| TOP PICK | 9.340 | Sandy McIntyre | 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 | Michael Simpson, CFA | 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 | Andrew Guy, CFA | 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 | Norman Levine | 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 | Peter Brieger | 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 | Norman Levine | 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 | Michael Simpson, CFA | 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 | Norman Levine | 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 | Norman Levine | (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 | Michael Simpson, CFA | 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 | Peter Brieger | (Market Call Minute.) One of the sole providers of gasoline and diesel oil plus non-energy goods. | 2008-01-11 | |
| BUY | 15.950 | Andrew Guy, CFA | 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 | Michael Simpson, CFA | 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 | Peter Brieger | Have oil/gas stations in Alberta and up into the Yukon. A great company. | 2007-07-19 | |
| BUY | 16.310 | Andrew Guy, CFA | 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 | Norman Levine | 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 | Norman Levine | 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 | Michael Sprung | (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 | Norman Levine | 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 | Norman Levine | 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 | Andrew Guy, CFA | 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 | Norman Levine | 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 | Peter Brieger | 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 | Norman Levine | 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 | Norman Levine | 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 | Norman Levine | 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 | Michael Sprung | 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 | Norman Levine | 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 | Norman Levine | 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 | Norman Levine | 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 | Norman Levine | 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 | Sandy McIntyre | 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 | Norman Levine | 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 | Norman Levine | 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 | Norman Levine | 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 | Peter Brieger | A safer and more interesting play than Contrans Income Fund. | 2004-10-28 | |
| BUY | 22.000 | Peter Brieger | One of his favourite income trusts. | 2004-09-29 | |
| STRONG BUY | 19.260 | Norman Levine | 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 | Peter Brieger | A terrific trust. Not much competition. A study business. | 2004-03-16 | |
| TOP PICK | 19.550 | Norman Levine | 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 | Norman Levine | 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 | Sandy McIntyre | 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 | Peter Brieger | A unique business. A long term hold. | 2003-01-15 | |
| WATCH | 11.700 | Peter Brieger | Starting to look at this trust. Because of their rural settings, they are less prone to competition. Has good potential. | 2002-10-03 | |
Experts that have talked about Parkland Income Fund
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