STOCKCHASE

Acquisition by Pengrowth (PGF-T). Is this a good deal for the stockholders? He is not super enthused about Pengrowth. As a combined company, they'll get some good assets from the NAL but expects they will have to get rid of some assets to maintain their payout. He is going to Watch and not dump his position yet.

2012-05-04

HOLD

7.250

Joey Mack

This company is being acquired. What happens to the 6.25% convertible shares that are maturing Dec/14? A “change of control” clause gets triggered and NAL will basically offer you your money back. You don't want to do that because this takeover creates a stronger company and credit quality is improving.

2012-04-24

HOLD

7.690

They have just agreed to merge with Pengrowth Energy (PGF-T) and he thinks the outlook is good. They will be getting some access to light oil.

2012-04-12

HOLD

7.830

There was anticipation of the cut. He averaged down. Payout ratio is ok. With a secure yield at this level he is quite happy to sit with it. It is acting very well in sell-offs.

2012-03-16

HOLD

7.790

Dividend is sustainable through 2012 but after that it depends on energy prices. They are doing the best they can to keep the dividend where it is. If Nat. Gas prices remain low there is potential for a cut. Still owns it but is not thrilled with it. He is not looking to exit at this point

2012-03-14

TOP PICK

7.300

Doesn't expect any further cuts in the 8% dividend. Just did a new bond issue, which will put some money in their pocket. Likes the areas they are in.

2012-02-17

BUY

7.560

Just added to his positions. Liked the company and where they are drilling in Alberta. They are good managers, but someone has been selling it and it has been significant and it has brought the stock down. They did cut the dividend but it is still at 8%. Will do quite well over the next couple of years.

2012-01-20

HOLD

7.410

Meeting tomorrow with management. Cut distribution from 7 to 5 cents. Probably a good thing to do. They are a conservatively managed company. His gut feel today is to stick with it.

2012-01-12

SELL ON STRENGTH

8.250

Came off fairly sharply. Not currently on his buy list. Prefers a number of other things in the sector. Would not be in a rush to get out of it. Don’t stay too long either. Look for an opportunity if it bounces.

2012-01-04

Comment

7.370

Still likes this one but is more favoured towards other names such as Crescent Point (CPG-T) and Arc Energy (ARX-T) but this one trades at a discount to the group. There are some questions as to how sustainable the oil/gas companies growth pattern is as their balance sheets become more and more restrained. Better names to own.

2011-12-20

Comment

7.450

Peter Brieger

The present $0.94 will probably go to $0.48 and is probably already in the price of the shares. BOE production is probably 40,000 barrels a day, which is too small for him. Good small company. The smaller companies will get merged or taken out.

2011-12-16

BUY

7.050

Dennis Da Silva

Balanced between oil and natural gas. People think the dividend may be at risk and that it is over leveraged. Yield of 12.1%. He is expecting $90 oil and about $6 natural gas for 2012. He is comfortable with the dividend given the asset base have.

2011-12-15

PAST TOP PICK

7.150

(A Top Pick Dec 17/10. Down 40.52%.) Good management. They are in the cardium. Back in the spring, new selling came in and has been going on ever since. Using about 11%. Still a Hold.

2011-12-09

DON'T BUY

7.240

Brian Acker, CA

They pay more than what they are earning and give a 11.6% yield. Balance sheet is okay. His model price is $8.67 giving it an 18% upside at the balance sheet is actually going down.

2011-12-02

Comment

9.000

Feels the 9.3% dividend is sustainable. Had some production problems last couple of quarters because of weather out west. Expect this quarter will be better.

2011-11-07

HOLD

8.980

Joanne A. Hruska, CFA

Would like to be cautious. They have wonderful potential. She sees their debt levels getting high. See how the balance sheet shapes up in the quarters to come.

2011-09-12

BUY

8.980

Robert Lauzon

If you want a combo of income and growth, you get the income and growth will come with commodity price increases. Wet spring may impact their next quarter results.

2011-09-12

TOP PICK

9.210

Basically oily rather than too much gas. Good management. Anytime it is under $10, it is a Buy. Great yield at 9.1%. Well run company.

2011-08-19

PAST TOP PICK

11.000

(A Top Pick July 22/10. Up 8.34%.) Has been a bit of a disappointment, but the yield is excellent. Have some excellent properties.

2011-07-29

HOLD

11.140

Don’t abandon ship. You will see stronger performance second half.

2011-07-18

BUY

11.080

About 50% between oil and gas as well as managing some oil/gas assets for Manulife (MFC-T). Drilling for oil in the Cardium. Payout ratio (with the Drip included) is about 108%-110%.

2011-06-17

Comment

11.820

A royalty trust. Well managed. Good assets. 7% yield is good so doesn’t expect them to raise their dividend.

2011-05-25

Comment

12.660

This is an income play. You get about 6% dividend. Low payout/ratio. 50-50 oil and gas. Not a risky company but there won't be a lot of growth.

2011-05-09

BUY

12.660

Robert Lauzon

It's primary properties are in the Cardium, one of the oldest pools that has been extrapolated in Canada recently with horizontal drilling. Great yield at 6.9% so total expectation returns should be double digits.

2011-05-09

PAST TOP PICK

13.020

(A Top Pick March 19/10. Up 6.78%.) Still likes. Good dividend. Good management. Would add any time it goes below $13.

2011-04-15

BUY

13.840

Royalty-based income trust. Good properties. Pays a good yield of 6-7% but he can’t see it rising exceptionally from here.

2011-03-21

HOLD

12.960

A dividend stock so won’t be a lot of growth. 6.4% yield is sustainable. One of the cheaper yielding stocks. Conservatively run.

2011-02-09

PAST TOP PICK

13.050

(A Top Pick Jan 21/10. Up 3.29%.) Still likes. Fairly oily. Some good Cardium properties in Alberta. About an 8% dividend.

2011-01-21

HOLD

13.070

Likes the name but doesn’t see any major catalysts for it. Will probably trade in line with the market.

2011-01-17

TOP PICK

12.890

(A Top Pick Dec 21/09. Up 2.46%.) Good management. Oily and have some good legacy land. Will be cutting their payout but will still yield over 6%. Think they have been overlooked.

2010-12-17

BUY

12.720

Rick Stuchberry

Nothing negative about it, but he chose a different one for his picks tonight. Most trusts have acknowledged what the dividend will be.

2010-12-16

BUY

12.550

Peter Brieger

A first class trust and it will benefit greatly from improved oil prices and eventually natural gas.

2010-12-15

Comment

12.160

Equal weighted between oil and gas. Interesting new oil play, Garrington in Alberta. Expect they will focus on oil because of low gas prices. Payout ratio is a little above 100%.

2010-12-02

BUY

12.590

One of his favourite holdings in his oil/gas portfolio. It is truly a royalty trust type situation, so it is a little different from a lot of the trusts. 8.5% yield, which will peter down a bit after they convert, but not by much.

2010-10-25

BUY on WEAKNESS

12.680

Converting to a Corp but expects they will hold their 8.5% payout close to this figure. Some great drilling prospects in the Cardium. Mainly oil. Good at meeting production objectives.

2010-10-13

HOLD

11.720

Very solid and likes the assets. Someday the price of natural gas will go up.

2010-10-04

BUY

11.350

Results out of Cardium wells have created a spike in stock prices. Still undervalued. Fair value would be $14-$15.

2010-09-20

BUY

11.460

Joanne A. Hruska, CFA

Recently purchased this one. Having some excellent success in the Cardium play. Will have to come up with more clarity in their conversion to a Corp. Good valuation.

2010-09-13

HOLD

10.730

(Market Call Minute) Waiting on distribution policy.

2010-08-31

Comment

10.730

When converting he expects they will right size distributions to give a combination of growth and income. Looking for 3% growth so the dividend would come down modestly.

2010-08-31

BUY

9.960

In any commodity based income trust, you cannot say a dividend is safe. NAL going into 2011 is likely going to maintain its current dividend but there is always risk it could be reduced if the commodity price falls.

2010-08-25

BUY

11.140

(Market Call Minute.) Very solid trust.

2010-07-23

TOP PICK

11.010

Quite a good yield (10%). Balance between oil and gas. Hit their production levels.

2010-07-22

Comment

10.870

Well managed. If you are patient with this, it should be solid and it should do quite well over 6-9 months.

2010-07-19

BUY

11.400

Mid-tier, mid-quality trust. In partnership with ManuLife (MFC-T) and feels this relationship will continue. Stock had a lift recently because of the Cardium light oil play, but this is still a “show me” situation on how the drilling technology plays out. Well run and conservatively managed. 9.6% yield will probably have a modest cut.

2010-06-17

BUY

11.060

Core holding for a long time. Lots of confidence for along time. Great land position. Interesting gas properties. Fairly well capitalized. Upon converting to a corp. They should pay a fairly large dividend. Taxable position fairly reasonable.

2010-06-10

BUY on WEAKNESS

11.390

About 50% each in oil and gas. Have some interesting new oil locations. Recently raised money for their CapX programs. Good management and good strategy. Would like more perfect nation on what their dividend will be in 2011. 9.3% distribution.

2010-05-13

Comment

12.960

Very well run and solid. If you are in it for income, over the long haul, continue to Hold. If you are looking for capital gain in the oil patch, look for something with more volatility such as Petrominerales (PMG-T), Pacific Rubiales (PRE-T) or others where they are drilling a lot.

2010-04-22

HOLD

12.700

Good, mid tier, steady player. With a resurgence of the Cardium/Pembina light oil play, they have a strong position.

2010-04-16

TOP PICK

13.290

Good operator, mainly oil. Some nice older plays that with new technology could really come on. Good production and lots of drilling locations. Yield of just under 8% that doesn't look like it will have to be cut on conversion.

2010-03-19

Comment

13.130

Very solid and well run. If oil stays up and gas comes up, they won't cut distributions. If there is some weakening in energy prices, they will probably cut to protect cash flow.

2010-03-08

BUY

13.130

Bill Harris, CFA

He just bought Bonavista but almost this one. Because it will convert to an ongoing company, the market has discounted it. Like a lot of other companies but it has this cardium piece. It’s an exciting company at this price.

2010-03-03

DON'T BUY

12.850

David Baskin

Arc energy or Pen West is a better pick.

2010-02-25

WEAK BUY

13.000

Jason Donville

Likes the name. If you are less risk averse, this is a good place to be. Management above average. There are other names that have more torque going forward .

2010-02-24

BUY

12.930

Yield should be safe as they have given guidance that after conversion will be a high dividend payout model.

2010-02-08

TOP PICK

13.890

Very well managed. Great arrangements with Manulife (MFC-T), which allows them to get into larger deals. Have a lot of “heritage” fields that will be able to use improved recovery techniques. New good drilling going on.

2010-01-21

HOLD

14.280

A good “steady Eddie” type of name and has good backing by ManuLife (MFC-T). 8%-9% yield. Reasonable valuation. There may be some reduction in distributions in 2011 but it will be modest. Significant position in the Cardium formation in central Alberta.

2010-01-20

PAST TOP PICK

14.210

(Top Pick Sep 24/09, Up 16%) Has been a core holding for him. Good balance between oil and gas.

2010-01-05

TOP PICK

13.640

Closely associated with ManuLife (MFC-T) through partnerships. Excellent yield of almost 8%. 5 year drilling inventory. Have some older assets that could really benefit from new technology.

2009-12-21

Comment

13.500

David Baskin

Everything with gas in the name is having a good week.

2009-12-15

WATCH

12.820

Michele Robitaille

Decent oil play. Primarily in the Cardium in Alberta with some quite decent results. Horizontal drilling can make this very attractive. A little expensive right now.

2009-11-25

HOLD

12.180

Very attractive yield at 9% and relatively undervalued. A smaller trust but have some good drilling and starting to show good results, particularly in the Cardium play.

2009-11-09

PAST TOP PICK

11.670

(A Top Pick Sept 24/09. Down 6.02%.)

2009-11-03

BUY

12.440

About 50/50 gas and oil. Payout of about 60%. Working on a light oil play that could add very nicely to production over the next couple of years.

2009-10-01

BUY

12.700

Now chasing a Cardium (?) play that she likes, which is economical at these lower prices. 8.5% distribution is safe. Have indicated they will be a dividend paying Corp. after 2011.

2009-09-30

TOP PICK

12.080

Over the last couple of years have brought a little bit of sizzle into the mix with the acquisition of some Talisman’s (TLM-T) wells giving some high exploration potentially high impact drilling. Excited about the acquisition and continued growth of a land position in Alberta. Horizontal drilling is opening this play up.

2009-09-24

WATCH

11.860

Michele Robitaille

Looks quite interesting. Good exposure to the Cardium play outside of Silver Lake. Relatively new management team. Looking for good things over the next 12 to 24 months.

2009-09-11

HOLD

9.540

Mid-tier, kind of Steady Eddie type of player. There will be huge catalysts to drive it a lot higher but conservatively run and strong relationship with ManuLife (MFC-T) doing a lot of joint ventures on a lot of asset packages. 11.3% yield.

2009-07-23

BUY

9.350

Slightly more weighted to natural gas. Very decent hedge book. Sold forward much of their natural gas for 2009 and part of 2010. Also sold forward much of their oil. This should help them maintain their distributions for the rest of 2009 at least. 11.75% distribution.

2009-07-13

BUY

8.500

Hedge book will help them into 2010. Trades at a discount. Will do something in the next 12 months.

2009-04-27

BUY

6.610

Primarily focused in British Columbia and Alberta. Evenly weighted between oil and gas. Recently acquired Alberta Clipper (ACN-T). Have a strong corporate backer in Manulife (MFC-T). Recently cut their distributions.

2009-03-25

SELL

6.770

Gavin Graham

Not a big fan of gas. The energy portion of his portfolios is more towards oil. Consider switching out to Arc (AET.UN-T), Enerplus (ERF.UN-T) or Crescent Point (CPG.UN-T).

2009-03-23

DON'T BUY

6.810

Made new lows October, December and now. Highs are all lower. This is all typical of a downtrend and until the downtrend is broken it is difficult to see it moving up. Use 100 day moving average as your trend line. If there breaks above $7.50 then you could Buy.

2009-03-18

Comment

2.820

Kevin O'Leary

Hedged at $132 on 48% this year but is going down when oil is going up. Why? Doesn't have as much institutional support. Oil has to move up before the stock will perform.

2009-03-09

HOLD

6.400

Kevin Hall BComm, CFA

Probably a good quality energy trust. Production is fairly well balanced between oil and gas. Solid management.

2009-02-27

HOLD

6.050

Very high quality asset based. Have consistently been able to deliver distributions with maintaining modest growth in reserves and production. He will continue to hold this through the cycle.

2009-02-24

HOLD

7.900

Mid-tier average quality name. Cut distributions earlier this year. Fairly good shape and provides a pretty good up front yield. Have a very strong partnership with ManuLife (MFC-T) for me king acquisitions. 17% yield.

2009-02-06

Comment

8.280

Robert McWhirter

Ranks fairly well in his growth model but doesn't jump through all the hurdles. On the value model it does not rank well. Earnings estimates have been chopped by 60% in the last 3 months. Looking out to 2010 growth is forecasted to be 17% negative. Distribution could be at risk.

2009-01-26

BUY

7.900

Excellent property base. Some risk to their distributions in a lower commodity price environment than today’s. Good management.

2009-01-22

BUY

8.120

48% of oil is hedged at $132. Excellent management. Evenly balanced production between oil and gas. There should be recovery later in the year on oil and gas prices. 17% yield.

2009-01-16

STRONG BUY

8.120

Joanne A. Hruska, CFA

Yield of 16%-17%. Have hedges of $132 for 2009. In the trust sector this would be her Top Pick.

2009-01-16

Comment

8.020

Gavin Graham

This depends on your view of the oil/gas price. Will likely be some reduction in payouts this year if prices stay at current levels. He believes oil/gas has legs and $70-$100 is a pretty reasonable expectation longer-term.

2009-01-14

PARTIAL BUY

8.440

Will have to move another $1 or $2 before it sees any resistance. Thinks it can reach $10. Use $6.70 as a Stop.

2009-01-05

Comment

8.440

David Baskin

Correction. Guest confused this with Newalta (NAL.UN-T) and stated they had converted to a corporation. This was incorrect and company has stated they they have no intention of converting to a corporation at this time. Sorry.

2009-01-05

BUY

9.250

This would be among his core holdings in the energy trust space. Has held in fairly well on a relative basis. Q3 results were quite in line with his expectations. Thinks the distribution is safe.

2008-11-13

HOLD

9.000

Very conservatively managed. Low payout ratio relative to its peers. Very clean balance sheet.

2008-10-22

SELL

8.050

Just Said "Sell"

2008-10-10

BUY

14.350

An excellent trust. Good balance sheet. Hiccup in the 1st quarter but has come on strong. Conservative payout ratio. Starting to expand geographically. One of the better managed trusts.

2008-08-22

BUY

14.380

14%-15% distribution. If you hold for 3 years, you have 45% of your investment back.

2008-08-15

HOLD

14.900

50/50 oil and gas. Have some interesting properties in northeast B.C. Low payout ratio. Trades at a lower valuation than its industry average.

2008-08-13

HOLD

15.020

Prospects look good going forward. Recent quarter had mixed results but given the current price environment, has a lot of room to raise its distributions.

2008-08-07

BUY on WEAKNESS

15.230

He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize.

2008-08-01

BUY

14.850

Decent rally with the inevitable pullback. Can see it going back up to $16 but not beyond $18. You have to really watch commodity prices. If it drops back to $14.30, he could see it hitting the first resistance point of $13 and then perhaps to $12. Quite hopeful on oil/gas and related sectors.

2008-07-30

HOLD

15.000

Glenn MacNeill, P.Eng.

Well run company. Wouldn't be one of his first choices, but a good performing trust that is going to trade oil prices. 13% yield.

2008-07-18

WATCH

16.740

Bill Carrigan

Chart indicates a rising wedge the last few months, which is bearish. If it violates the low in June, he would start reducing. The sector itself is clearly running out of steam.

2008-07-03

Comment

15.450

A pretty good oil/gas trust. In these high commodity prices, it should do well.

2008-05-14

HOLD

15.110

Paul Thornton

Has run from about $12-$13 to $15 which is pretty good percentage for an income trust. There may be a short-term pullback. Stick with your winners, especially in the income trust side. 13% yield.

2008-05-07

HOLD

15.120

Kevin Hall BComm, CFA

Benefiting from the higher energy prices. There is potential here for them to increase distributions. 13% yield.

2008-05-06

Comment

13.210

John O'Connell, CFA

A quality asset. Pays a good level of income. Has had a nice little run. There is an impending deadline on income trusts. It could be taken out by a larger play, but wouldn't expect larger premiums to be taking place.

2008-03-03

BUY

12.160