STOCKCHASE

(A Top Pick Sept 22/11. Up 56.24%.) Sold his holdings mid-13 because it is trading at a much higher EBITDA. Also Suncor’s (SU-T) contract expires towards the end of 2013. Had benefited from a wider crack spread, which is not as wide now.

2012-04-26

HOLD

13.770

Likes the yield. He is concerned about how KEY got whacked recently. He has to be a little careful. Now this company is diversified across Canada, so hopefully they will get through this period. He is not buying but not selling.

2012-03-16

Comment

13.560

Douglas Kee

Not sure they will increase dividend because they are making lots of acquisitions. Good operators. They are a growth company.

2012-03-14

DON'T BUY

13.670

Distribution is safe for now. A TOP PICK last September for him. At this point its valuations are getting a little bit stretched. Payout ratios are safe for this year and probably next. In 2013 they loose 20% of supply contracts with Suncor and they have to replace that.

2012-03-13

HOLD

13.700

Michael Decter

Has had a nice run. Likes that you and the progress they have made. Also likes that they are in Western Canada. Feels it could get back to the high teens.

2012-02-09

BUY on WEAKNESS

12.820

Has not been adding to it, but watching it. Likes it because it has a good payout but the ratio is rather high. It was more predictable in the past and were good managers, then got into the fuel distribution and done well, but he is watching it until he gets a better fix on how the expansion plan has worked. Add closer to $10.

2012-01-20

PAST TOP PICK

12.400

(A Top Pick Dec 17/10. Up 22%.) Very good yield at about 7%.

2011-12-09

PAST TOP PICK

11.700

(A Top Pick Sept 22/11. Up 26.25%.) Still cheap but wouldn’t Buy at this price.

2011-11-30

BUY

11.420

Basically in the fuel distribution business. Dividend is safe and is big but will not grow. It is their intention to keep it where it is (dollar value, not percentage). They want to expand the company.

2011-11-29

DON'T BUY

10.400

Jason Donville

Sold his holdings when he found cash flows, relative to distributions, are not great. Feels the dividend is too high. They are either going to cut the distribution or there will be no growth.

2011-10-17

BUY

9.230

Paul Gardner, CFA

Dividend is sustainable (80%). Suffered recently. Largest independent gas marking firm. Own gas stations. 10% of all outstanding gas stations. Margins are stable. Hiccup because market fell. Some value and stability there and continue to pay out the 11% dividend.

2011-10-11

TOP PICK

11.700

[Program signal failed in Sept. Also the web site did not record a clip for top picks. No opinions were recorded for Top Picks. This item was inserted on Nov 30/11.]

2011-09-22

Comment

10.150

Propane, fuel oil and gasoline. Also do distribution for Esso. Well run business. Have been making acquisitions through the use of debt, which is why he has reduced his holdings.

2011-09-07

TOP PICK

11.140

Retail oil business with gas stations and convenience stores in Alberta. Have expanded out to eastern Canada with propane distribution. Excellent yield of 11.9%, which he expects will be cut but still over 9%.

2010-12-17

SELL

10.550

Have had a hard time in the marketing side of refined products and margins have been squeezed. Distribution is suspect. Use as a tax-loss.

2010-11-16

HOLD

11.650

Recently acquired more fuel distribution facilities, which had a heavier component of diesel sales. Credit facility has been expanded by the banks up to $400 million.

2010-04-27

BUY on WEAKNESS

11.710

Distributor of fuel oil, gasoline and runs retail stores, largely in Western Canada. Expecting a distribution cut and will end up at about70% to where it is today. There may be some knee-jerk selling on the back of this, which will be a buying opportunity.

2010-04-23

Comment

11.600

(Market Call Minute.) Have pulled back recently because refining margins have been compressed. Might be a good time to look at this one.

2010-03-17

BUY on WEAKNESS

12.420

Lot of respect for management. One of largest independent distributors of fuel and propane. Would buy on weakness. Reporting results in a week or so. Likes the markets they serve – less competition. They have been growing.

2010-02-23

BUY on WEAKNESS

13.350

Robert Lauzon

(Market Call Minute.) Just made a nice acquisition in the energy distribution business. Would be interested in the $12 range.

2010-01-06

Comment

13.220

Owns rural gas stations, mostly in western Canada but spreading into Atlantic provinces and Ontario. Likes it but doesn't own as much as he used to. 1) What will happen when they have to convert and 2) what will happen to their PetroCan agreement, which is coming up for renewal.

2009-12-23

BUY

13.220

(Market Call Minute) Great execution.

2009-12-22

BUY

12.280

Jeff Parent B. Eng. FCSI

Great looking chart. Trading above all the moving averages. Volume has been decent and steady. Use an $11.14 stoploss.

2009-12-04

PAST TOP PICK

10.100

(A Top Pick Sept 19/08. Up 18.28%.) Retail gas distribution in Western Canada but has expanded into Ontario. Well managed. Will probably acquire some of the Suncor (SU-T) gas stations that have to be divested.

2009-09-17

BUY

10.190

Has begun to show up on his radar screens. Good yield of about 12%. Distribution business and stores have been doing quite well. Reasonably priced.

2009-09-02

TOP PICK

10.800

Lyle Stein

Fuel/gasoline distribution in Western Canada. Yield of 12% and is extremely well managed. Capital disciplined. Also has growth upside.

2009-07-31

BUY

10.170

Dean Orrico

Major asset position in service stations in Alberta. If you’re looking for names to provide you with steady income this would be one. If you're looking for growth this wouldn't be a first choice.

2009-07-23

BUY

9.600

Service station chain in Western Canada and in rural areas in Ontario for Esso. Distribution should be safe for 2009. Benefit from refining margins which are now doing well.

2009-07-06

Comment

9.170

Sold part of his holdings because of concerns on the declining Western economy. Still some risk of margin erosion. Considering exiting his position if the stock gains strength.

2009-05-06

SELL

7.700

Charles Lannon

(Market Call Minute) Even with tax pools they could still cut dividend.

2009-04-23

SELL ON STRENGTH

7.210

(Market Call Minute.) Sell on any strength.

2009-03-30

BUY

7.130

Very good company going forward. Their intent is to maintain the income trust structure until 2011. Thinks the distribution is safe.

2009-01-20

BUY on WEAKNESS

6.690

Gas stations in western Canada. Balance sheet is pretty good. Not too much debt. Also have hidden value in real estate. Refining margins are going in their favour. May differ some of their growth CapX in 2009. Feels 19% yield is safe.

2009-01-16

HOLD

6.440

John Stephenson

Could see a 15%-20% distribution cut. Conservative management. Unique business model. Refining margins are down so not a lot of upside but transportation fuels have held up relatively well in Western Canada..

2009-01-02

DON'T BUY

5.970

Ben Cheng

Refining margins have come off quite dramatically. Will continue to be under some pressure. Pretty close to 100% payout ratio.

2008-12-08

BUY

7.000

An off brand retailer of gasoline and other products in rural western Canada. Gasoline margins are finally starting to expand. 18% yield is more than what they are earning but they have cut back on expenditures. Wouldn't count on the distribution being rock solid.

2008-11-11

TOP PICK

9.800

Off brand gas stations in rural western Canada. Refining margins are improving. Well-managed company.

2008-09-19

TOP PICK

9.340

Gas stations in Alberta and B.C. Has been hit by a decline in fuel margins. This fund continued to drop even when oil dropped from $147 to $111. Recent shut down of a refinery in Alberta has reduced supply and margins are tightening up. 3rd quarter should come out OK. Almost no debt. 14% distribution is fully funded out of net income.

2008-08-15

BUY

8.450

Very well run business. As the price of oil has gone up, refining spreads have decreased. Good price.

2008-08-13

Comment

8.740

Ben Cheng

Crude oil prices have risen so significantly and this company has quite a bit of their businesses tied in with refining margins and gasoline stations. The recent drop in crude prices should help them.

2008-08-07

BUY

9.800

Strong disciplined management. Payout ratio is not high on their free cash flow. Stock prices weak because of the squeeze on high-energy prices creating low margins on gasoline.

2008-07-22

PARTIAL BUY

10.150

Was a great company when gasoline margins were very high. This has shrunk and is hurting them. Dividend could be vulnerable. In the long run, margins will recover and this is probably a decent time to be picking away at it.

2008-06-24

SELL

11.600

Sold his holdings because they were expanding into rural eastern Canada, which he thought was already well serviced by Esso.

2008-06-04

BUY

11.810

Off brand gas stations in rural western Canada. Great business as it was in the right geography at the time and fuel margins were expanding. Excellent operator. Fuel margins have now shrunk. Also the new tax regime in Alberta has slowed things down. He sold about one third of his position. Would wait until fuel margins start to expand again.

2008-05-28

BUY

11.700

Service stations in rural western Canada. Expanded into propane, some fertilizer and industrial lubricants. Q1/08 was less than Q1/07, but the latter was a record year with very good refining margins, which they have a share of. Well run company. Low debt. Recently made an acquisition in Ontario Noko that provides fuel in rural areas outside of the GTA.

2008-05-14

BUY

12.490

Made a lot of money so took some profits. A good long-term story. In the near term they will be affected by refining margins, but still a great company.

2008-04-30

PAST TOP PICK

13.580

(A Top Pick Apr 16/07. Up 22% total return.) Sold about 1/3 of his position but is still buying for new clients. Near term, some of the fundamentals are not as good as they have been in the past.

2008-04-10

TOP PICK

12.630

Primarily gas stations in rural western Canada. Diversified by selling propane, lubricants, etc. over the last year or two. This offsets Q1 weakness on gasoline sales. In the last couple of years they have raised their distributions and paid dividends. Low debt to cash flow. Well-managed. Very cheap.

2008-01-22

HOLD

14.460

(Market Call Minute.) One of the sole providers of gasoline and diesel oil plus non-energy goods.

2008-01-11

BUY

15.950

This has been one of the better income trusts. A great play on the growth in western Canada. Provides gasoline on a rural basis and increasingly on a commercial basis. Has been helped in particular by their spreads. Great conservative management team. Disciplined balance sheet. Issued a special distribution.

2007-12-27

BUY

15.380

Gas stations in western Canada. Very good trust with very low debt. Very attractive.

2007-11-08

DON'T BUY

17.640

Patrick Kim

Been a very successful run lately, because of play on gasoline margins. A lot of earnings income’s come from favourable margins, which can be volatile. Expect there to be pullback. Too volatile to own.

2007-09-21

Comment

16.920

John Stephenson

Runs a series of retail gas stations/convenience stores and have done very well. Had great fuel margins. Historically does well in the 2nd and 3rd quarters, so consider exiting as you move towards December.

2007-08-08

BUY

17.000

Have oil/gas stations in Alberta and up into the Yukon. A great company.

2007-07-19

BUY

16.310

Excellent management team so will continue to operate as a very good public company after 2011. Part of the recent growth on margin spreads has been historically high, so probably will not stay at these levels.

2007-06-27

BUY

17.050

They own No Name gas stations in rural western Canada. They also participate in the refining margins. Keep making the right acquisitions. Has been about the best income trust around. Could take a pause or correction here.

2007-05-30

PAST TOP PICK

42.650

Ian Nakamoto

(A Top Pick Aug 3/06. Up 43.4%.) Gasoline distributor in the West. Also own service stations. Not a lot of competition. Pretty good growth margins.

2007-05-14

TOP PICK

40.850

Own gas stations in rural western Canada. Margins are very big and growing. A play on refining and marketing margins. Just made 2 acquisitions, which are counter seasonal to what they do. This smooths out their earnings.

2007-05-01

PAST TOP PICK

42.750

(A Top Pick May 23/06. Up 78%.) Taking some profits. Getting fully priced. Yield is around 6.9%.

2007-04-27

TOP PICK

38.500

Gasoline, etc. through off-brand stations they own in rural western Canada. Participate in refining margins, which have been expanding. Installing convenience stores in their stations. Made a good acquisition in 2006.

2007-04-16

PAST TOP PICK

34.980

Ian Nakamoto

(A Top Pick Aug 3/06. Up 17.6%.) Gas distribution as well as convenience stores in western Canada. Will continue to increase their distributions.

2007-03-29

BUY

35.100

Continues to be a great performer. PE is 7.69% and 10% for forward earnings. One of the best growth performers on the TSX.

2007-03-13

HOLD

36.250

Very disciplined and very strong management. Strong balance sheet. Have been able to achieve very wide margins over the last year or so on gasoline. Recently acquired some businesses and northern Alberta giving it a little bit of risk. Could be flat for a while.

2007-02-08

BUY

36.630

In the off brand rural, Western Canada gas station business. Less competition and higher margins. Has further upside. Has acquired Neufield, which is more industrial.

2007-01-09

BUY

38.490

The 2 business trusts that he likes, and has recently been buying, are CML Healthcare (CLC.UN-T) and Parkland Industries (PKI.UN-T).

2006-12-29

TOP PICK

37.760

The best performing business trust in Canada. Has a great outlook over the long run. They are in the rural off-brand gas station business, which has less competition and higher margins. Good growth. Taken on supplying some western Imperial Oil (IMO-T) stations. Flush with cash.

2006-12-20

SELL

37.500

Michele Robitaille

Has been a strong performer as fuel margins have increased to record levels. Not sure those levels are sustainable over the long-term and there could be a significant decline. Good time to take some profits.

2006-12-15

WAIT

30.030

Robert Lauzon

Parkland owns gas stations which have small convenience stores attached. Wait for a pull-back to buy. Sell to lighten up a bit.

2006-09-29

TOP PICK

31.000

Jason Zandberg

The largest fuel marketer in western Canada. Also operate gas bars. Recently got a contract with Esso. High margin business.

2006-09-07

BUY

30.150

Still buying for new clients. A very boring income trust. They own non-branded gas stations in rural western Canada. Doing a great job of building the business, adding new stations and adding in convenience stores.

2006-08-22

DON'T BUY

29.900

Garth Jestley

With the recent increase, he has lightened up his position. A good trust, but their margins can be quite volatile. Fully valued.

2006-08-11

TOP PICK

29.750

Ian Nakamoto

A fuel marketer and they own stations and convenience stores in western Canada.

2006-08-03

BUY

24.750

In rural western Canadian off-brand gas stations. Demand is good and the margins are good. Good growth.

2006-05-30

TOP PICK

24.020

Primarily situated in the rural areas of the western provinces. Operate over 500 gas stations and a number of convenience stores. Earning an incredible spread, not only on the commodity but also the convenience stores. Very little debt.

2006-05-23

BUY

24.480

Off brand gas stations in rural western Canada. Gasoline margins have been expanding. Western Canada’s economy is booming. Have been upgrading their stations, putting in convenience stores. Beaten the street estimates for the last 2/3 quarters. Also increased distributions regularly.

2006-05-09

BUY

22.650

Owns off brand gas stations in rural western Canada. A great business. Very well-run company. In the last few months, have began supplying Imperials Esso stations.

2006-04-27

BUY

19.650

A retailer and marketer of gasoline in rural western Canada. A good time to be in that business. Has a good yield and is pretty secure.

2005-12-13

BUY

19.200

Owns gas stations/convenience stores in rural western Canada. They keep increasing their volumes through improvements on their stations. Subject to the vagaries of the retail margins in gasoline. Summer is their normal high margin period. Just signed a deal with Imperial Oil (IMO-T) to wholesale their gasoline to independent Esso dealers.

2005-09-28

BUY

20.500

Has characterics that he likes in an income trust. In spite of gasoline margins being volatile, they maintain no debt on the balance sheet. Excess cash flow is used to reposition gas stations to build out retail. Payout ratio runs between 75 and 90%.

2005-08-12

BUY

19.520

Dan Bastasic

A private, independent operator of gas stations. Higher crude oil has affected their margins as there's a lag between the time crude oil goes up and the time when they can pass on the increases. The opposite is also true. There's an opportunity for good value at these levels.

2005-08-05

BUY

19.200

Michele Robitaille

Had a number of gas stations that had quite strong growth over the last couple of years with a strong price performance. The weakness in the stock price could be because of strong gas prices in terms of some of their sales and revenue growth. Feels their growth story is pretty intact.

2005-07-15

BUY

19.200

Matt Baillie

A very good income trust. Watching it as it comes down. One of the largest retailers of gas in the north west region. Basically rural across the country. They make their money off the retail margin of gasoline and that margin can be volatile. Trying to cut back on the volatility by adding more stores. Looks like an interetsing opportunity right here.

2005-07-15

BUY

19.850

Glenn MacNeill, P.Eng.

Markets gasoline to a fairly isolated area, so their margins are fairly good. A very steady producer. While the value has eroded slightly, they've been paying their distribution all along which is fairly substantial.

2005-07-08

STRONG BUY

21.490

They own off-brand gas stations in rural Western Canada. It's been a great place to be. A perfect income trust because you've got continuing revenues, not cyclical, growing their convenience store business and growing the number of outlets they have. Yielding about 9%.

2005-03-31

TOP PICK

22.600

In a good business for an income trust. Own non-branded gas stations in rural western Canada. This gioves them bigger margins. Have been adding convenience stores to their mix. Gasoline margins are expanding.

2005-02-09

BUY

21.490

Likes because the rural gas stations are much less competitive than the urban ones. Starting to convert their stations putting convenience stores in. 8/9% distribution.

2004-11-23

BUY

21.950

A safer and more interesting play than Contrans Income Fund.

2004-10-28

BUY

22.000

One of his favourite income trusts.

2004-09-29

STRONG BUY

19.260

A terrific company. Reported excellent earnings. Raise their distributions from $.14 to $.15.

2004-08-04

TOP PICK

20.250

Allan Meyer

They don't have a lot of competition. Very disciplined. 8 1/2% yield. Good balance sheet.

2004-04-12

WEAK BUY

20.010

Leslie Lundquist

Has done quite well. Well-run trust, but not cheap.

2004-03-22

BUY

20.000

A terrific trust. Not much competition. A study business.

2004-03-16

TOP PICK

19.550

A gasoline retailer. 450 stations in rural western Canada. In a non-competitive market giving them higher margins. Squeaky-clean balance sheet with hardly any debt. A conservative holding. 8¾% yield.

2004-02-23

TOP PICK

19.550

In a non-competitive market giving them higher margins. Squeaky-clean balance sheet with hardly any debt. A conservative holding. 8¾% yield.

2004-02-23

TOP PICK

14.250

Limited competition. Maintains stable margins. Paying off debt and fixed assets are increasing. Upgrading their stores and gas stations.

2003-04-17

BUY

12.980

A unique business. A long term hold.

2003-01-15

WATCH

11.700