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| BUY | 18.050 | Ben Cheng | (Market Call Minute.) Oil service firm. Weaker here but is situated pretty well in terms of the shale. | 2008-09-24 | |
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| BUY | 20.430 | Sandy McIntyre | Largely concentrated in transportation out west. Their specialty is moving rigs in and out of the oil fields. Drilling environment is becoming pretty dynamic and this is a prime beneficiary. | 2008-05-05 | |
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| BUY | 20.550 | Robert Lauzon | Most of their revenue is from Alberta, trucking equipment around for the oil patch and the oil sands. Also owns some trucking in Ontario that has slowed a bit. 8.75% yield. | 2008-04-28 | |
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| PAST TOP PICK | 16.270 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Down 9% including distributions.) Yield is more than 11% but should be safe. Generates good growth in cash flows. Stock is off because the movement of drilling rigs is down. The rest of their business is doing well. Still a Buy. | 2008-02-06 | |
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| PAST TOP PICK | 15.510 | Dean Orrico | (A Top Pick Nov 10/06. Down 10% including distributions.) Still likes. Generally avoids transportation, but this company does it well. Well positioned to take advantage of a huge and continued expenditure in Alberta, building out the oil sands assets and infrastructure. Thinks 12% distribution for 08 will remain intact. | 2008-01-29 | |
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| BUY | 14.450 | Michael Simpson, CFA | (Market Call Minute.) Very well run company. Lots of cash on the balance sheet. Debt is long-term. | 2008-01-22 | |
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| PAST TOP PICK | 16.840 | Andrew Guy, CFA | (A Top Pick Feb */07. Down 13.3%.) Oil field services have been hit. Great management team. In the long run this will continue to pay benefits and he doesn’t see any risk of distributions being cut. | 2007-12-27 | |
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| HOLD | 16.470 | David Cockfield | Got hit in October/07 with the government changes and then got hit with a pullback in the oil services side. We are probably at the worst part of the servicing cycle. A well-run company. 11% distribution, which is safe. | 2007-12-21 | |
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| PAST TOP PICK | 16.150 | Michele Robitaille | (A Top Pick Dec 15/06. Down 16.7%.) Taking into account the dividend, it is probably down 5%. 11.3% yield. Oilfield services and trucking. Both sectors have been hit very hard. Virtually no debt. Still likes. | 2007-11-28 | |
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| Comment | 17.830 | Patrick Kim | A 2 pronged company with oil field services and trucking outside of western Canada. The oil field is dominating the sentiment right now. Won’t be fixed in the winter of 2008. This company will be one of the survivors. Good track record. | 2007-11-02 | |
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| HOLD | 19.100 | Michael Sprung | The family still has a fair amount of representation in the management. Has been extremely well run. Like a lot of the service companies in the oil patch, it is having trouble finding and retaining people to work for them. It has not been a great year for drilling. | 2007-10-01 | |
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| Comment | 18.800 | Sandy McIntyre | Their prime business is transportation, oil rigs, oilfield equipment, etc.. 2nd quarter was dreadful for oil/gas servicing industry, but they posted some pretty good numbers in a weak environment. | 2007-08-13 | |
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| BUY | 20.690 | Leslie Lundquist | Oilfield services plus trucking. Feels the distribution is safe. Has a long history of exceeding its promises. | 2007-07-25 | |
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| BUY on WEAKNESS | 21.000 | Ben Cheng | Have had a problematic year, especially with drilling for shallow gas in the western basin having fallen off quite dramatically. One of the better operators within the oil patch. Would buy on any weakness. | 2007-07-23 | |
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| DON'T BUY | 21.290 | Chris Rankin, MBA, CFA | 60% of their business is oilfield services and 40% is in trucking. Oilfield services have softened because the government has made it harder for oil/gas complex capital so there is less activity. Oilfield services hasn't touched bottom yet and it is too early to get into it. | 2007-07-13 | |
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| PAST TOP PICK | 20.540 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Up 7%.) Feels he still may be a little bit early on this name. Very tied in to the oil/gas drilling cycle in the West. | 2007-06-27 | |
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| PAST TOP PICK | 21.900 | Michele Robitaille | Then 18.93
Really beat up because of negative views on oil patch. Excellent management team. The perfect type of market for them, because they are good at making acquisitions. | 2007-06-11 | |
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| BUY | 22.790 | John Stephenson | Higher prices in natural gas and oil prices will help this stock. | 2007-06-06 | |
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| BUY | 22.560 | Michael Sprung | Primarily provide trucking and transport services for the oil fields. A lot of the oil service stocks have not done well. Feels this one has been underestimated. | 2007-05-28 | |
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| PAST TOP PICK | 21.700 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Up 13.5%.) Very strong oilfield service company. Still a Buy. | 2007-05-25 | |
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| BUY | 20.180 | Michael Sprung | One of the biggest providers of truck services in the oil patch. Their biggest problem today is getting manpower. Spring is usually the period when things slow down. Well-managed. | 2007-04-27 | |
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| PAST TOP PICK | 17.920 | Andrew Guy, CFA | (A Past Top Pick Feb 8/07. Down 7.7%.) Knew the 1st quarter would be weak for an oil services company. Cash flows will continue very strong. Looking for very strong drilling next year. | 2007-04-09 | |
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| PAST TOP PICK | 18.670 | Michele Robitaille | (A Top Pick Dec 15/06. Down 2.5%.) One of the oil service stocks that has been hit. There won't be any short-term catalyst to get it moving, but longer-term it is an excellent company. Good buy at these levels. | 2007-03-23 | |
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| PARTIAL BUY | 17.470 | Kevin Hall BComm, CFA | Oilfield services in Alberta and trucking. Oilfield services have been weak, but expects it to pick up in the 2nd half. Trucking has done well and continues to do so. High-quality company. Might be a good one to pick away at. | 2007-03-09 | |
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| Comment | 19.250 | Larry Berman CFA, CMT, CTA | Technically, it has made a bit of a bottom. Looks like it's finding support. If you like the fundamentals, it could be a good time for it. | 2007-02-21 | |
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| DON'T BUY | 19.610 | Chris Rankin, MBA, CFA | The pullback in price was going on through the entire year and was because of concern of the oil patch. Could be a decline in oil services activity, partly because of the decline in oil prices, but also because oil/gas trusts now have to conserve capital in order to expand. | 2007-02-09 | |
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| TOP PICK | 19.420 | Andrew Guy, CFA | Strong market share. First quarter or two may be a little bit weak because of weak drilling, so he may be a little bit early on the call. Low valuation and the upside over the next 12 to 18 months should be very good. | 2007-02-08 | |
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| PAST TOP PICK | 19.750 | Michele Robitaille | (A Top Pick Dec 15/06. Up 4.1%.) Could see a softer Q4 and Q1 than the market is expecting, so there could be a bit of downside risk. That would be a great buying opportunity. | 2007-02-02 | |
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| BUY | 19.750 | Michael Sprung | Still have a very large family ownership, which gives the company some stability. Primary market is oil services and getting equipment out to the oil fields. That has been pretty tough this winter. Could be very interesting at this level for a long-term hold. Doesn't think the distribution is a risk currently. | 2007-01-29 | |
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| DON'T BUY | 19.050 | John O'Connell, CFA | 2 businesses, trucking and oil services. Trucking is suffering with the economic slowdown and oil services will be impacted with weak energy prices. Prefers TransForce (TIF.UN-T), which is more centrally located in Canada. | 2007-01-25 | |
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| PAST TOP PICK | 18.430 | Robert Lauzon | (A Top Pick Mar 1/06. Down 40.3%.) This has been a disappointment. Great management team. Distribution is sustainable. Good price to buy. | 2007-01-22 | |
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| TOP PICK | 17.650 | Steve MacInnes | A great play to participate in the ongoing high levels of activity in Alberta economy and infrastructure build out. Spectacular record of acquisitions. Has been oversold. 10% yield. | 2007-01-11 | |
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| BUY | 17.940 | Michael Simpson, CFA | A quality name. There may be some weakness due to softness in gas prices. Good price. | 2007-01-04 | |
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| TOP PICK | 18.930 | Michele Robitaille | (A Top Pick April 26/06. Down 47%.) All service stocks were hit. Has been very active on the acquisition front, which made the market nervous. Strong management team. Almost no debt. Good price. | 2006-12-15 | |
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| HOLD | 19.090 | Ben Cheng | Had a very high valuation earlier in the year and the business has been slowing now, especially as gas prices have declined significantly. Drilling declines have hit them. | 2006-12-01 | |
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| PAST TOP PICK | 19.250 | Robert Lauzon | (A Top Pick Oct 20/06. Down 11.4%.) A great asset. There are 4 years of tax efficient distributions. | 2006-11-24 | |
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| DON'T BUY | 18.250 | Ravi Sood | Hit with the changes in the income trusts as well as with the drop in the oil energy services sector. Access to capital for acquisition is reduced. At best, a sideways story for the next several months. | 2006-11-17 | |
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| TOP PICK | 18.380 | Dean Orrico | Has been hit by about 15% since Oct 31, but continues to be one of the dominant logistics players in Alberta. Will be a primary player in the western sedimentary basin. | 2006-11-10 | |
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| HOLD | 18.380 | Glenn MacNeill, P.Eng. | A trucking company with a large portion of its sales in the oil and gas. Well run. Had expectations that the Mackenzie Valley would be a potential project, but that has been set back a little. | 2006-11-10 | |
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| BUY | 23.020 | Kevin Hall BComm, CFA | Has had a bit of a rough ride the last couple of months. A fair amount of leverage to the oil sands and energy sector in Alberta. Dropped when oil/gas prices came off and drilling activity slowed down. Feels it has some good upside. | 2006-10-27 | |
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| WEAK BUY | 23.500 | David Cockfield | A conglomerate of various trucking companies. Yield is quite low and very hard to analyze. If there is a slowdown in drilling, their earnings will be hit. On a long-term basis, it's probably not a bad acquisition. | 2006-10-26 | |
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| TOP PICK | 22.450 | Robert Lauzon | Good management. 2/3 of their business is very stable and is enough to cover distributions. 1/3 is tied to the oil business. Good price. | 2006-10-20 | |
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| BUY | 21.540 | Sandy McIntyre | A service related business. When oil is out of favour this tends to sell off. He has been adding to his position. | 2006-10-13 | |
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| DON'T BUY | 20.220 | John Stephenson | Has come off hard. Less activity in trucking because of less drilling. Can't see a lot of visibility going forward for a quarter or so. | 2006-10-12 | |
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| BUY | 22.280 | Robert Lauzon | Great entry point. He knows the management team. Great time to invest. | 2006-09-29 | |
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| WAIT | 23.000 | Chris Rankin, MBA, CFA | This is an oil service and trucking business. Don't rush in as the trust could bottom out more. | 2006-09-25 | |
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| TOP PICK | 25.400 | Robert Lauzon | From a trading standpoint, you can buy in the low $25’s. Expected to go to the high $20’s. | 2006-09-08 | |
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| BUY | 26.900 | Michael Sprung | There is a real shortage of getting people/equipment out to the fields which is where this company excels. Services a lot of the trucking needs in the oil/gas sector. Well-managed. | 2006-07-28 | |
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| BUY | 24.100 | Ravi Sood | Well run company. Recently completed a merger that was a very smart move. Sold off primarily because it is an energy services group. Reaction has been far beyond the actual deterioration of their business. A great holding. | 2006-07-21 | |
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| BUY | 27.500 | John Stephenson | An interesting way to play development in western Alberta. Has one of the best management teams. At this level, it is looking attractive. | 2006-06-28 | |
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| BUY | 27.880 | Dean Orrico | A dominant player in the oil services. A very good-quality holding. Represents good value in this market. | 2006-06-23 | |
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| TOP PICK | 26.900 | Robert Lauzon | A way to play activity in western Canada. A trucking company as well as an oil service company. Just spun out Horizon North Logistics. | 2006-06-21 | |
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| BUY | 28.700 | Glenn MacNeill, P.Eng. | Spun off Northern Horizons and will focus on the McKenzie Valley area. Their prospects are fabulous if the pipeline goes through. If you feel strongly about the pipeline going through, they have assets that are first in the area which will give them a big advantage. | 2006-06-16 | |
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| PAST TOP PICK | 32.620 | Robert Lauzon | (A Top Pick March 24/06. No change.) Liked the underlying business but also recommended it because they were spinning out their northern Canadian assets which happened yesterday. Still likes. | 2006-06-02 | |
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| TOP PICK | 31.350 | Robert Lauzon | Bullish on the western economy and a lot of its cash flow comes from there. Sees lots of activity in the oil sands. Healthy payout ratio of almost 75% so there could be a distribution increase. | 2006-05-18 | |
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| BUY | 36.390 | Michael Smedley | Very high-quality, dominant transporter in the northern area of Alberta. A winner. | 2006-05-10 | |
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| PAST TOP PICK | 34.090 | Bruce Hartman | (A Top Pick Jan 20/06. Up 9.6%.) Still likes it. Have increased distributions. | 2006-04-28 | |
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| TOP PICK | 32.400 | Robert Lauzon | Ratio of over 20% on return of capital over the last five years. Good management. Continuing to make acquisitions. Will be merging with another company in May and spinning out another company focused in the high north. | 2006-04-07 | |
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| TOP PICK | 32.400 | Robert Lauzon | Normally he avoids the trucking sector. About 30% of their cash flow comes from the trucking sector. The balance comes from their oil service sector. Recently merged with Producers Oilfield Services and have spun out another trust which could create some good value. | 2006-03-24 | |
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| BUY | 33.650 | Michele Robitaille | Mullen Group is a name they like. It is a diversified company involved in the transportation of heavy equipment and trucking business. Mullen is well positioned to benefit from strong growth in the MacKenzie pipeline and tar sands development. They have a great management team. Low payout ratio and almost no debt. Great place to be. Recommends holding. | 2006-03-17 | |
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| BUY | 32.000 | Ravi Sood | Has an interesting upside with the McKenzie Valley pipeline coming through which makes it a special situation. Expected to go higher. | 2006-02-10 | |
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| TOP PICK | 33.130 | Michele Robitaille | 2 main divisions. 70% of EBITDA. Converted to a trust. Strong management. Pay out of 75%. Excellent growth. Try to get under $32. | 2006-02-08 | |
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| TOP PICK | 31.250 | Greg Guichon | A very old family owned company. Basically, anything in the oil patch that moves, they move it. Basically have a lock on this business in western Canada. Down the road, the development in northern Canada is going to be really critical to their continued growth. | 2006-01-20 | |
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| PAST TOP PICK | 32.450 | Michele Robitaille | (A Top Pick Sept 16/05. Up 21%.) Still likes this one. A high-quality name. Getting a little bit expensive. | 2006-01-06 | |
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| PAST TOP PICK | 32.300 | Michael Smedley | (A Top Pick Sept 27/05. Up 22%.) Sold his holdings for the cash about the time it turned into a trust. Thinks it's a good one that you should continue to hold. | 2006-01-03 | |
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| BUY | 32.690 | David Cockfield | A conglomerate and all of their divisions are doing well. One of the weaknesses in the oil patch right now is the need for transportation which this company supplies. If the Delta ever opens up and the pipeline starts to get constructed this type of company will do very, very well. | 2005-12-30 | |
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| BUY | 32.450 | Gavin Graham | A great longer-term play on rising oil/gas prices. | 2005-12-29 | |
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| PAST TOP PICK | 32.260 | Robert Lauzon | (A Top Pick Sept 23/05. Up 24%.) A good play on the oil sands. A lot of exposure to the trucking and the drilling activities around that area. Just made a nice acquisition of Pe Bend (PBN-T). | 2005-12-23 | |
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| BUY | 28.510 | Garth Jestley | Generally speaking he doesn't invest in the trucking business, but this is the exception. Really involved in the oil service sector. Significant ownership by the management. Thrifty. | 2005-12-02 | |
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| PAST TOP PICK | 26.000 | Michele Robitaille | (A Top Pick Sept 16/05. Down 5.5%.) Has held in quite nicely in the group. Has great exposure to the McKenzie Valley pipeline. Will also benefit from the Canadian oil sands over the next several years. | 2005-11-18 | |
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| TOP PICK | 26.700 | Michael Smedley | One of the best ways to play the extraordinary situation in western Canada where oil services and transportation, that these people provide, are just making sheets of money. | 2005-09-27 | |
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| TOP PICK | 26.000 | Robert Lauzon | Looks kind of stretched on the valution basis. If you can get it around $24 you should do well. | 2005-09-23 | |
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| TOP PICK | 27.000 | Michele Robitaille | Have 2 main divisions, oil field services and trucking. Oil field services is the majority of the company. Very solid company. Will get a lot of business from the oil tar sands in moving equipment around. Solid management team with a good chunk of money. | 2005-09-16 | |
Experts that have talked about Mullen Group Income Fund
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