the oil/gas trust space. Bought a refinery in Newfoundland. Did very well the first part of this year with healthy refining margins. Conventional assets disappointed in 2nd and 3rd quarters and refining margins have now fallen out of bed. Doesn't have a lot of confidence in refining margins, which can be very volatile.

2007-12-04

BUY

21.630

Have 2 main businesses. Oil/gas and a Newfoundland refinery. Earlier in the year, refinery margins where really big, but started to shrink when the summer driving season was over. Because of this and weak natural gas prices, they had to cut their distribution. For long-term investors, 3 to 5 years, this is a very good company. 16.39% yield.

2007-12-03

SELL

20.500

75% mostly heavy oil and have issues on the upstream operation. Have a refinery, which drove the earnings up, but crack spreads are now weak. Has a 50,000 acre oil sand lease. Recently had a distribution cut. Expects another weak quarter in Q4. Doesn't see a lot of near-term upside.

2007-11-28

BUY

26.400

An oil/gas trust that bought the Come By Chance oil refinery that gave a whole new dimension to the company. Refining margins have weakened and they have to put in some capital expenditures and this has hurt the stock. In the long-term, this diversification will prove to be smart.

2007-10-02

DON'T BUY

26.360

Doesn't think the stock will go anywhere for a while because they are doing a plant turnaround at Come-by-Chance, Newfoundland. Refining is weak now and their conventional production has been a little weak. Expects there is a strong chance of a distribution cut.

2007-09-26

DON'T BUY

26.450

Brendan Kyne

One of the more aggressive trusts in terms of its growth pattern. Very aggressive payout policy. Doubt if it would be an acquisition target.

2007-09-24

DON'T BUY

28.430

Alex Ruus

One of the more interesting oil/gas trusts. Besides being an exploration/production trust, they also have a big weighting in refining with their acquisition of the Come By Chance refinery last year. One of the riskier plays and the biggest call you want

2007-09-04

DON'T BUY

27.400

A great deal of their profitability is based upon their refining spreads. This makes it a little bit more unpredictable. Last quarter was a little disappointing. Looks a little bit pricey at the moment.

2007-08-31

WAIT

30.570

Purchase of the refinery in Newfoundland turned out to be good. Used excess cash flow to pay down debt. Right now refining margins are relatively weak. Seasonally, you should buy it in the fall for run-up in refinery margins that occur in April, May and June.

2007-08-13

Comment

30.080

This is really benefiting at the moment through the refining margins. These margins have recently being squeezed and the stock has sold off. Not sure that if the refining margins disappear how secure the distribution would be.

2007-08-10

HOLD

29.980

Has done really well. Has a strategy that included buying a refinery. Refining margins have done very well, but are now history until next year. Wait until April, May of next year before buying.

2007-08-08

DON'T BUY

30.490

Bill Carrigan

Hit a bottom in January, had a nice run up into July and then broke down. Doesn't know what happened fundamentally for this to happen so would avoid.

2007-07-30

Comment

30.760

Leslie Lundquist

There was a run-up due to very attractive refining margins. The margins are less attractive, so the stock has pulled back. 15% yield, which is quite high. Could be an indication of a distribution cut.

2007-07-25

Comment

31.910

Many investors are questioning where refinery crack spreads will be by the end of the summer, so the price has dropped.

2007-07-23

HOLD

34.000

Alex Ruus

Yield of about 13%. This is one of the more interesting energy trusts because of the refining asset they bought. Expect it will go higher.

2007-07-18

BUY on WEAKNESS

34.340

Bruce Campbell

Purchased refinery at Come By Chance in Newfoundland. Crack spreads have been wider in the last couple of quarters. Production side has been a little weak. He is getting a little twitchy because he thinks the spreads will contract and the stock may pull back some. Like it long-term, but at this price he’s a little nervous.

2007-07-09

DON'T BUY

33.730

Michael Decter

Not keen on this one. Would prefer Vermilion Energy (VET.UN-T). Not as sure on the stability of the distributions.

2007-06-20

DON'T BUY

32.620

A bit cautious on this.

2007-06-11

BUY

32.800

Is into refining. They were in the right place at the right time. They are cleaning up their balance sheet so they are improving.

2007-06-06

HOLD

31.850

Alex Ruus

Really interesting story. Management tends to make aggressive moves. Highly levered compared to most trusts. An interesting bet on refining. Historically, refining has produced horrible returns, but we are now in a more sustainable area of returns.

2007-05-07

DON'T BUY

27.750

Diversified by buying a refinery in Newfoundland. This really increased their debt level that he is not comfortable with. Right now, profits are very good from the refinery, but refineries can be very volatile.

2007-03-20

HOLD

27.550

The refinery acquisition in Newfoundland is interesting. Longer term, it might help to stabilize the distribution level. Wouldn't buy at this time.

2007-03-16

BUY

26.680

Recently acquired a refinery in Newfoundland, which changed their structure. If you're looking for a refinery play, this is probably a good one, but is not a pure play.

2007-03-13

Comment

26.680

Recently acquired an East Coast refinery, which significantly changes the outlook for this company. Assets in the western basin are middling to below average. Faces a considerable amount of challenge operating the refinery, but refinery's are very much in demand.

2007-03-02

DON'T BUY

27.100

Recent cash flows have been doing quite well. Most of the time, refineries are not very profitable. This refinery went bankrupt once and had 2 fires. Debt levels are a bit too high. Distribution could be at risk.

2007-02-23

Comment

24.150

Robert Toole

Acquired a refinery in Newfoundland last year. Have been successful in financing this but probably have a little bit more equity financing to go. The refinery benefits from lower crude prices.

2007-01-18

SELL

23.710

With all the problems of Earl T. trusts, this one has them all.

2007-01-05

DON'T BUY

23.930

There is a disconnect between owning properties in the west and a refinery in Newfoundland. The refinery is quite old and has had a couple of fires. Had some concerns that the cap ex numbers for the refinery were quite low. Too much debt.

2007-01-04

DON'T BUY

26.150

Jean-Francois Tardif

Not a fan of energy trusts. Although they are growing, they are issuing so many shares there is a decline in production per share. He is shorting this one in his fund.

2006-12-27

HOLD

26.150

A question mark. A third of their assets are in a refinery. Would want to see how it performs.

2006-12-27

DON'T BUY

26.750

Expect it will be challenged over the near term as they did a fairly significant refinery acquisition and will probably have to come to the capital markets to fund it.

2006-12-15

BUY

26.550

It not only produces oil/gas, but also has a refinery in Come By Chance, Newfoundland. Unfortunately the timing was just when the trusts got hit. Likes refining business.

2006-12-05

DON'T BUY

26.830

Recently acquired Viking Energy. Recently purchased a heavy oil gas refinery in Newfoundland. Feels they are taking on a bit more than they can chew.

2006-12-01

SELL

26.570

Robert Lauzon

Higher debt levels then he likes. Recently purchased a refinery in Newfoundland and have had financing problems because of the governments ruling. Grown by acquisitions.

2006-11-24

BUY

27.010

Ravi Sood

A great name. Acquired a refinery, which created a lot of chaos in re-pricing the issue. High yield.

2006-11-17

DON'T BUY

27.350

Acquired a refinery in Newfoundland. Not big fans of a trust owning a refinery because profit and cash flow are quite cyclical. Have raised capital through a debenture and equity issue and will have to raise more.

2006-11-03

DON'T BUY

32.930

Robert Toole

Recently acquired a refining facility in Newfoundland. This puts a risk dynamic into it that wasn't there before. With the fall of crude, the crack spread has fallen off fairly dramatically. 14% yield.

2006-10-27

HOLD

32.580

Had been concerned about it. More recently have got their balance sheets in better shape. Reasonably hopeful they can keep their distributions up. 14% yield.

2006-10-26

HOLD

29.900

Acquiring North Atlantic Refining. A little concerned about them. Payout ratio is fairly high. Wouldn't buy at this time.

2006-10-05

BUY

31.390