STOCKCHASE

Fabulous run. Part of reason is (1) the gas price recovery, (2) the balance sheet is very strong and (3) they own a large slug of land in North Dakota where some of the initial well information is expected very shortly, which will have a lot of upside potential.

2009-10-20

Comment

14.440

Laura Lau

Considers this a holding company because of value built into it but when will it be realized. A lot of hidden value including oil sands leases, great unconventional oil properties, land in the Bakken region, etc. Fairly valued.

2009-09-30

PARTIAL SELL

14.260

Hard to understand because it has a relatively high cost and convoluted ownership structure. Fairly gassy weighted. Doesn't seem to have any obvious catalyst to move it higher. Big upswing recently and he would be tempted to sell half your holdings.

2009-09-28

Comment

10.200

Joanne A. Hruska, CFA

Has ownership of a number of different energy companies. Just recently started to make a move and thinks this will continue.

2009-09-14

HOLD

8.300

Natural gas. Good operators and great land spread in Western Canada. Very strong balance sheet. On a 3 to 5 year time horizon he thinks the stock is potentially a double.

2009-08-21

Comment

8.000

(Market Call Minute.) Gas oriented. Sort of turning the corner and is dependent on your natural gas view. Prefers Progress Energy (PRQ-T).

2009-08-10

DON'T BUY

6.000

Dennis Da Silva

90% natural gas. Chronic under performer in terms of being able to deliver growth on a per-share basis. Great way to play natural gas but if you are a fundamental investor that likes good costs discipline, this is not for you.

2009-07-16

SELL

6.000

Laura Lau

(Market Call Minute.) Up costs (?) are high. Debt is reasonable but she doesn't see any catalyst ahead.

2009-06-30

HOLD

5.980

More of a conventional gas producer. Recently heavy debt load but not extraordinary. Can't see any upside case to be made for this right now. See gas price recovery at least 6 months away and maybe a year.

2009-06-24

HOLD

5.640

Clean balance sheet. A lot of cash, which could be deployed to make some acquisitions. The ones that are doing well have some distinctive strategy and he can’t see a catalyst to get this going.

2009-03-06

BUY

6.130

Very gassy. Has come off with the whole group. Has a good balance sheet so wouldn't be surprised if they become an acquirer of some cheap assets. If your time horizon is 6 months, it will probably lag on the upside but longer term it is very good value.

2009-02-23

DON'T BUY

8.400

Fairly gas weighted. He tends to be more bullish on the oil side of things. Feels there are better names such as Encana (ECA-T).

2009-01-02

HOLD

8.250

This is the kind of market were a good balance sheet and great assets haven't saved you. He can see them finally making some good acquisitions.

2008-11-25

BUY

7.640

(Market Call Minute.) Likes gas. Great management team that will make you money.

2008-11-14

HOLD

10.790

Not sure you should be in a weak gas environment and a weak producing area. Doesn't know that they have demonstrated that they are ahead of the curve.

2008-10-22

DON'T BUY

11.350

Gordon Higgins, CA, MBA

The price is coming down with the price of oil. It’s a solid company, but there are other good quality companies out there as well.

2008-09-30

BUY

14.570

Joanne A. Hruska, CFA

(Market Call Minute.) Has been kind of a dog in the market and a lot of the analysts hate it. Their North Dakota project (Bakken extension?) could be huge.

2008-09-12

HOLD

17.850

A decent name. Has stayed down because it is just not in some of the really hot plays where expectation is much greater than people thought.

2008-06-16

BUY on WEAKNESS

18.040

Q1 numbers were not as robust as expected. With a higher natural gas prices, a lot of companies are beating cash flow because gas prices are higher than what analysts are using in their models. Is hoping that the bump up in production will come in the 2ND and 3rd quarters. If that happens, you may see a stock price in the mid-$20's. Buy under $17.

2008-06-05

HOLD

16.620

100% gas producer. Gas prices have moved from $8 to the $11 range, which is not a lot. This is why it has not been a favourite with the analysts.

2008-05-16

DON'T BUY

16.750

Jennifer Stevenson

Gas production dropped from about 20,000 BOEs a day 1 year ago to about 14,000. Diverting money into many different companies that are not producing growth. There are better gas plays.

2008-05-13

Comment

18.250

Have a lot of cash on hand. We'll be using this, not only for cap-x, but acquisitions going forward. We will continue to see in the oil/gas sector a lot of trading of properties.

2008-04-30

SELL

18.250

This has not been one of his favourites. This company has had mixed results over time. Their asset base looks good, but the actual carrying on to fruition on some projects has been pretty spotty. There are better places to go.

2008-04-24

HOLD

16.880

Medium sized gas producer. It has had its moments recently with the natural gas price recovery. Sold its oilsands assets over a year ago. Tremendous balance sheet. Had expected they would make an acquisition at the bottom, but disappointingly there has been no announcement. He is still going to hang in because on an asset value based it is cheap, but he is getting antsy for an announcement. Thinks gas prices will be higher in the fall so it is fine.

2008-04-11

BUY

14.890

Has good value in it. Could have a very un-levered balance sheet and isn't trading at an enormous multiple.

2008-02-08

BUY

13.190

No news on making acquisitions. Strangely quiet. They have a 10 year view of the market so they can afford to buy at the bottom. When you do see an acquisition, that will likely signal a bottom in natural gas. Not a bad place to hide at this price.

2008-01-23

HOLD

13.700

Drilling in North Dakota. He is hoping that they have acquisition news because in selling their oil sands for over $1 billion, they paid off all their debts. The best balance sheet of any gassy producer. This is a long-term, positive position on gas.

2007-12-31

BUY

13.240

(Market Call Minute.)

2007-12-19

BUY

14.640

Sold all of their oil sands and paid off their debt. Sitting on cash and have the best balance sheet by far in all of Canadian energy. It is 85% gas and he is not positive on gas prices but they could make acquisitions, so could be a good long-term hold.

2007-11-22

HOLD

17.830

Dennis Da Silva

If you are looking for something short term this won't do, due to the low price of natural gas at this time. But if you already have it, hold it, but be aware of how it fits into your whole portfolio.

2007-10-30

SELL

17.690

Ross Healy

Would avoid this one like the plague.

2007-10-05

BUY

17.690

Adam Thomas

One of the stronger energy names in the oil patch. Produce about 18,000 barrels and have about $150 million in cash. In a weaker Canadian market, it is a safer place to be.

2007-10-05

BUY

18.230

Natural gas. Very cheap. Fabulous balance sheet. Paid down their debt and are sitting on cash. Sharp management.

2007-09-11

DON'T BUY

17.350

Derek Webb, CFA

Natural gas prices are very depressed because storage is very high due to 2 warm winters. Unless there is a super, super cold winter, gas is going to stay low.

2007-08-28

DON'T BUY

17.520

He has never liked this one. His model price is $4.67. A negative 73% differential. An asset play rather than an earnings play. Looked on for its reserves, not its earnings.

2007-08-22

WEAK BUY

17.370

A good name with lots of potential. Low cost properties. Decent balance sheet. Oil sand leases. Good diversity. Has a heavy weighting towards natural gas, which is where the worrisome piece is. Gas weighted names are dead money for a while.

2007-08-21

WEAK BUY

17.410

Gavin Graham

Like a lot of gas-exposed stocks, it is absolutely hated by the market at present. Natural gas is a no-brainer, long-term play. It is likely you will see some upside in gas prices at which point, this will be taken out or things start improving. Not his favourite.

2007-08-08

WAIT

17.590

Jennifer Stevenson

Have spun out some assets and are now a debt free natural gas company. She is not particularly bullish on natural gas prices in the next month or two. If it tests its low, she would view this as a fantastic entry point.

2007-08-01

BUY

18.080

Sold their oil sands holdings so they now have the best balance sheet in the business, debt-free, net cash. Expect they will make acquisitions during the period of cheap gas.

2007-07-30

BUY

20.140

Alex Ruus

Very attractively valued. Have great assets. Management is very good long-term strategic thinker.

2007-07-18

Comment

20.470

Sold a lot of assets and I are sitting on a large amount of cash. Expect there will be an accelerated amount of M&A activity in the oil patch. The stock is nearing a bottom here.

2007-07-13

PAST TOP PICK

20.150

(A Top Pick July 27/06. Down 41.4%.) Had a couple of oil sands plays a year ago. Sold those assets and is now 100% gas, which is out of favour. Debt-free balance sheet. Expect they will buy cheap gas assets in the next little while and the stock will be substantially higher a year from now. Great entry point.

2007-07-09

BUY

24.080

He likes it still. Some people leave the stock when the commodities are weak, but when you see the commodity going up they pick up as well.

2007-06-06

BUY

24.090

Has been in the middle of selling it's 9 core assets (oil sands). Feels the restructuring was done in a very smart way and now have the best balance sheet in the industry. Market doesn't understand the restructuring and has unfairly punished stock for it.

2007-06-05

BUY

26.650

Bill Harris, CFA

Has historically been used as a gas proxy. Stocks get valued on their producing assets, but Paramount has all these other "off-balance sheet" assets. Very unique in that space. Nothing enthusiastic, but a good way to play.

2007-05-31

DON'T BUY

26.500

Has just had a fairly good run from $16 to $26.50. It doesn't have any earnings. No mispriced assets here. His model price is $6.23. A 76% negative differential.

2007-05-24

Comment

26.980

Gavin Graham

Not one of their favourites, but they seem to be in the right place.

2007-05-22

TOP PICK

26.270

Jennifer Stevenson

Varied asset portfolio. No debt. Have shares in MGM and Trilogy, which they can distribute and become a pure play, debt-free 20,000 BOE's a day gas company. Could end up going private.

2007-05-15

BUY

26.270

Bill Carrigan

Most of these have the same pattern. Downtrend was violated in April. If you were going to step into these, he would prefer a basket of them. You could do it through a closed-end fund.

2007-05-15

BUY on WEAKNESS

25.850

100% gas production. Expected to be somewhat soft in the next few months and very healthy towards the latter part of the year. Good properties. Undervalued.

2007-05-09

TOP PICK

24.250

15%-16% yield. 100% gas weighted. Even though it has a short reserve life, it has demonstrated it can continue to deliver. Has consistently paid out. Very little downside.

2007-04-30

BUY

24.330

Have a lot of very good properties. Expect there will be a whole new era of mergers/acquisitions and this could be a very good beneficiary of that.

2007-04-27

BUY

19.670

About 85% gas. Big oil sands projects that are worth $15 a share, but currently have no production. Needs a catalyst of a sale to bring this value out. Lower production because of lower gas prices. Tremendous value at this price.

2007-04-02

DON'T BUY

16.450

A mid-tier oil/gas company. Properties it owns are OK, but not spectacular. Reserve life is not particularly long, so will be very reactive to the views on oil/gas prices. Very hard to analyze.

2007-03-16

SELL

18.700

Ross Healy

It may be a 2 or 3 trick pony, but it has already had its tricks. Can't understand the optimism that others have in this stock.

2007-03-07

BUY

18.380

Alex Ruus

Excellent assets. Tend to under perform operationally. A bit more volatile than others. Good price.

2007-03-01

DON'T BUY

20.100

Trading at about 7.5 X earnings. The overall exploration program hasn’t worked out that well. Higher costs of drilling and lack of markets has put a crimp in their operations.

2007-02-23

Comment

21.790

Very gassy. Is now starting to move pretty sharply with gas prices. As an asset value in the $35-$40 range. Just spun off MGM Energy. A great long-term place to be, but there are no real short-term catalysts. Cheap.

2007-02-05

HOLD

19.500

100% gas production. Spinning off their northern assets, Mackenzie Delta which looks very interesting. This should benefit shareholders.

2007-01-16

DON'T BUY

19.900

It has all the issues of a gas-weighted stock. Good operators. Expect the worst is behind it. He is not overly enthusiastic about this name. Would prefer an oil stock.

2007-01-05

DON'T BUY

23.240

The model price is $5.86. Don’t think they have much in the way of earnings. A negative 75% differential.

2006-12-21

TOP PICK

23.240

Gassy, so it’s a short term risky pick, in that if weather stays really warm over the winter, there’s probably $2-$3 of downside. Has an asset value of about $45, of which $15 is oil sands, which probably does an IPO in 07. Some northern assets, worth about $2 a share, was spun off that they will give to their shareholders. Have Surmount oil sands worth about $5. Gas part is worth about $23.

2006-12-21

DON'T BUY

24.750

Gordon Higgins, CA, MBA

A little expensive. In the oil sands.

2006-11-28

PAST TOP PICK

25.300

(A Top Pick Aug 10/06. Down 28.4%) Gas went lower than he expected. Buying more at the current price.

2006-11-15

BUY

25.300

An asset story. In the short term, results have been a bit disappointing because they’re gassy. Have about $16 a share in oil sands and expects announcements in 3-6 months. Their gas is worth the current stock price. Good long term play.

2006-11-15

Comment

25.350

100% driven by natural gas. Have some excellent properties including some northern ones which they are planning to break off into a subsidiary. Should do OK.

2006-11-10

DON'T BUY

28.710

Always have problems with this one. A somewhat chequered past.

2006-10-26

HOLD

26.780

Have very good properties. Well situated in the oil/gas market.

2006-10-18

Comment

26.700

The model price is $11.60. This is more of an exploration play. Earnings are basically nonexistent.

2006-10-17

BUY

25.150

Very gassy, and is strictly down because of natural gas prices. May be the single cheapest stock of all the resources. Asset value is over $50 and it’s trading at half of that. As long as gas recovers with a normal winter, it will be fine.

2006-10-05

WEAK BUY

34.670

Had some significant ups and downs. Was negative on the stock until recently. Seem to have got their act together but hasn't made up his mind yet. Have some excellent properties but in areas where it is tricky geology. Would like to see some better production numbers and a better reserve increase number.

2006-08-30

HOLD

36.870

Has been volatile. Vended their oil sands property into North American Oil Sands, which is not trading yet. Will IPO in the next 3/4 months. Also own an oil sands lease which they may vend into the new stock.

2006-08-25

TOP PICK

35.360

Gassy intermediate producer with some oil sands on the side. Short-term production problems in the past quarter like all gassy guys. Not in a hurry to get extra onstream because of gas prices. $33 of value in gas production and $25 from leases.

2006-08-10

TOP PICK

34.400

$50 net asset value made up of about $17 oil sands. Very gassy. Their quarter is coming soon and it won't be great because they have some production behind pipe. If gas goes back up, this is a great place to be. Great operators.

2006-07-27

BUY on WEAKNESS

37.430

Gassy intermediate company that he has recommended in the past. Good oil sands exposure of $11/12 a share. Short-term production problems with gas behind pipe. Net asset value is a little over $50. Below $35 is a great place to buy.

2006-07-05

HOLD

44.950

Had a great run. Has some good assets. Well-managed company. Heavily gas weighted.

2006-04-13

BUY

42.650

A very big winner. Did a deal with North American Resources last week to vend in their oil sands, so now they are going to have a carried interest. The market likes that. There is an asset value probably in the $50/55 range. The stock, having come so far, will probably go sideways for a while. It may be the fall when gas prices start to move again.

2006-04-03

PAST TOP PICK

36.100

This stock is up 27%. There is more reserves on the oil sands side, which is worth $17-20 a share . Net asset value of Paramount approaches $50.00. Still owns and likes. Hold category now because it has gone up so much.

2006-03-06

TOP PICK

34.300

(A Top Pick Nov 21/05. Up 18%.) A gassy story that just announced the outside valuation of their oil sands which is worth about $17/18 per share. The own 15/20% of Trilogy Energy Trust (TET.UN-T). You put those assets to get there, you get almost $50.

2006-01-24

BUY

32.350

About 83% natural gas. The guidance for the 3rd quarter was very disappointing. Good assets. Has oil sands potential. A good portfolio of properties were it can add value. Well financed.

2005-12-14

TOP PICK

28.960

80% gas. Cash flow next year will be something like $4/5/6.50. Has about $10 oil sands value. Thinks it will go back to $34/35. Will probably go to $40/45. A good long term play.

2005-11-21

PAST TOP PICK

29.900

(A Top Pick July 14/05. Up 60%.) Delivered on their quarter quite well. Have a big whack of oil sands land. Probably has $10 to $12 of value in the oil sands. Good natural gas exposure. Still likes. If gas prices spike this winter, it will go higher. If it hits the mid $30's, take some profits.

2005-09-12

BUY

29.190

Known for its huge land base of 2.5 million net acres. Has developed parts of its land base and spun those parts off into trusts. By owning this you have the benefit of being a shareholder with spinoffs into other trusts. A good level to buy.

2005-09-01

TOP PICK

18.770

80% gas. Probably one of the few intermediate to senior companies that he is comfortable buying right now. Only at 4.5 X cash flow. A lot of upside from oil sands type projects. A lot of land positions so they have 5, 6, 7 years of drilling available. Can see years of growth.

2005-07-14

HOLD

30.990

Norman Levine

One of the better quality names in the energy sector. If you believe energy prices are going to stay strong, which he does, it's a good one to stay in.

2005-03-31

TOP PICK

29.200

A joint Top Pick with Fairborne Energy. (See FEL-T). The similarity is that they are both converting part of their assets into trusts. Paramount is going to convert on a 1:1 basis in Triology Energy Trust. Likes the assets going into it. Should have a long reserve life.

2005-03-30

WAIT

30.500

Spinning out into a trust. It may take a while to settle down. There may be selling of the pieces and if either one of them gets discounted, he would be a buyer of either one.

2005-03-24

TOP PICK

28.320

Has been going sideways in this last little bit of the market. They have announced that they are turning themselves into an income trust.

2005-02-16

BUY

28.750

Gavin Graham

Expected to become a trust shortly and will continue to go up in price until that happens. Afterwards, there could be a sell off which would give the opportunity to pick up more if desired.

2005-02-03

HOLD

25.900

Fred Sturm

Feels it will go into a trust. Decent asset base. Very experienced management.

2005-01-14

PAST TOP PICK

26.450

(A Top Pick Nov 15/04. Up 10%.) Now converting into a trust. The valuation when this is completed is $32.

2005-01-04

TOP PICK

26.150

Converting into a trust and the concensus value of that is near $32. They have to take in their notes before they can legally do this. Market doesn't seem to want to pay in advance, so the price has only reached $26.

2004-12-23

TOP PICK

24.250

Has announced they probably are spinning some assets off into a trust. If they don't cash flow is over $5 a share in 2005.

2004-11-15

WEAK BUY

19.710

Good management. Successful wells. Spending money looking for new resources. Like company long term

2004-09-22

DON'T BUY

18.350

Has had a great move over the last 6 months. Fully valued at this time.

2004-08-25

DON'T BUY

12.680

Ross Healy

Their spin out of the income trust kind of sucked the income out of the Company. Fair market value is quite a ways below its present price.

2004-03-16

WEAK BUY

9.650