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| BUY on WEAKNESS | 11.920 | Norman Levine | He was wrong to sell it because it was one of the income trusts to declare that once they are not a trust, they will continue to pay their distribution. It’s a question of valuation. If there is a sell off, he would get back in. | 2010-03-09 | |
| PAST TOP PICK | 11.880 | Michael Decter | (A Top Pick March 24/09. Up 64% excluding distributions.) One of his favourite holdings. 7.5% yield. Will convert but maintain the current level of payout. | 2010-03-08 | |
| BUY | 11.880 | David Cockfield | A "quasi" utility. 50-60% of their business is from the oil sands. They will hold their payout at 7.6%. Buying for the dividend. Their average purchase price is $8. | 2010-02-26 | |
| BUY | 11.530 | Michael Simpson, CFA | Reported good results yesterday. Good growth in oil sands. Will maintain their distribution and most likely stay a limited partnership. | 2010-02-23 | |
| PAST TOP PICK | 11.850 | Peter Brieger | (Top Pick Feb 25/09, Up 71%) Likes it. Great management. Is a limited partnership so they will keep their structure after 2011. Would buy more below $11 | 2010-02-17 | |
| BUY | 11.450 | Ben Cheng | There is some inherent, stable growth. It is external management but there are clauses to protect investors. | 2010-02-12 | |
| Comment | 11.260 | Norman Levine | Had owned because it was a good defensive name with a good yield. When investors started chasing yields, a number of these stocks started getting overvalued and this one started getting expensive. If it comes back down, he may buy it again. | 2010-01-28 | |
| PAST TOP PICK | 11.310 | Peter Brieger | (A Top Pick Jan 20/09. Up 59.71%.) | 2010-01-18 | |
| HOLD | 11.070 | Ross Healy | (Market Call Minute.) Selling at about 2X Book. | 2010-01-11 | |
| DON'T BUY | 11.050 | Norman Levine | Sold his holdings because the quest for yield has driven the stock price beyond its proper value. Very well run company and its payout is secure as they have enough tax pools for some period of time. | 2009-12-23 | |
| BUY | 11.050 | Michael Sprung | (Market Call Minute) Well run company | 2009-12-22 | |
| PAST TOP PICK | 10.930 | Peter Brieger | (Top Pick Dec 01/08, Up 54%) Sells when client’s position exceeds 10%. It is fully priced now, unless you are going to keep it 2-3 years. 8.2% will increase gradually. | 2009-12-14 | |
| BUY | 10.640 | Prakash Hariharan | (Market Call Minute) Just signed contract with Imperial Oil | 2009-12-01 | |
| BUY | 10.470 | Michael Sprung | (Market Call Minute.) Likes this company. | 2009-11-27 | |
| HOLD | 10.560 | Christine Poole | (Market Call Minute.) Good yield of 7.9% but at present levels doesn't see a lot of capital appreciation. | 2009-11-26 | |
| BUY | 10.430 | Michele Robitaille | In a different situation so not planning to convert but distribution will come out as a dividend, which is quite attractive for tax purposes. | 2009-11-25 | |
| BUY | 10.590 | Ben Cheng | Possibly will be able to retain distributions after 2011. | 2009-11-20 | |
| BUY | 10.670 | David Baskin | Pipeline industry is very steady and distribution should be safe. When it converts into a corporation, it should have a tremendous amount of tax shelter through depreciation. 7.8% yield. | 2009-11-19 | |
| PAST TOP PICK | 10.600 | Michael Decter | (A Top Pick Nov 7/08. Up 42.95%.) Still a buy. | 2009-11-11 | |
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| BUY | 10.520 | John Stephenson | (Market Call Minute.) Large oil transporter. | 2009-11-09 | |
| TOP PICK | 10.100 | Peter Brieger | In addition to conservative long-term growth possibilities, with its yield and Price/Cash Flow ratio it will hold up very well. 8% yield and 4% gain gives a 12% yield. | 2009-11-02 | |
| BUY | 9.840 | Michael Sprung | If you have a long-term outlook, this is a good investment. Pipelines have steady cash flows. A growing industry he expects a lot of build-out in the next few years. | 2009-10-14 | |
| TOP PICK | 9.450 | Peter Brieger | (Past Top Pick Oct 16/08. Up 35%.) Will be staying in their limited partnership format and will have enough money coming in from additional pipeline business to cover taxes so the 8.9% distribution will be maintained for the foreseeable future. | 2009-10-01 | |
| TOP PICK | 9.280 | Peter Brieger | His price target is $10.25 and with the 9% yield for a total return of around 18%-19%. | 2009-09-10 | |
| Comment | 9.460 | Peter Brieger | Getting rich but he has a target price of $10-$10.50. Would prefer it closer to $9. Not much risk because of commodity prices. | 2009-08-05 | |
| PAST TOP PICK | 9.150 | Michael Decter | (A Top Pick Aug 18/08. 5.8%.) Still likes. | 2009-07-20 | |
| TOP PICK | 8.740 | Rick Stuchberry | A lot of investors are looking for yield plays. Ships about 37% of the Fort McMurray crude. 9.7% yield. Claim they will maintain their distribution when they have to convert in 2011. | 2009-07-10 | |
| BUY | 8.500 | John Stephenson | Have a fair number of tax pools so they can push off paying taxes for a few years after 2011. You should have a reasonable percentage of your portfolio in defensive names. 9.8% yield. | 2009-06-24 | |
| HOLD | 8.790 | Peter Brieger | Getting close to being fully priced in the short term. 9.5% yield should be secure. | 2009-06-16 | |
| BUY | 8.800 | Don Lato | Very stable yield just under the 10% level. Have raised the money to fund Imperial Oil’s (IMO-T) Kearl project. Sees good growth ahead once a project kicks in and will possibly have enough cash flow to continue distributions after converting to a corporation. | 2009-06-10 | |
| TOP PICK | 8.610 | Norman Levine | Gives about 9%-10% and is not economically sensitive. Their biggest business is moving oil/oil products through their pipelines. Also does natural gas processing. Bit of a pop lately when Imperial Oil (IMO) announced plans to go ahead with the Kearl plant. Their pipeline will be used for moving a lot of the product. Expected to continue current distributions once they revert to a corporation. Not economically sensitive. | 2009-06-08 | |
| BUY on WEAKNESS | 8.730 | Gerald Allaye-Chan | Very well run business. Likes the surety of their cash flows. Decent growth possibilities in this. Very handsome yield. | 2009-05-29 | |
| BUY | 8.460 | Bruce Campbell | A good place to hide. A little bit of growth, but less than 5%. | 2009-05-25 | |
| BUY | 7.840 | Norman Levine | 10.7% yield should be safe. | 2009-05-06 | |
| BUY | 7.900 | Michael Smedley | Reliable, yield play. Good stuff in the boring markets of today. 10.7% Very attractive. | 2009-04-28 | |
| BUY | 7.700 | Ben Cheng | One of the more asset rich income trusts so management team will find ways to protect the taxable income. Buy for distribution and growth. | 2009-04-27 | |
| Comment | 7.590 | David Baskin | Of outside of an RRSP you are better with a transcanada or embridge because of dividend tax credit. | 2009-04-14 | |
| BUY | 7.410 | Peter Brieger | Selling their Valley pipeline system, which doesn't fit in anymore and will pay down debt. Very astute managers and should continue to perform well. Could be a cut in distributions. | 2009-03-31 | |
| TOP PICK | 7.370 | Michael Decter | Main risk would be investors get bored with 11%. | 2009-03-24 | |
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| BUY | 6.590 | David Cockfield | Inter Pipeline Fund (IPL.UN-T) and Pembina Pipeline (PIF.UN-T) are both excellent companies and are utilities. The fact that they are going down is really more a reflection of the market. They are both well managed. | 2009-03-09 | |
| BUY | 6.810 | John Stephenson | (Market Call Minute.) Increasing exposure to the oil sands. One of the biggest players. Stable name. | 2009-03-06 | |
| BUY | 7.280 | Kevin Hall BComm, CFA | Conventional/oil sands pipelines in Western Canada. Currently involved in the corridor pipeline expansion due for completion in latter 2009 or early 2010. Frac spreads have weighed on their results somewhat but this should improve. 11.6% yield should be safe. | 2009-02-27 | |
| TOP PICK | 6.880 | Peter Brieger | In this environment of high uncertainty, he looks for companies whose distribution is safe. They will earn enough money from the corridor pipeline in 2011 to offset their tax bills. | 2009-02-25 | |
| PAST TOP PICK | 7.640 | Michael Decter | (A Top Pick Jan 7/08. Down 8.4%.) This is his largest single position. Thinks distribution is sustainable long haul. Not taxable until 2013 because of tax pools. Have some good growth going for them and good lines of credit. | 2009-01-28 | |
| TOP PICK | 7.800 | Peter Brieger | Your portfolio wants businesses that are stable and not subject to the vagaries of day-to-day business. 70% of their revenues are essentially fee-for-service cost plus. Yield of about 10.7%. Not looking for much upside, but at 10.7% he doesn't care. | 2009-01-20 | |
| TOP PICK | 6.850 | Peter Brieger | Since his talks on previous shows, stock has dropped because of a misunderstanding of their extraction of natural gas liquids and stuff they process. Part of the profitability depends on the differential between the prices of oil and natural gas. Company has hedged itself out to about 2010. About a 12.4% yield. | 2008-12-17 | |
| BUY | 6.120 | Ben Cheng | Concerns with pipeline companies because of declining drilling activity in the western basin. However this company has long-term contracts in the oil sands. Have to do some capital funding in 2009 but should be able to handle through cash flows. Very cheap. | 2008-12-08 | |
| TOP PICK | 7.030 | Peter Brieger | Chosen as a low price to cash flow vehicle. 11.7% yield. Have 2 pipelines in Canada as well as storage facilities in the UK and Germany. Will generate enough revenue from their pipelines so that taxes won't be an issue in 2011. | 2008-12-01 | |
| TOP PICK | 8.350 | Peter Brieger | In this market, you want stability of income and high yield. This one gives you a 10% plus yield. They will have enough money to pay the taxes in 2011. Great long-term hold. | 2008-11-12 | |
| TOP PICK | 8.190 | Michael Decter | Yield is 10.25% and is sustainable. They have just about completed their expansion of the corridor pipeline, which is a huge capital project. 50%-60% payout ratio. A great place to hide until market conditions improve. | 2008-11-07 | |
| HOLD | 8.070 | Robert Lauzon | (Market Call Minute.) There are other names he likes better. Still has the external contract that he does not like. | 2008-10-29 | |
| HOLD | 8.260 | Sandy McIntyre | He understands there is no intention that they will convert prior to 2011. Current distribution is well covered in a taxable environment. | 2008-10-24 | |
| TOP PICK | 7.780 | Peter Brieger | Has the possibility to cover its tax bill in 2011. | 2008-10-16 | |
| BUY | 9.640 | Norman Levine | Payouts are safe because oil/gas keep flowing through. Take-out potential. | 2008-09-24 | |
| TOP PICK | 9.530 | Michael Decter | Pipeline trust yielding 8.8%. Distribution is sustainable through to the taxation of 2011. Putting a big pipeline in place, which is 90% in the ground, so not much cost risk. Payout ratio is low. Very solid, safe place to be. Can hold this one for ever. Thinks it will be a takeover with a 10%-20% premium. | 2008-09-23 | |
| 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 | |
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| 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 | |
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| 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 | |
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| 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 |
