STOCKCHASE

(A Top Pick Aug 7/09. Down 18.2%.) Liked it for the yield but this is a time when yield did not count for much.

2010-08-06

Comment

26.510

Has been a little flat-footed over the last several years. Invested a lot in refining at the worst time of the cycle. Spin-off of the East Asian assets will be a catalyst but has been out there for at least 2 years. New CEO doesn't come from oil/gas background. 4.5% yield.

2010-07-23

PAST TOP PICK

26.500

(Top Pick Aug 7/09, Down 13%) But it had a nice healthy dividend. It was cut in half but he hopes they will re-instate it. Hopes they will continue to spin off some of their offshore assets to give the stock a bit of a boost.

2010-07-22

PAST TOP PICK

26.880

(A Top Pick June 4/09. Down 17.76%.) Still likes.

2010-07-09

BUY

25.860

David Baskin

(Market Call Minute) Benefiting by increased price in heavy oil.

2010-07-06

HOLD

25.330

Martin Hubbes, CFA

Long-term and interesting company. New leadership. Would hang on to see what the new management is going to do. Not a bad holding for conservative investor.

2010-07-05

WAIT

26.800

Jim Huang

Execution in oil sands was appalling. Have a new president coming in. Waiting to see how he performs.

2010-06-22

WEAK BUY

26.490

Michael Decter

Have owned it historically. Market doesn’t know about the Asia discovery. Husky has been very well managed. As for timing it depends on when real reserves will be evaluated. Prefers Crescent Point.

2010-06-11

PAST TOP PICK

26.040

(Top Pick Jun 5/09, Down 19.97%) Has some regrets. Promise of spinning off south China sea assets is still there.

2010-06-04

WEAK BUY

26.120

Douglas Kee

Have a new CEO. Used to own this. Has a good yield. Concerned about whether they can increase dividend as quickly as alternatives.

2010-06-02

DON'T BUY

26.330

New CEO with experience in the telecom industry. Probably signals the old CEO will take over the Asian assets, which will eventually be a spin out. Even if this happens, doesn't expect it will move the needle on this company.

2010-05-28

DON'T BUY

26.980

Always a disappointing stock. Seems to have a lot of potential but always find a way to mess it up. Value trap.

2010-05-18

DON'T BUY

26.980

On a weak side. 200 day moving average is falling and liable to find some support here. If it breaks 26 or 25 then we have some problems. This is a key level.

2010-05-18

DON'T BUY

27.100

Interesting because it’s not been a great performer but has a bit of a yield on it. Needs a change in strategy. Ownership has been offshore for quite a bit of time. Needs more focus.

2010-05-14

Comment

26.740

Mason Granger

Very low leverage so dividend is probably safe. From total return perspective, it doesn't stand out for him as meeting their hurdles. Will probably generate production growth of 2% plus you get a small dividend yield.

2010-05-07

PAST TOP PICK

26.740

(A Top Pick June 5/09. Down 22.4% excluding dividends.) Still a Hold.

2010-05-07

HOLD

28.710

Don Vialoux

We are right in the period of seasonal strength, which runs from beginning of February until the first week in June. Stick with it until the first week in June and then take some money off the table.

2010-04-30

DON'T BUY

29.720

Douglas Kee

Sold a significant part of his holdings in the last couple of months. Good dividend payer, but potential of an increase over the next couple of years is limited. Oil stands costs look like they will be high compared to other companies.

2010-04-20

Comment

30.190

John Zechner

Not going to get the same multiple as the rest of the sector as there is not as much growth. Wouldn't recommend it as a top pick.

2010-04-12

BUY

30.120

Robert Lyon

Heavy oil differential to light oil has narrowed to only about 10% discount. So producers of heavy oil are making a lot of money. Building their Sunrise oil sands project as well as some interesting exploration acreage in Greenland. Almost 4% dividend. Strong balance sheet.

2010-04-09

TOP PICK

30.360

Brian Acker, CA

His model price is $40.20 but if you take consensus forecasts for 2011 at $2.69, the model price would be $46.50. Potential rate of 60% return. 4% yield.

2010-04-01

BUY

28.260

Christine Poole

Oil leveraged. Planning on spinning off their deep-water discoveries in China with participation by China. Stock has probably bottomed and would be a good time to get in. 4.5% yield.

2010-03-30

SELL

28.140

Has been a disappointment. Refocus of capital into Southeast Asia probably means probably no production growth this year. Dividend of about 4% pays you to stick around but he would prefer other things to do with his money.

2010-03-29

Comment

27.340

Philip Doyle

Big play in Asia off China, which they may spin off. Great dividend. Negotiating with Chevron (CVX-N) to possibly pick up a big refinery in BC. Likes all these things but doesn't know why it is struggling.

2010-03-26

PAST TOP PICK

27.880

(A Top Pick March 9/09. Up 8.55%.) Getting a little bit tired of this one. Good dividend.

2010-03-19

DON'T BUY

26.920

Downside risk is virtually zero. It is so weak because it is focused on US refining. That sector was badly beaten up in terms of margin. Here is some potential catalyst. There is too much supply of the end product of refining.

2010-03-05

WEAK BUY

26.920

Ben Stadelmann

It is not really a contrition play, but is a pretty solid value play. If you believe that oil is going to go up then this is where the upside in this stock is. It is fairly valued now.

2010-03-03

DON'T BUY

26.920

Has no idea why they are not doing very well, but it is still below its 200-day moving average. The main thing is to see if the stock can hold $26.

2010-03-02

DON'T BUY

26.920

Christine Poole

Are considering spinning off some assets in China. If they do then they can concentrate on what they have here. Shareholders may get some benefit to the spin-off. Prefers other gas companies.

2010-02-26

PAST TOP PICK

26.920

March 9,2009 Recommended at 26.40. Paid a dividend. Still owns but is getting a little tired of it.

2010-02-26

HOLD

26.840

Andrew McCreath

(Market Call Minute.) Decent company in the integrated space. Would rather own a trust or a E & P company.

2010-02-05

HOLD

26.940

Don Vialoux

This usually has a very strong seasonality from about this time until May. Has pretty good support now at around this price and there are some early technical signs, momentum indicators, which say this is the right time to Buy. There is a little concern because they bought gasoline stations. They can't make any money from that.

2010-02-03

BUY

26.900

Growth in oil sands production will benefit with their production and refining assets. Have also acquired some cheap gas stations in Ontario from Petrocan (PCA-T). 4.5% yield.

2010-02-01

SELL

27.650

Hard to see a strong catalyst going forward. Will probably move up higher with oil prices but you could get more bang for your buck. Have a lot of exposure to refining, which is where you don't want to be these days.

2010-01-22

PAST TOP PICK

27.840

(A Top Pick Jan 23/09. Up 1.73%.)

2010-01-21

Comment

30.080

Douglas Kee

Cut their dividend last summer so there is the potential, if everything goes well, that they will increase their dividend.

2010-01-08

DON'T BUY

30.470

Mason Granger

Great stock if you are worried about energy markets going down. Hasn’t been a great performer in last year like most of the other integrated producers. Expects 4% growth added to 4% dividend for 2010. Thinks you can do better in alternative energy investments.

2010-01-05

PAST TOP PICK

29.220

(A Top Pick Dec 5/08. Up 5.7% plus dividends.) Some of the recent results have been disappointing. Having a hard time holding their production level and things seem to have gone quiet in there far Eastern drilling.

2009-12-21

SELL

29.400

Steve Carlin

Integrated oil in this sector has been under pressure because of poor refining margins. Doesn't say a whole lot of improvements in the refining sector in the next 6-12 months. Sold his holdings.

2009-12-16

DON'T BUY

29.010

Ara Nalbandian

He doesn’t follow it closely. It has significant downstream operations (refining), which are valued at much lower multiples. He prefers other names in the sector such as Talisman.

2009-12-15

DON'T BUY

27.580

Recently had a big discovery in the South China Sea. A big company and it is hard to get a lot of momentum out of it. He would suggest looking into a specific area as opposed to being in an integrated.

2009-12-10

DON'T BUY

27.700

John Zechner

Negative on this company is that it is more heavy oil, which drives to the refinery, and that end is not doing as well. Margins are getting hurt.

2009-11-30

Comment

27.920

Christine Poole

Yielding 4.3%. Primarily heavy oil. Looking to spin off their Asian natural gas assets sometime next year, which could be a catalyst.

2009-11-26

TOP PICK

28.220

Have oil sands, refining/marketing and offshore East Coast. 4.25% yield. Could be a takeover target, as it doesn't have Canada protection act.

2009-11-23

DON'T BUY

28.600

Attractive from a valuation standpoint and looks reasonably cheap but has too much exposure to US downstream refining and refining is bad.

2009-11-09

SELL

28.190

Glenn MacNeill, P.Eng.

Not the most dynamic management. Refining has not been very profitable. Production is relatively flat.

2009-11-06

HOLD

27.740

Craig MacAdam

(Market Call Minute.) Great basket of assets that management just doesn't seem to optimize it well.

2009-11-02

PAST TOP PICK

28.500

(A Top Pick Oct 31/08. Down 21.9%.) Becoming an under performer. Having a hard look at this one.

2009-10-30

HOLD

28.460

Jaime Carrasco

Likes energy. 4.25% yield. Prefers companies with higher yields such as Daylight Energy (DAY.UN-T). (See Top Picks.)

2009-10-29

HOLD

32.770

Joseph Schachter

Has not responded, but has been a descent return. But will stay 2 or 3 dollars either side until we see a sustainable recovery in the economy and we see something happen in Nat Gas. This is a nice way to get into the patch for the conservative investor. Reasonable dividend 3.6%. Not likely to be taken over.

2009-10-20

WATCH

30.140

Robert Lauzon

Has been a disappointment. Oil prices have doubled since January but this one has been flat for a full year. There is a catalyst coming in that they are going to spin off offshore natural gas assets in Asia. That should move the stock a little higher. Consider trimming on that strength.

2009-10-05

BUY

30.370

Have some opportunities with their Southeast Asian fields to further delineate them and show some good production in the future. East Coast also seems to be a positive. Refining is a slight negative but not a huge one. Low downside risk and reasonable upside.

2009-09-28

PAST TOP PICK

30.820

(A Top Pick Sept 26/08. Down 30.32%.)

2009-09-23

PAST TOP PICK

30.750

(A Top Pick Sept 3/08. Down 29% but he got stopped out and was down 14%.) Now starting to make a base and is probably going to be a better looking stock but not yet.

2009-09-18

DON'T BUY

30.320

Steve Carlin

Did a long analysis on the whole integrated side of oil/gas in Canada and this ended up not being his favourite. Doesn't have as much upside potential as others.

2009-09-16

Comment

29.600

Joanne A. Hruska, CFA

Relative to its peers, the chart is quite weak. It intrigues her and it may be getting to a point where this may be a buy again soon.

2009-09-14

BUY on WEAKNESS

30.340

(Market Call Minute.)

2009-08-27

BUY

30.710

(Market Call Minute.) The poor man's Suncor (SU-T) and should benefit from that because it is a big oil sands producer. Also marketing margins are improving.

2009-08-25

BUY on WEAKNESS

30.960

Laura Lau

Under $30 is a good entry point, which gives you about a 4% dividend. Very stable company.

2009-08-14

HOLD

30.010

Glenn MacNeill, P.Eng.

Have some interesting properties. Has been suffering a little because of the high price of heavy oil. They are a refiner so they are buying heavy oil as their feedstock. There are others that he likes better in the same space such as Suncor (SU-T) and PetroCanada (PCA-T).

2009-08-11

HOLD

30.790

Bruce Campbell

(Market Call Minute.) Prefers others.

2009-08-10

TOP PICK

31.270

(A Top Pick Aug 1/08. Down 32.2%.) Integrated and it is big. Relatively oily. Have offshore assets. Good management. 3.8% yield. When the earnings come back you'll see the dividend come back.

2009-08-07

HOLD

33.360

Fairly valued. There is potential for it to re-rate over time but thinks it has come fairly far, fairly fast. Would prefer Imperial Oil (IMO-T).

2009-07-24

Comment

30.950

Good defensive stock to own especially in low oil prices but he sees oil prices improving, especially in senior names. Shifted their capital program more to Southeast Asia. Have indicated a desire to spin it out.

2009-07-16

BUY

30.720

John Zechner

Positive on oil going forward. It's okay to add this name here. Not the highest growth name in the sector but he'd rather be playing the oil stocks rather than natural gas.

2009-07-13

BUY

30.320

Jaime Carrasco

Crescent Point Energy (CPG.UN-T) or Husky (HSE-T)? Likes both companies but his preference would be Crescent Point because of the cash flow they are paying. Have great management and great property. Both of them will do very well on a long-term basis.

2009-07-06

PARTIAL BUY

35.150

Charles Lannon

Well diversified energy company with offshore production as well as refining and marketing assets. Always had a sensible cash return policy. Paid generous dividends but haven't levered up the balance sheet to do it. Thinks oil has gotten ahead of itself and there needs to be a rebound in global demand. Phase in purchases over 9 or 10 months as he expects there will be a pullback.

2009-06-12

TOP PICK

34.450

Looking for $85 oil by the end of the year. This one is always a little bit under the radar. Doesn't think they are getting the benefit of their Southeast Asia operations. Good yield of 3.5%.

2009-06-05

TOP PICK

33.650

Lee Kai Sheng (?) owns 35% of the control block is 75 and will be retiring in the next couple of years, could donate his holdings to China. Could be a takeover. This is your Suncor (SU-T) equivalent but a lot cheaper. 3.6% yield.

2009-06-04

TOP PICK

29.080

Marc-Andre Robitaille

Highest yielding common stock in energies in Canada. History of returning cash to shareholders. For numerous years they have paid special dividends, although not last year. Low debt to equities. Biggest risk is the commodity price.

2009-04-15

BUY

29.550

Most analysts are very favourable on this. Good production growth on the east coast side of the business as well as their offshore Asian fields. Also has diversity with their refining.

2009-04-14

TOP PICK

28.050

(A Top Pick April 24/08 Down 36.4%.) Cut the dividend but the yield is still attractive. Good integrated, solid and well run company. Not enough appreciation of their offshore assets.

2009-04-09

BUY

27.590

(Market Call Minute.)

2009-04-03

BUY

27.320

Has always associated it with low growth situations but in this type of environment, a great defensive position. Very clean balance sheet and exposes you to the upside up oil prices. In a rising commodity price environment, their retail side will get squeezed a little more.

2009-03-26

BUY

27.740

Martin Hubbes, CFA

If you want to play oil in a conservative way, this is a great way to do it. A little less torque to the oil price but obviously a very good operator with good assets. They are starting to get returns from their assets.

2009-03-23

TOP PICK

26.400

(A Top Pick Feb 8/08. Down 33.8%.) Cut their dividend but it will probably be reinstated when their cash flow starts coming back. Likes some of their Far East plays.

2009-03-09

BUY

26.190

Oil is starting to look attractive.

2009-03-06

Comment

26.600

In 3 or 4 years, energy prices will have to be higher. Would hold off to see if the stocks go lower. If oil goes sideways for another month or two, there is no rush to be in them.

2009-02-20

BUY

30.770

Michael Decter

(Market Call Minute.) Great dividend. Has been really beaten up.

2009-01-28

TOP PICK

29.360

6.7% yield. Performance is more sideways than down. There are concerns that the dividend might get cut.

2009-01-23

BUY

32.670

(Market Call Minute.) A poor man's Suncor (SU-T). Have very much the same sort of assets plus east coast oil. Thinks oil is coming back and this will be a beneficiary.

2009-01-14

BUY

32.050

David Burrows

Integrateds have been performing well lately. Good dividend yield.

2009-01-07

STRONG BUY

31.880

(Market Call Minute.) Very strong buy. Coming off a weak patch but should move higher, particularly with East Coast oil and gas as a catalyst.

2009-01-02

BUY

27.690

Gordon Higgins, CA, MBA

Great asset base. Have a refinery so they benefit even when oil prices go down. Cut back on their budget so still have free cash flow. Very solid company. 7.25% yield could be at risk.

2008-12-22

BUY

31.160

Bill MacLachlan

Quite optimistic about this one. There is always the possibility of it being taken over by its primary shareholder. Conservatively managed. Excellent balance sheet. One of the more conservative ways to play the energy situation.

2008-12-11

Comment

29.950

Peter Gibson

34% ROE. Rate of profitability is very strong right now but expects that to deteriorate quite sharply. Trading at 5.6X earnings. Yield of 6.6%.

2008-12-09

TOP PICK

27.720

Loves the 7% yield. You might have to set with the stocks for 6 to 9 months so you might as well get paid while waiting.

2008-12-05

DON'T BUY

29.260

Jean-Francois Tardif

Very good company. Great track record. Very well managed. Personally he prefers others in the sector as they have fallen far greater than this one. There is more money to be made in others.

2008-12-02

TOP PICK

36.200

Very good yield of 5% plus. Well run company. Not being recognized for their China Sea and China connections.

2008-10-31

BUY

35.770

Robert Floyd

(Market Call Minute.) Likes this company. Offering a strong yield.

2008-10-30

WEAK BUY

30.800

Brendan Caldwell

Question: If oil prices were $55 in 2009, which of Canadian Oil Sands (COS.UN-T), Suncor (SU-T) or Husky Energy (HSE-T) would you buy?Answer: Probably Husky. It is an integrated with a lot more diversification. Suncor is integrated but is mostly heavy oil. Canadian Oil Sands is entirely heavy oil. Heavy oil is the most vulnerable to the changes in energy prices.

2008-10-27

HOLD

33.000

Bill MacLachlan

Very well run. Likes that there is always the possibility of a takeout by the controlling shareholder. One of the better larger energy companies out there.

2008-10-23

HOLD

35.320

Hap (Robert) Sneddon FCSI

Almost 6% dividend. Had its share of execution problems. Looks cheap on paper. Fully integrated so you have to have concerns on their downstream operations. Has assets in China, a country he is not strong on. You will see a stronger Q3 number coming out but the refining squeeze will be coming out in Q4.

2008-10-21

HOLD

33.520

Picture for oil is pretty good.

2008-10-08

DON'T BUY

44.200

Glenn MacNeill, P.Eng.

Good liquidity. Refining looking a little better. Expecting to do well. There are others he likes better.

2008-09-30

TOP PICK

46.800

Not a favourite amongst the analysts, but he likes it because it is a well run company and has a good yield. Held up very well in the market selloff. Sold off part of their tar sands. Have a refinery that adds to their earnings.

2008-09-26

HOLD

47.400

Joseph Schachter

Starting to rebound. Has the ability to go to all-time highs. Well managed. Tremendous assets off East Coast Canada.

2008-09-25

TOP PICK

45.920