STOCKCHASE

Never thought the third party contract for management was the main driver behind stock price. Conservatively run company. Management’s objective is to make sure there is enough cash flow to cover the distribution.

2012-01-25

BUY

18.050

Hap (Robert) Sneddon FCSI

One of his favorites. Still likes it and feels it is reasonably priced. Good to hold for yield. Potentially could increase dividend this year. May back fill for a little while.

2012-01-20

HOLD

18.100

Chart shows a long upward trend from early 2009. No reason to sell it right now. If it broke $18, you're probably going to get some interest and also at $14. If it broke $17.90, you may want to take some off the table and pick it up again around $17.

2012-01-19

BUY on WEAKNESS

18.470

His largest single holding. Had a great year that surprised him. Really likes the company. It is extremely well managed. At least one catalyst – they increase their distribution and yet keep their distribution ration low. As the oil sands produce more oil they are in a terrific position to ship more of that oil south. They don’t have to add more pile, just compression stations. They have had a terrific run so wont do a great gain but the distribution is terrific. If market gets too good, people will take money out of this one and into more aggressive holdings. Provident is an alternative and is a top pick tonight.

2012-01-04

HOLD

18.670

Has done well like all pipeline stocks. The one thing about them is that they are oil sands and are basically taking stuff from northern Canada and are perceived a little bit less risky than others. Looking pretty fully valued but you can collect the dividend for sure. Pipe are trading at 20 plus times earnings so are fully valued.

2012-01-03

BUY on WEAKNESS

18.580

Fine company and great management. He intends to hold. Would wait for a pullback before going into it. $16.50-$17 would be a good entry point.

2011-12-16

PAST TOP PICK

18.160

(Top Pick Dec 16/10, Up 42.67%)

2011-12-13

HOLD

18.920

Has run a fair bit lately and is in the sweet spot of steady growth and a good dividend. Pretty fully valued.

2011-12-07

BUY

17.800

Likes this one at these levels. Last quarter was fairly clean. Over the last period of time, more of their business is coming from fees and is less commodity dependent than it used to be. Have been expanding their operations at Cold Lake.

2011-11-25

PAST TOP PICK

17.970

(A Top Pick Dec 16/10. Up 26.78%.) Still thinks it can double the size of its assets in the next 10 years. This way you capture the dividends and still get the growth. He thinks he can get 10% compounded.

2011-11-22

BUY

18.500

Plugged into the oil sands and you don't have to think too much with this one. You have a good asset and really good demand. With Keystone being laid, it will be filled with oil.

2011-11-16

TOP PICK

17.800

Bought in August because it was on sale at that price. Even at today’s price, two things will drive it. Two drivers are (i) and first class management and (ii) businesses they are in: Pipeline (additional pipelines built) and Bulk storage business in UK and Europe. Both are cash cows. Also have liquids business, which is having a tough time. More acquisitions. Further dividend increases.

2011-11-08

BUY

17.730

Good assets. Expanding with storage facilities in Denmark, Polaris pipeline coming on and big potential for expansion in Swan Hills area.

2011-11-07

DON'T BUY

17.190

Prakash Hariharan

A Toppy name. 9 or 10 times cash flow.

2011-10-28

TOP PICK

16.390

David Burrows

One of his biggest positions over the last couple of years. This one rallies on the up days. There is an appetite for this type of investment. Pipeline, Liquid extraction business, storage, will grow cash flow 4-5%/year over the next few years as well as their distribution. Very little variation in the business.

2011-10-25

TOP PICK

16.520

One of the more aggressive pipeline companies. Stock is outperforming the index. Have tied themselves into the oil sands and have built some new pipelines. Cash flow easily covers the payout.

2011-10-21

TOP PICK

16.600

(Top Pick Dec 16’2010 Up 15.30%) You have to go up the earnings stream to the guy that sends it through the pipe. 6% yield. Will grow at 2-3% a year. Very boring utility pipeline stories might become very interesting.

2011-10-19

TOP PICK

15.610

(A Top Pick Oct 12q/10. Up 27.26%.) Have several pipelines in the oil sands and will be adding more, which will be the prime mover of growth. His target is $17 plus. With a potential capital gain from here, plus the dividend, you are looking at 13%-15% return.

2011-10-04

TOP PICK

15.610

Pipeline and a stable way to play energy. 6% dividend. Really likes its growth prospects. Has the corridor pipeline, which is handling just under 500,000 barrels a day and can go to 1.2 million. Also acquired some oil storage in the Danish Straits, which has a really good return on it.

2011-10-03

BUY

16.090

Sandy McIntyre

Well run company. Pipelines are stable rate of return businesses with a little bit of pricing power and a stable income stream.

2011-09-07

HOLD

16.090

Don Vialoux

Oil stocks and pipelines stocks usually do well from mid-Jan to September of each year. Stock usually has a tendency to under perform.

2011-09-02

BUY

16.040

Andy Nasr

Energy infrastructure company. Huge increase in oil and gas production conventional and unconventional. Production expected to triple in the next 10 years. 6% yield.

2011-08-23

TOP PICK

15.830

Has a management objective of a gradual increase of distributions every year, so the 6% yield is going to be steadily rising. Management has a solid grasp of the pipeline business in terms of oil sands. Have made a major expansion in Europe in terms of liquid storage.

2011-08-18

PAST TOP PICK

15.550

(A Top Pick July 19/10. Up 35.2%.) His largest and favourite holding. A real gem over the next few years.

2011-08-02

TOP PICK

15.800

First class management. Becoming the preeminent transporter of oil sands products. Recently acquired storage in Denmark. 6% yield. Target price of $18.

2011-07-20

BUY

15.920

Mike S. Newton, CIM FCSI

Has been a little range bound, but it is a world-class energy infrastructure name. They are moving 36% of Canadian oil sands and 40% of natural gas.

2011-07-19

BUY

15.930

Ben Cheng

Great company to own. Have some growth projects that will continue to add substantial numbers to their bottom line. Very dependable pipeline company.

2011-07-14

PARTIAL BUY

15.860

Rick Stuchberry

At current price, this is a Hold but would be a Buy on weakness. There is enough growth in the system to maintain the 6.2% yield. At this price, you could do a Partial Buy and buy the balance later.

2011-06-30

BUY on WEAKNESS

15.570

Prakash Hariharan

Stock is basically moved with the natural gas/liquid spread. Also have a storage business in the UK, which creates a lot of cash flow for them. You’re paying 8-9 times cash flow, which is a bit pricey.

2011-06-29

TOP PICK

15.220

Likes pipelines in general. 2 good catalysts are 1) the corridor pipeline, which went into operation in the last 12 months, is carrying about 485 thousand barrels of oil a day. By putting one more piece of pipe in they could triple that. 2) Just bought oil storage facilities in the Danish Strait, which is the busiest corridor globally. 6%+ yield.

2011-06-27

BUY

15.910

Likes it – a good long-term hold. Oily pipeline, which he prefers to gassy ones. Slightly expensive because of what it has done. It depends now on your patience.

2011-06-07

TOP PICK

16.280

Utility. Good yield of 5.9%. Recently increased their dividend again. New pipeline has just started up and their earnings are going to pop. Are in the oil sands part of the market which will be a big growth surge that will continue for some years.

2011-05-27

HOLD

16.360

Likes pipelines. Good management. Good assets. Growth may be a little slower than some of the other pipes. Earnings weren’t outstanding which may be why the stock recently dropped.

2011-05-25

TOP PICK

16.620

David Burrows

Probably the purest play on pipelines around the oil sands. Have an NGL extraction business (taking liquids out of the gas), conventional pipelines and a bulk storage business. Revenues, cash flows and distributions will continue to grow over the next 3-4 years. 6% yield.

2011-05-18

BUY on WEAKNESS

15.660

Joseph Schachter

Nice conservative play with good yields. Company has been growing their assets so as they grow their assets they have more cash flow, which they pay out to their investors. Can be some volatility.

2011-04-14

BUY

15.670

Because of index rebalancing, stock spiked March 31st. Big pension funds need more than what they are getting in the bond market, which could create some interest in a takeover. This is his favourite in this sector and his largest holding. Also likes Pembina (PPL-T). Keyera (KEY-T) has had a huge run so is probably more of a hold. You can also consider Trans Canada (TRP-T) even though it has a lower yield but has some good growth prospects ahead of it.

2011-04-13

BUY

15.460

A clean strategy to toll the oil sands production from Alberta. As more and more infrastructure goes into the oil sands, their throughput increases more and more.

2011-04-05

BUY

15.460

They are just a pass-through so it should not matter what the price of oil is, but it does. There is more interest in the stock when oil prices are high. Dividend is safe.

2011-04-05

Comment

16.160

Bill Carrigan

Popped up 5% yesterday but reversed back today. Relative strength index was at 87 today indicating it was overbought. Trend is still higher, so it’s OK. Eventually we’ll be getting into a rising rate environment so would be a little concerned about utilities.

2011-04-01

WATCH

17.080

David Driscoll

Pipelines are getting construction activity, which is why it is having a bit of a move right now. Yield of about 5.6%. Steady and very consistent payer. Don’t expect a lot of growth as utilities have had a lot of their run already. Technicals indicate it is very overbought right now so wait for it to be oversold.

2011-03-31

BUY

15.160

Been a great stock. Did increase dividend in 2011. In big cap X project, so probably wont increase dividend this year or next.

2011-03-21

TOP PICK

14.770

Dividend yield of over 6% and thinks it will be able to grow organically at 5% to 10%. They are building the incremental oil pipelines to the oil sands over the next 10 years.

2011-03-08

TOP PICK

14.990

(A Top Pick Feb 26/10. Up 35.27%.) A utility and very good management. Have been heads up on the tar sands and built their pipelines to fit this. Only about 70% payout, which will drop to about 63% next year. Yield of around 6.4%.

2011-02-25

HOLD

14.730

Ship oil from the oil sands, so in the right spot at the right time. Won’t go up too much so probably a Hold more than a Buy. Dividends are completely sustainable. Also have a lot of tax losses to drill through.

2011-02-23

HOLD

15.160

Rick Stuchberry

Valuations are pretty full in every stock in this sector and he is holding for the income stream. Doesn’t think there is much risk to the downside. The risks on these start to come when the bond market starts to tick up and rising interest rates.

2011-02-07

TOP PICK

15.040

6% yield. Increased distributions twice in the last couple of years. Have big tax pools. Expecting good growth.

2011-02-03

TOP PICK

15.060

One of the companies that retained it partnership structure so still has a favourable tax treatment. Yielding over 6%. Thinks it can grow in the oil sands business as they build the pipes over the next decade and should be able to double the size of the company.

2011-01-24

BUY

15.590

Has a higher growth profile than a lot of the other pipelines. Will probably give an 8%-10% rate of return. Has the growth profile of the oil sands. As this increases output, they will benefit.

2011-01-18

BUY

14.950

Has had a huge run. Pays a good distribution. (A dividend as at Jan 1st and they don’t have to convert from a trust.) Thinks they will increase dividend again as there is good organic growth. This is mostly a Buy for yield at this point, not growth.

2010-12-31

HOLD

14.950

Jim Huang

Well-managed pipeline company and has leverage to the continued growing Alberta oil scene. It’s only a hold because it is a trust and payout is unsustainably high and continued growth would have to be financed by issuing new units. Prefers Enbridge or Transcanada pipeline.

2010-12-30

BUY

15.270

Limited partnership and no cut in the payout. Good aggressive management and have taken advantage of the tar sands by building subsidiary pipelines. Lots of work for them.

2010-12-17

TOP PICK

15.110

Cdn$ is what will mess resource investors up the most in the next year. If it goes up significantly it messes up margins significantly. Now going to big stable businesses that can grow. 6.3% yield.

2010-12-16

BUY on WEAKNESS

15.000

Michael Simpson, CFA

Good long-term energy infrastructure play with energy storage assets in Europe and pipelines in western Canada. Very well managed. Will stay as a limited partnership rather than converting to a Corp and keeping their distribution. Big growth will be the corridor pipeline, which will carry oil sands oil.

2010-12-02

PAST TOP PICK

14.300

(A Top Pick Nov 2/09. Up 56.05%.) Still a Buy.

2010-11-16

DON'T BUY

13.950

Barry Schwartz

You won’t get a lot of growth. Move money into TRP, and similar. Doesn’t see any dividend increase.

2010-11-04

BUY

13.650

Well managed company. Doesn't expect any significant cut in distributions when they convert. 6%-10% growth every year.

2010-10-25

BUY

13.570

Likes it. It is always running a little bit expensive. Wants to buy at $13 or slightly under. Volumes have been down a little bin in some areas. Pretty good yield. Need to convert to Corp but have not announced what the cut in the distribution will come.

2010-10-20

BUY

13.160

Don Lato

Yield of 7%-7.5%. Had a series of distribution increases over the last 2-3 years. Have some new pipelines coming on stream out of the oil sands over the next 2-3 years.

2010-10-14

TOP PICK

13.050

(Top Pick Nov 2/09, Up 38%) Management proved to him recently that there was substantial room for growth. Pretty good distribution and will be tax efficient after conversion.

2010-10-12

PAST TOP PICK

13.030

(A Top Pick Sept 10/09. Up 52%.) Would buy this one for his new accounts. Has future growth, particularly in the increase in capacity of pipelines from oil sands to regular markets. Limited partnership so they don't have to convert but distribution is treated as dividends for tax purposes.

2010-09-21

Comment

13.100

Good pipeline company with some mid-stream operations. Distribution is not big but is stable. Will be a 5%-6% grower.

2010-09-09

TOP PICK

13.010

Buy below $13. Good yield. Big addition to the revenue coming on when their corridor pipeline comes on. There is a prospect that in the next year or so they might raise their distribution. Will remain as an income trust. 7% yield.

2010-08-26

PAST TOP PICK

12.990

(A Top Pick June 8/09. Up 66.42%.) Sold his holdings.

2010-08-11

HOLD

12.900

As it approaches $13, he expects some resistance. Announced a long-term contract tied into the tar sands. Good dividend that is unlikely to be cut.

2010-08-06

BUY

12.720

Jeff Parent B. Eng. FCSI

Nice looking chart. Dropped in May but recovered to a new high, which is very positive for a stock. There is no upside limit on this one. Expect you could see $1-$2 upside. Use a Stop/Loss of $12.30 as that would indicate a reversal.

2010-07-30

HOLD

12.730

Yield of almost 7% is not in any immediate jeopardy. Have some growth ahead of them. Last quarter was in line. Corridor expansion is on track.

2010-07-28

BUY

12.510

Long term contracts. Will convert to a corp, but should be able to hold their payout.

2010-07-22

TOP PICK

12.320

Defensive play. New big pipeline coming into their rate base for the next couple of quarters. Oil sands are firing back up giving them a lot of upside. Possible acquisition target. Doesn't have to convert because they are a partnership. 7.35% yield.

2010-07-19

BUY

12.420

Partnership and don't have to convert to a corp. Bringing on 2 new pipelines from the oil sands but interestingly is their ability to increase capacity with very little incremental costs. Looking for 2%-3% modest growth a year plus yield giving a total return of 9%-12% annually.

2010-07-14

WEAK BUY

11.990

David Baskin

(Market Call Minute) Nothing wrong with it.

2010-07-06

PAST TOP PICK

12.010

Rick Stuchberry

(A Top Pick July 10/09. Up 49.08%.)

2010-07-02

HOLD

11.970

Jim Huang

(Market Call Minute) A good hold although not a lot of growth in the short term.

2010-06-22

HOLD

11.680

Should one take profits? He wouldn’t sell it. It is his favourite stock. Largest single personal holding. Distribution is sustainable. Wont convert till 2013 because of tax pools. Have great prospects for growth. If it ran up to $13 he might sell it. Hold on to it. Not negatively affected by conversion.

2010-06-11

PAST TOP PICK

11.540

(Top Pick Jun 8/09, Up 46.06%) thought it became over valued.

2010-06-09

TOP PICK

10.760

Basically oil transportation plus some liquefied natural gas. Great long-term story. 80%-90% of their business is key based. Distributions have been going up consistently, which he thinks will continue.

2010-05-20

BUY

11.510

Ben Cheng

Very good business. Have 3 major projects including the Corridor pipeline and the Kerl expansion. This will help them maintain their distributions. If you own it outside of your RRSP, you will be able to claim dividends when they convert.

2010-05-12

TOP PICK

11.260

Pipelines. Will have to convert to a common stock but have indicated they will maintain their payout. Payout ratio is only 70%. Very tied into the heavy oil industry.

2010-05-07

PAST TOP PICK

11.800

(A Top Pick March 24/09. Up 78.85%.) Still likes.

2010-04-22

BUY

11.780

Well-managed company. Slow growth profile. If you want yield, it is a pretty good company to buy.

2010-04-20

BUY

11.780

One of the major operators in Canada in the pipeline area. A good buy on a 3-5 year view. First class management.

2010-04-15

Comment

12.000

Somewhat high distribution payout and expects a bit of a roll back when they convert to a corporation but this seems to be priced in. Current yield of about 7.5%.

2010-03-17

BUY on WEAKNESS

11.920

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

(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

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

(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

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

(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

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

(Market Call Minute) Well run company

2009-12-22

PAST TOP PICK

10.930

(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