STOCKCHASE

Hap (Robert) Sneddon FCSI

A processor, shipper and distributor of natural gas. If this company didn't exist, the oilsands would not be able to function. A natural gas company gets the gas out of the ground and goes to one of this company's plant’s, which strips all the ethane, butane and condensate and then ship it down their own pipes to someone else's pipes. 4.75% yield.

2012-05-11

TOP PICK

42.170

Bill Harris, CFA

In the natural gas business but not a commodity producer at $1.50, but is a natural gas processor. Quite stable business. Stock ran up and got hit when there was a bit of short-term volatility in their trading business. Very stable business. 5% dividend yield. Company can incrementally grow its business by about 5% a year.

2012-05-10

BUY

42.400

Ben Cheng

(Market Call Minute.) Very stable cash flow. Investors have been too cruel to this stock.

2012-05-09

HOLD

39.630

Rick Stuchberry

Gold stocks have underperformed for 3 or 4 months because they had been under a lot of selling pressure. When gold sort of gave up in Jan/Feb, stocks have not been able to get any kind of traction.

2012-05-04

TOP PICK

39.630

Rick Stuchberry

Gas transmission plants that clean natural gas. Good cash flow. Good yield. Gas business is not going away although price is a problem short-term.

2012-05-04

BUY

38.820

Paul Gardner, CFA

Recently bought on its weakness. Stock got hit because of its propane business, which used to price off of oil but now prices off natural gas. This is a midstream producer that takes all the by-products of natural gas, which is usually a high margin business. Great management. Has an internal growth profile of 10%-15%.

2012-04-25

Comment

37.600

Have a nice run-up until the end of December and started pulling back. He expects there would be support at around the $36 level. The next level would be $34.

2012-04-16

HOLD

38.990

Bill Carrigan

In the last quarter, oil services sector has become extremely unpopular. He feels the worst is over for this one and it is into some kind of bottoming process. Chart shows a 5 wave down, which is an extreme bear. Has big-time support at around $38. If it went to $37,

2012-04-13

BUY

39.440

Energy infrastructure company. They have plants that process natural gas and in some cases strip out the higher one of the liquids such as propane and butane. Also involved in storage. Their results were hurt by the warm winter which created weaker propane prices. Expect they will realize a loss in Q1.

2012-04-12

STRONG BUY

39.250

John Stephenson

He likes this name a lot. Has had a disappointing 4 months or so. 4th quarter earnings were not great. One of the issues is that they have a big marketing business in which the gains were not existent in that quarter. 1st quarter will be weak because there is an oversupply of propane, one of the key components that they market.

2012-04-10

DON'T BUY

41.650

(Market Call Minute) This one has some gas exposure so be careful. Go to other names.

2012-04-05

TOP PICK

41.400

Midstream infrastructure space. Strong management. Very high quality assets. Very strategic in being able to go end to end on the NGL value train. Will benefit from the continued focus on NGL’s great track record. Strong balance sheet. A sustainable and growing dividend.

2012-04-04

Comment

41.250

Best in class in energy infrastructure. With the stock being up 49% last year, he was actively reducing his weighting. Q4 was a disappointment last year and Q1 is going to be a rough quarter. There has been a sharp drop in propane prices.

2012-03-29

TOP PICK

41.250

Had a rough start to the year. It says that there is a buying opportunity. Takes dirty gas out of the well and cleans it to send it to your house. Low price of Gas only mean they may clean more of it. Not a commodity play. Dividend is going to rise.

2012-03-29

BUY on WEAKNESS

41.370

Paul Gardner, CFA

Their mid stream business is a great margin business. The input is Natural Gas. A Fantastic dynamic. If it drops another couple of dollars he would look at increasing his position.

2012-03-26

BUY

42.180

Eric Nuttall

(Market Call Minute) Good dividend and have taken a loss, but info is well disseminated.

2012-03-19

WEAK BUY

43.130

Well-managed company, mid stream assets. Prefers Alta gas.

2012-03-14

BUY

43.350

Loves it, just bought more. Had a hiccup in their propane but it is not a long-term problem. Thinks it is right on trend.

2012-03-12

HOLD

42.150

Rick Stuchberry

They just did a financing. The fundamentals are quite good. The equity issue was done at a discount to the market to make it successful so it rolled off a bit. The stock still shows some weakness. He has talked about buying some on a pullback.

2012-02-28

WATCH

42.150

Prakash Hariharan

Great asset. Pipelines are paying out dividends. A lot of the exposure came about because of frac spreads. He is staying away from these companies right now because of valuation concerns. Would like to see more accountability in their exposure to NGL margins on account of positive frac spreads and how much is baked into the name.

2012-02-28

Comment

43.070

Steve Carlin

Recently reported some issues in relation to marketing margins. This is going to be temporary this quarter as well. Their hedges didn't really work for them. Dividend yield is sustainable. Good, longer-term name.

2012-02-22

TOP PICK

43.070

Fantastic management team. They help companies process natural gas and liquids. One of the by-products of natural gas is propane, whose sales are very seasonal. They keep the propane and market it but because of weather, sales were weak and hedges didn't work out well so it's a good price now. 5% dividend.

2012-02-22

HOLD

45.730

Bill Carrigan

200 day is still rising so it is still in an uptrend. If you are a long term investor, it’s fine. If a short term investor, you’ve already been in a bit of a correction. It’s back down to the 50, which is trying to roll over.

2012-01-27

BUY on WEAKNESS

47.990

Correcting. Not a huge amount of downside as long as they can continue to increase dividend. He is fairly positive on it. Wait until it is 10% down from recent high.

2012-01-12

PAST TOP PICK

50.140

(Top Pick Feb 16/11, Up 48.13%)

2012-01-11

PARTIAL SELL

50.480

Bruce Campbell

In an RRSP, he would be tempted to trim some because it has done so well. If you like pipelines, diversify into another one, just don't have too much specific risk. Valuations are getting to the point where it would be pretty normal to see some kind of pullback. If it's over 25% of your portfolio, sell a quarter.

2012-01-03

TOP PICK

46.450

Bill Harris, CFA

Volatility is in the producer. Toll booth type of business. It is harder to find these at this valuation. Thinks he will get 8-10% return.

2011-12-13

Comment

46.990

Andy Nasr

Been paring his holdings a bit because it has become fairly valued at this point. Will be able to benefit from a lot of growth in the next 2-3 years with big increases in drilling in Western Canada for conventional/unconventional gas. Also oil sands production will be doubling in the next 20 years.

2011-11-11

BUY

46.650

Just increased their dividend by 6%. Have done a superb job of growing the company. The secret sauce in all of these companies is the ability to extract liquids from natural gas, which sell for the price of oil.

2011-11-10

HOLD

46.370

Great company with good assets. They are more in the midstream gas plants, which has really been the place to be for the last couple of years.

2011-11-07

BUY

46.850

Loves this one. Just increased the dividends. Spectacular earnings. One of the best management teams in Canada. Have a lot of growth in front of them. 4.6% yield.

2011-11-02

PAST TOP PICK

44.650

(A Top Pick Feb 16/11. Up 31.32%.)

2011-10-07

BUY

45.930

Paul Gardner, CFA

Natural gas processor and its byproducts. They are in a very good spot. Feels there is even more room even though it has hit 52-week highs. They benefit from a low natural gas price and the byproducts. Could see $55 in the next 1-1.5 years. Yield of 4.2%.

2011-09-08

HOLD

44.250

Can definitely continue paying the 4.5% yield. Everything is working pretty well for them right now and he is positive on energy so feels this will continue.

2011-08-29

PAST TOP PICK

44.400

(A Top Pick Feb 16/11. Up 27.67%.)

2011-08-16

PAST TOP PICK

43.800

(A Top Pick April 5/10. Up 75.16%.)

2011-07-05

PAST TOP PICK

43.010

(Top Pick Jun 28’10, Up 65.51%) Second biggest weighting in his biggest portfolio. Best part of business is the stripping of gas liquids out of the gas and get a good spread doing so. Oil sands production will double over the next 10 years. 4-5% yield. Predictable, long life asset. Would buy it today.

2011-06-28

PAST TOP PICK

41.590

(A Top Pick Feb 16/11. Up 18.3%.) Provide condensate into the oil sands.

2011-06-03

PAST TOP PICK

41.490

Barry Schwartz

(Top Pick May 25/10, Up 72.94%) Smart management. Raised dividend. Generates a lot of free cash flow. He trimmed some because it did so well. You can hold it for the dividend but not a lot of upside.

2011-05-24

PAST TOP PICK

39.550

(A Top Pick April 5/10. Up 59.11%.) Gas processor. Still likes. Paying out about 60%-70% of their cash flow as dividends.

2011-05-09

PAST TOP PICK

39.550

(A Top Pick April 5/10. Up 59.11%.) Gas processor. Still likes. Paying out about 60%-70% of their cash flow as dividends.

2011-05-09

HOLD

38.450

Has had a huge run so is probably more of a hold.

2011-04-13

PAST TOP PICK

38.570

(A Top Pick Nov 25/09. Up 83.18%.)

2011-04-08

HOLD

38.480

Norman Levine

Core business is in good shape and growing. Likes management very much.

2011-04-06

HOLD

38.450

It is probably close to fully valued. They take Natural Gas from the well and scrub out the impurities. It is a stead business and does not depend on the price of the Natural Gas. Good steady yield and a good business. With inflation, a steady yield gradually reduces in value. A good alternative to bonds in a non-taxable account.

2011-03-22

BUY on WEAKNESS

36.930

Process natural gas and store natural gas liquids such as propane, butane condensate. Good management. Just raised their dividend and he expects future dividend increases.

2011-03-04

TOP PICK

35.150

Mid-stream natural gas operator. A variety of different businesses, but the one that he is most excited about is the condensate business. Great way to play increased activity in the oil sands. Condensate is what they use to mix with heavy oil to dilute it so it can flow in the pipeline. Good stable growth company.

2011-02-16

TOP PICK

35.050

Mid-stream gas processor. All their plants are where there is gas production. Benefiting from natural gas liquids, which are linked to oil prices rather than gas prices. Payout ratio is low at about 60%. Good chance they could increase the 5.1% yield.

2011-02-09

BUY

33.990

Really likes it. You pick up a great yield on very predictable business. Continue to add assets that allow them to continually raise the payout in the future. They are really good operators.

2011-01-25

BUY

30.930

Well managed and should do pretty well. Doesn't expect they will have a large cut in their distributions when they convert. 5.8% yield.

2010-10-25

PAST TOP PICK

31.070

(Top Pick Nov 3/09, Up 64.68) Hasn’t sold any.

2010-10-22

TOP PICK

27.570

Midstream company that does processing and transporting of natural gas. Have been extremely good at identifying growth areas. About 6.5% yield and payout ratio is only about 65%. Converting to a Corp in July. Good management. Also have exposure to oil sands by supplying solvents for bitumen.

2010-06-21

PAST TOP PICK

27.120

(Top Pick Nov 3/09, Up 40.14%)

2010-06-10

TOP PICK

25.490

Barry Schwartz

Have storage for Natural Gas. Nice dividend after conversion to corporation. Clean natural gas for a fee. Chemicals for oil sands.

2010-05-25

PAST TOP PICK

26.040

(A Top Pick Nov 3/09. Up 34.63%.)

2010-05-07

TOP PICK

26.770

Midstream gas processor. When they convert, they don't have to cut the 7% distribution because their payout is about 65%. With that payout they will still be able to give organic growth.

2010-04-05

BUY

26.310

John Stephenson

Likes it. One of his larger holdings. A solid name and he is impressed with management. Good storage facilities. They are right in the sweet spot.

2010-03-05

BUY

25.390

(Market Call Minute) Process gas and store various products. Have pipelines, 44% payout ratio not including special distribution

2010-02-23

BUY

24.890

Extremely well managed and should continue to deliver good results. If looking for good, solid income in pipeline and midstream gathering space, this one and Inter Pipeline (IPL.UN-T) would be his top 2 picks. 7% distribution should be safe.

2010-01-25

PAST TOP PICK

25.100

(A Top Pick May 20/09. Up 48.87%.) Should continue to grow.

2010-01-19

BUY on WEAKNESS

24.150

Barry Schwartz

Midstream natural gas processor. Will have to convert to a corporation but management has indicated the dividend will remain at $1.80 for the next 5 years. This will be a dividend tax credit that will be more attractive. Not a tremendous amount of upside the nice dividend.

2010-01-04

PAST TOP PICK

23.030

Jeff Parent B. Eng. FCSI

(A Top Pick Nov 28/08. Up 56%.) Still a Hold.

2009-12-04

TOP PICK

22.850

Strong management. Great track record of creating value. High quality assets and strong market position. Gathering/processing side has good exposure to sour gas where most drilling is taking place. Also into natural gas liquids infrastructure, which is starting to pay dividends. Marketing side can be a little volatile but without much downside. 7.8% yield should continue after conversion.

2009-11-25

BUY

22.790

Ben Cheng

Possibly will be able to retain distributions after 2011.

2009-11-20

BUY

21.610

8.3% distribution and a recent $0.22.5 special dividend. Well managed. Good growth.

2009-11-06

TOP PICK

20.400

A bit of a defensive name. Good place to be at this critical juncture of the market. Has outstripped most other energy infrastructure companies since 2005. Distribution of about 9% with a payout ratio of less than 50%.

2009-11-03

BUY

19.700

Recently gave guidance that they will be able to supplant and maintain current level of distributions in 2011. Strong businesses of 1) sour gas gathering and processing 2) transportation/storage and 3) energy marketing. Balance sheet is in good shape. 9.1% yield.

2009-09-11

BUY

19.200

They clean up gas that comes out of the ground so we can go into pipelines. Not commodity price dependent. Doesn't see them doing any cuts in distributions.

2009-06-18

BUY on WEAKNESS

17.880

More cautious on natural gas than on oil, particularly through summer months. This company is a little protected from gas prices as they are more focused on sour gas, which is more stable. Also have an energy marketing, which had a blowout quarter although the outlook for the rest of the year is more muted. Would be a little cautious on entering right now. Pay out is quite reasonable. If you are patient, a great long term hold.

2009-05-22

TOP PICK

18.170

Midstream handler of natural gas. It processes, stores, sells and sells associated liquids. Well managed and management owns a significant part. Conservative company with good income.

2009-05-20

BUY

18.080

Takes natural gas as it comes out of the ground and cleans out all of the contaminants, water, etc. Also have a natural gas liquids marketing arm, which is more volatile. Very nice utility kind of situation.

2009-05-19

BUY

17.720

Went to pipelines when things got ugly in the market. His #1 is Inter Pipeline (IPL.UN-T), #2 Pembina (PIF.UN-T), #3 Keyera (KEY.UN-T) and Altagas (ALA.UN-T). In terms of consolidation he thinks all 4 are takeover candidates by institutional holders. They have good sustainable yields.

2009-01-28

TOP PICK

16.500

Jeff Parent B. Eng. FCSI

Won't be affected too much by the price of oil/gas as they are more of a processor/distributor. Even after conversion, he feels they will be able to pay distributions. Yields about 11%. (Bail out at $15.)

2008-11-28

HOLD

21.000

Kevin O'Leary

Fantastic business. Doesn’t know what kind of hit they will take in a conversion. Enamored with the cash flow model. No intention of selling / is going to wait it out for the conversion. When it converts it will have a strong dividend and is the kind of stock he would want to own.

2008-10-01

BUY

21.500

(Market Call Minute.) Great midstream player. Very good in the energy restructure business.

2008-09-19

PAST TOP PICK

21.410

Sandy McIntyre

(A Top Pick July 3/07. Up to 17%.) Sees a step change in natural gas development west of 5. Going to deep wells and horizontal legs. The multi-fracturing development is bringing out gas that was previously not producible that will go through their facilities.

2008-05-05

TOP PICK

18.270

In the mid stream of the natural gas. They take natural gas from the fields and change the sour gas to usable gas. Not exposed to the natural gas price directly.

2008-01-14

BUY

17.920

(Market Call Minute.) Great business and great exposure to a number of high-growth areas.

2007-11-28

BUY

17.850

Pipeline and energy infrastructure company. Earnings last week were terrific. A year ago, their earnings were $.36 and Q3 this year was $.55.

2007-11-12

TOP PICK

18.950

Sandy McIntyre

Run gas plants that process sour gas; take natural gas liquids off, etc. Very stable and growing cash flow. Expected to be a potential takeout candidate.

2007-07-03

BUY

19.790

Andrew Guy, CFA

And infrastructure play. They own pipelines, storage facilities. The backbone for the oil/gas sector. Have long life assets so don't have to put a lot of cash into them. Slow growth business. A good hold.

2007-05-25

HOLD

19.170

Peter Brieger

Natural gas processor. This one is on his radar screen. 7.8% yield.

2007-05-16

TOP PICK

17.700

Natural gas gathering & processing facility. Great management team. High-quality assets. Focused primarily on sour gas, which is a little more specialized and stable. A lot of organic growth opportunities. Good entry point.

2007-03-23

BUY

16.300

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

HOLD

16.520

John Stephenson

Have a lot of gas storage. Exposed to the frac spread that hasn't been working in its favour lately. (Difference between oil/natural gas prices.)

2007-02-21

BUY

17.000

A midstream facilities company. They take gas and run it through a chilling unit, which gives them butane/propane condensate, which they can sell for more than the gas is worth. Very profitable.

2007-02-16

BUY

16.970

Has one of the largest natural gas midstream businesses and are mainly focused on sour gas gathering and processing. Strong management team and high quality assets. There may be more weakness in their 4th quarter because of propane. Good opportunity to pick up.

2007-02-02

BUY on WEAKNESS

15.990

Robert Lauzon

Midstream natural gas gathering & processing facility. Their product trades off the oil quote. Pretty good spread there although they have had some hiccups in the marketing. Q3 was lower than expected. Expect there will be a buying opportunity when Q4 results are released and price softens. By under $15.

2007-01-22

BUY

16.550

Ravi Sood

A very good name. Very undervalued at this point.

2006-11-17

BUY

21.130

Kevin Hall BComm, CFA

They gather and process natural gas in Alberta. Also getting into the midstream part of the oil business. High-quality name. One of the better organic growth stories. Low payout ratio.

2006-10-27

PAST TOP PICK

21.000

(A Top Pick Oct 24/05. Up 21.1%.) No commodity risk. Dirty gas goes in and they clean it. Still likes. 6.8% yield.

2006-10-23

BUY

20.050

Ravi Sood

Really likes the midstream assets right now, which they own. Expect there will be capital gains here. Good opportunities ahead of them.

2006-07-21

BUY

20.150

They gather the natural gas, process it and put it into the pipelines. Dropped when interest rates went up. There is some scheduled maintenance which will put a crimp into earnings. An excellent company with great assets. Good price.

2006-05-25

BUY

21.910

Patrick Kim

One of the best names in the mid-stream trust sector.

2006-04-21

BUY

21.850

Stock has dropped because as interest rates go up on the long end of the curve income trusts in general, become less attractive. There are also some major maintenance expenses. Pretty good value proposition, right now.

2006-04-18

BUY

22.760

Keyera Facilities have a number of gas plants in the Alberta region. Very well positioned in the market for the supply coming into these plants. It is a well run company. They are focused on the mid-stream of oil and gas spectrum. She believes it is a great place to be. Used to own, but had too much exposure to the mid-stream in their portfolio.

2006-03-17

BUY

22.300

Ravi Sood

Not a direct play on oil/gas but you are a beneficiary from all the activity in Alberta.

2006-02-10

BUY

21.310

Robert Lauzon

Pays around 6%. Has a little bit of growth embedded in it. Their NGL business is doing well. Have just announced an expansion of the sour gas line. Interest rate sensitive.

2005-12-08

TOP PICK

17.210