| TOP PICK | 9.710 | Michael Decter | 8.6% distribution is rock solid. Announced they will continue distributions after it becomes taxable. About 90% done on the big pipeline that is taking oil out of the oil sands. Will have to raise some more money to pay down the pipeline debt so you will be able to get a bit of a discount in Q4 and next year. He Buys below $9.50 and Sells above $10. | 2008-08-18 | |
| TOP PICK | 9.530 | Peter Brieger | Very safe security. Looking for a 12% capital gain. Gives a 9% yield. Won't be taxed in 2011 because of their capital costs allowance on their construction of the corridor pipeline. | 2008-07-16 | |
| BUY | 10.030 | Peter Brieger | There won’t be much in the way of capital gain; maybe 4 or 5 percent a year but there is also the 8% yield. With the capital spending they are doing to build the corridor pipeline they won’t be taxed any time soon. | 2008-06-30 | |
| BUY | 10.040 | Peter Brieger | Likes the pipelines including #1 Inter Pipeline (IPL.UN), #2 Fort Chicago (FCE.UN-T) and #3 Pembina (PIF.UN-T). Fully priced, but gives a very good yield. | 2008-06-04 | |
| BUY | 9.980 | Michael Simpson, CFA | Recently had a very good Q1 earnings and cash flow. Excellent exposure to the oil sands and their volumes through this are going to grow over time. Great infrastructure play in Canada. Yield of about 8.5%. | 2008-05-14 | |
| HOLD | 9.580 | Sandy McIntyre | The income stream has a very modest growth profile but of a long duration. Has pipeline development on the go. Expect they will be able to continue paying their distribution after 2011. | 2008-05-05 | |
| PAST TOP PICK | 9.520 | Peter Brieger | (A Top Pick May 16/07. Up 8%.) Income trust pipelines are going to do very well. Still a Buy. | 2008-05-01 | |
| BUY | 9.560 | Peter Brieger | The way you look at this and its 2 colleague trusts Fort Chicago (FCE.UN-T) and Pembina (PIF.UN-T) is that you take the yield to get 2% or 3% capital gain and adding it to your yield you get a pretty good total return. | 2008-04-17 | |
| BUY | 9.360 | Ben Cheng | (Market Call Minute.) A volatile holding. Prospects look pretty decent. | 2008-04-16 | |
| Comment | 9.360 | Michael Decter | Have said they will maintain distributions even after 2011 when they become taxable. Likes the pipeline trusts, as they are a good solid utility business and are yielding about 8%. | 2008-04-16 | |
| PAST TOP PICK | 9.560 | Peter Brieger | (A Top Pick May 2/07. Up 7% including distributions.) 8.5/9% yield. | 2008-04-02 | |
| BUY | 9.120 | Michael Simpson, CFA | An infrastructure play with pipelines, midstream assets and energy storage assets in Europe. Also have a lot of growth from their oil sands pipeline. Payout ratio is about 92%. Good price. | 2008-01-22 | |
| TOP PICK | 9.240 | Michael Decter | Pays 9%. Thinks the distribution is bulletproof. Management has gone on record saying they think they can maintain the distribution once they become taxable. Also have a new pipeline going into the ground that will take oil out of the oil sands, which will add $1 billion to their capital base. Well managed. | 2008-01-07 | |
| BUY | 9.570 | Peter Brieger | He would buy it today for the income component. With the current yield and the capital gain, you are looking at a 10% to 11% total return. | 2007-12-11 | |
| TOP PICK | 9.350 | Peter Brieger | Energy demand in North America will be continuous and increasing. You want companies that are transporting it. This is the cheapest, along with TransCanada (TRP-T), but this one has a much higher yield, in excess of 8%. Safe distribution level. | 2007-08-14 | |
| Comment | 9.530 | Leslie Lundquist | A collection of businesses all related to the oil/gas sector. Distribution is quite stable and has opportunities to increase over time. | 2007-07-25 | |
| BUY | 9.780 | Peter Brieger | This is his choice in pipelines. | 2007-07-19 | |
| Comment | 9.600 | Peter Brieger | The payout ratio is about 85%, which he considers typical. They are doing many projects, which he feels is very helpful to them. | 2007-06-04 | |
| Comment | 9.410 | Ben Cheng | Difficult to analyze because of the scope of properties as well as geographies. Trades at a discount to her other oil/gas pipelines trade. Will possibly sell off parts to US Master Limited Partnerships, which is a very acquisitive space with very rich stock prices. | 2007-05-29 | |
| BUY | 9.570 | Peter Brieger | Yield is in excess of 8%. Has recently expanded its capacity to ship oil from the tar sands. | 2007-05-16 | |
| TOP PICK | 9.700 | Peter Brieger | Has a good yield Have just finished a pipeline which will add to their capacity. They are one of the leaders. | 2007-05-02 | |
| BUY | 9.360 | Peter Brieger | Pipelines are a growth industry and if demand keeps on rising, the product will have to be shipped. Has been buying Fort Chicago (FCE.UN-T) Inter Pipeline (IPL.UN-T) and Pembina (PIF.UN-T) for new accounts. | 2007-04-04 | |
| BUY | 9.450 | John Stephenson | One of his favourite names in the pipeline trust sector. Good growth and it is stable. Will benefit from a stable/declining interest rate. | 2007-03-27 | |
| PAST TOP PICK | 9.330 | Peter Brieger | (A Top Pick Nov 29/06. Up 10.1%.) Still buying. | 2007-03-21 | |
| BUY | 9.320 | Michael Simpson, CFA | Recently acquired a pipeline that gives them good oil sands exposure. Has some storage assets in Europe. | 2007-03-20 | |
| HOLD | 9.450 | Kevin Hall BComm, CFA | Made a large acquisition of a pipeline in the oil sands region of Alberta. Opens up a new growth platform for them. Currently undergoing expansion of their existing pipeline. Looks expensive on an EBITDA ratio, but when you look out 3 or 4 years, it becomes a bit more reasonable. 8.9% yield. | 2007-03-09 | |
| BUY | 9.100 | Bruce Campbell | A good long-term hold. Acquired Kinder Morgan’s Alberta pipeline, which is quite large, but paid a fairly full valuation. Low volatility. | 2007-03-06 | |
| BUY | 9.050 | Peter Brieger | One of his favourites. Feels the distributions are definitely safe. | 2007-03-02 | |
| BUY | 9.000 | Michael Decter | The pipeline trusts is a sector with tremendous value. Offer better value than the pipeline companies. He owns Keyera (KEY.UN-T), Inter-Pipeline (IPL.UN-T), Fort Chicago (FCE.UN-T) and Pembina (PIF.UN-T). Distributions have held and the yields are up. Feels they will be taken out. | 2007-02-26 | |
| PAST TOP PICK | 8.990 | Peter Brieger | (A Top Pick Nov 29/06. Up 5.3%.) Still buying. | 2007-02-19 | |
| DON'T BUY | 8.950 | Michele Robitaille | Just cleared out of her holdings and moved money into other players in this sector. Prefers Fort Chicago (FCE.UN-T), Altagas (ALA.UN-T) and Keyera (KEY.UN-T). This company is fine, but prefers others. | 2007-02-02 | |
| PAST TOP PICK | 9.330 | Peter Brieger | (A Top Pick Nov 29/06. Up 8.8%.) This is a form of trust that will be around for a long, long time. | 2007-01-15 | |
| BUY | 8.980 | Michael Sprung | The pipeline model is a good one for and income trust. Both Inter Pipeline (IPL.UN-T) and Fort Chicago (FCE.UN-T) are relatively attractive investments. Their assets have significant value. | 2007-01-05 | |
| BUY | 8.380 | Ben Cheng | Has been benefiting recently from very generous frac spreads, which arises from the differential between crude and natural gas prices. As long as we are seeing a better than 6 to 1 differential, strong earnings should continue. | 2006-12-01 | |
| TOP PICK | 8.450 | Peter Brieger | 10% yield. About 15% of their operating earnings comes from offshore, so will not suffer the tax consequences. Pipelines are a growth business. | 2006-11-29 | |
| BUY | 7.790 | Michael Sprung | Pipelines are probably a good place to be. Pipeline trusts are a glaring example of the trusts that have been hit harder than they deserve. | 2006-11-14 | |
| BUY | 8.840 | Michael Simpson, CFA | Involved in conventional pipelines, oil sands pipelines, oil/gas storage in the UK and Germany as well as benefiting from fractionatial spreads. Well-run company. | 2006-11-03 | |
| TOP PICK | 8.600 | Peter Brieger | Stable, long term growth, fairly mature. Yield of 9.79%. Pipeline business is ideally suited to a trust structure. Pembina (PIF.UN-T), Fort Chicago (FCE.UN-T) and Interpipeline (IPL.UN-T). If you were ever going to buy any trust in this market, it would be one of these three. | 2006-11-01 | |
| PAST TOP PICK | 10.200 | Michael Sprung | (A Top Pick Mar 1/05. Up 8.4% plus distributions.) Doesn't expect much more upside, but it is a good yield vehicle. | 2006-10-18 | |
| PAST TOP PICK | 10.470 | Michael Sprung | (A Top Pick Mar 1/05. Up 11.1%.) Well managed. Payout ratio is sustainable and reasonable. 8% yield. Still a good buy. | 2006-09-19 | |
| BUY | 10.270 | Peter Brieger | Uses a package of three stocks, Fort Chicago (FCE.UN-T), Inter Pipeline (IPL.UN-T) and Pembina (PIF.UN-T) for accounts that are looking for income. The average yield is around 7.5%. | 2006-09-13 | |
| BUY | 10.100 | David Cockfield | In the pipeline business but have added some subsidiary operations. Had a great quarter. There could be some payout increases. | 2006-08-16 | |
| BUY | 9.930 | Peter Brieger | Fort Chicago (FCE.UN-T) Pembina (PIF.UN-T) and Inter Pipeline (IPL.UN-T) all form a part of his clients portfolios. | 2006-08-09 | |
| BUY | 10.050 | Peter Brieger | Focusing on Inter Pipeline (IPL.UN-T), Fort Chicago (FCE.UN-T) and Pembina Pipeline (PIF.UN-T) which have yields of 7/7.25%. | 2006-07-18 | |
| BUY on WEAKNESS | 9.840 | Robert Lauzon | He is underweight the whole power/pipeline sector. Waiting for interest rates to stop moving up. This is a pretty solid name. Growing a little bit quicker than the average. If you can pick some up at $9.40/9.50, you'll have a pretty good yield for growth going forward. | 2006-06-02 | |
| BUY | 9.380 | Ben Cheng | Has dropped along with the rest of the income trusts. Good management team. Prospects going forward are going to be pretty good. | 2006-05-19 | |
| BUY | 9.500 | Sandy McIntyre | Has dropped along with interest sensitive stocks. Has been adding to his portfolio at this price. Good value here. | 2006-05-12 | |
| BUY | 10.010 | Michael Simpson, CFA | Recently diversified into Europe. Likes what management is doing. | 2006-03-31 | |
| BUY | 10.580 | Michele Robitaille | Inter Pipeline Fund is one of the largest energy infrastructure businesses in the Can. trust sector. Relatively well positioned trust. There are acquisitions in the UK that are bringing in revenues. She continues to like this fund. | 2006-03-18 | |
| TOP PICK | 9.800 | Peter Brieger | This Top pick consists of a basket of pipeline trusts, Fort Chicago (FEC.UN-T), Inter Pipeline (IPL.UN-T) and Pembina Pipeline (PIF.UN-T). As more and more oil/gas is discovered, it will have to be shipped. Pipelines are going to be the next growth phase in energy. There is a choice between paying a hefty P/E ratio for a regular pipeline company and getting a much higher yield. You'll get modest capital appreciation plus steady and increasing distributions. | 2006-01-30 | |
| HOLD | 9.990 | John Stephenson | Pipelines are a hugely capital intensive business. Most of their capital goes out the door to unit holders. An increasing interest rate environment. A contractual business and once the contract ends, there is no more obligation to use that pipeline. Fully valued. | 2006-01-25 | |
| BUY | 10.010 | David Cockfield | One of the smaller pipelines. The yield is not exciting, but anybody in the pipeline business is probably going to shore growth. Not a bad one. | 2006-01-23 | |
| BUY | 10.300 | Leslie Lundquist | Recently increased distributions. Have taken on new projects that should result in distribution increases. | 2005-12-07 | |
| BUY | 9.900 | John Stephenson | A fine name and would be comfortable buying at this level. | 2005-12-01 | |
| TOP PICK | 10.300 | Peter Brieger | If you believe in the growth of the energy business then you have to believe in the pipelines. Chose 3 pipeline trusts as a top pick, Fort Chicago (FCE.UN-T), Pembina (PIF.UN) and Inter Pipeline (IPL.UN-T). Should get continued modest growth. A good choice for conservative investors who want to participate in energy. | 2005-11-29 | |
| BUY | 9.630 | Peter Brieger | 3 favourite pipelines he owns are Fort Chicago (FCE.UN-T), Inter Pipeline (IPL.UN-T) and Pembina (PIF.UN-T). Prefers Inter Pipeline and Pembina, but is buying all 3 for new accounts. | 2005-11-15 | |
| BUY | 9.470 | Peter Brieger | The ideal type of business for an income trust. Stable growth. Recently made an acquisition which will be immediately accretive to them. | 2005-10-18 | |
| PAST TOP PICK | 9.970 | Michael Sprung | (A Top Pick June 24/05. Down 5% not including distributions.) Still likes. Would continue to buy it at this price. Consitent cash flow. A well organized pipeline trust. Well managed. A high quality investment. | 2005-10-11 | |
| BUY on WEAKNESS | 9.900 | Glenn MacNeill, P.Eng. | Four really good pipelines. Fairly expensive at the moment. Prefers under the $10 level. | 2005-09-02 | |
| BUY on WEAKNESS | 10.340 | Sandy McIntyre | Had modestly disappointing results recently. Likes this trust. Has not been adding to his holdings recently, but if the market pushes this one down he would add. | 2005-08-12 | |
| STRONG BUY | 10.740 | Dan Bastasic | Payout ratio is between 80% and 85%. Yield is 7.1/7.15%. Very well diversified and stable cash flow producing company. 2 sides to their business. 1) Crude oil pipeline and gathering system which they have some flexibility in increasing tolls on. 2) Recently acquired a natural gas liquids extraction plant of which 80% is take or pay contracts. Expects distribution increases going forward. | 2005-08-05 | |
| BUY | 10.460 | Leslie Lundquist | Looking 12 months down the road, the outlook is murky but good. Wants to expand beyond oil/gas pipelines. There's some consternation about this from the institutional community bacause there is an external management contract resulting in a fee. Expects good things, but it could be a bit of a rough ride getting there. | 2005-07-22 | |
| TOP PICK | 10.330 | David Burrows | Hits on a number of key market themes right now. Good yield. Looking for consitancy and cash return. This pays on a monthly basis. In 3 basic businesses 1) gas extraction which is 50% of their revenue, 2) Cold Lake pipeline for the growth coming out of the tar sands and 3) their conventional pipeline business which is very steady. Have raised distributions every year. | 2005-07-13 | |
| TOP PICK | 10.060 | Michael Sprung | Just had a bit of a stumble due to the weather conditions out west, so a good time to buy. 7.5% yield. Book value is close to $6 so it's not a huge premium that you're paying. ROE's pretty steady at 8%. | 2005-06-24 | |
| BUY | 9.850 | Dan Bastasic | A mid stream crude oil pipeline. Recently expanded into natural gas which he likes. On long term take or pay contracts. Doing fairly well on their Cold Lake pipeline. | 2005-05-27 | |
| BUY | 9.240 | Michael Sprung | Likes this fund quite a bit. Payout ratio on distributable cash flow is around 80/85% which is a sustainable level. Has 4 of the feeder pipeline groups in Western Canada as well as exposure to the tar sands. Well mananaged and well positioned. | 2005-04-28 | |
| BUY | 9.240 | Matt Baillie | Prefer this, Transcanada Power (TPL.UN-T) or Great Lakes Hydro (GLH.UN-T) over Calpine Power Income Fund (CF.UN-T). | 2005-03-16 | |
| TOP PICK | 9.430 | Michael Sprung | Good yield, reinvests in assets. A growing company. | 2005-03-01 | |
| BUY | 9.580 | Greg Guichon | Likes this trust. | 2005-02-11 | |
| BUY | 9.320 | Peter Brieger | A great buy. | 2005-01-27 | |
| TOP PICK | 9.220 | Blair Wilson | Sector outperform recommendation at a target price of $8.75. This is lower than current price, but it offers a level of income that gives a positive rate of return over the next year which may not happen with the rest of the group. Very strong management team. | 2005-01-18 | |
| BUY | 9.160 | Peter Brieger | As part of the overall energy play, pipelines are a great way to accomplish 3 things. 1) A low risk way to capitalize on growth in energy 2) immune to the price of the commodity and 3) as the infrastructure develops in North America, all pipelines in Canada will benefit. | 2004-12-31 | |
| BUY on WEAKNESS | 8.840 | Bill Harris | Great boring assets. Good management. A little expensive. Thered's a situation with a timing on contracts in 2005 that there could be a crack. | 2004-11-25 | |
| BUY | 8.620 | Leslie Lundquist | 3rd quarter results were fine. Good yield. | 2004-11-17 | |
| BUY | 8.470 | Matt Baillie | A lot of the pipelines like Enbridge or Trans Canada are expensive right now. trading at 15/17 X earnings. This one gives a nice yield of 9% is a good way to play this sector. | 2004-10-22 | |
| TOP PICK | 7.970 | Blair Wilson | One year target of 8 dollars per unit. Slow and steady. Management team is strong. | 2004-08-31 | |
| VAGUE | 7.650 | Ben Cheng | Has an external management contract which can be expensive. Unitholders have the right to vote out the General partner which is good. | 2004-07-15 | |
| BUY | 7.400 | Peter Brieger | RRSP portfolios should be looking for high-yielding, cash producing investments such as Fort Chicago, Pembina Pipeline Income Fund and Inter Pipeline which gives yields of 7 1/2% -9% plus a 2% capital gain. | 2004-06-17 | |
| BUY | 7.650 | Leslie Lundquist | Given the weakness in the trust market and how hard some pipeline trusts were hit, this is a good entry point. Good management. 9.41% yield. | 2004-05-18 | |
| BUY | 7.610 | Matt Baillie | The power income trusts have taken a beating. Good entry point. Healthy yield of close to 10%. | 2004-05-03 | |
| HOLD | 8.250 | Garth Jestley | Good yield. | 2004-01-21 | |
| BUY | 7.740 | David Cockfield | Reasonably priced. Has a reasonably competitive yield. Good asset base. Reasonably aggressive. | 2003-12-30 | |
| BUY | 7.300 | Peter Brieger | Prefers to the yield on Fort Chicago. | 2003-12-10 | |
| BUY | 6.780 | Glenn MacNeill, P.Eng. | Represents reasonably stable value and good stable income. | 2003-11-05 | |
| BUY | 6.750 | David Cockfield | Holding this trust for the good yield. Good management. | 2003-10-31 | |
| BUY | 7.060 | Ben Cheng | Western pipes carry heavy oil so if heavy oil prices drop, this could affect them. Have a stake in sweet crude coming down from Cold Lake. | 2003-09-17 | |
| BUY | 6.920 | David Cockfield | Has a pretty good yield. Their debt situation looks better. A little more aggressive than the other pipelines. Risk/reward is good. | 2003-08-28 | |
| WATCH | 6.540 | Sandy McIntyre | Pays around 11%. Good company. Keep an eye on press release re: Cold Lake which will be the future or them. | 2003-06-19 | |
| BUY | 6.200 | John Priestman | Making good acquisitions. Yield of 11%. | 2003-04-02 | |
| BUY | 6.250 | Glenn MacNeill, P.Eng. | Have good plans. Buy for steady income, not for growth. 11% distribution. | 2003-01-28 | |
| PAST TOP PICK | 6.250 | Sandy McIntyre | (Was a top pick on Aug 12 as Koch. Down 8.8%.) Still likes. | 2003-01-09 | |
Experts that have talked about Inter Pipeline Fund
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