STOCKCHASE

(A Top Pick May 4/11. Up 39.17%.)

2012-05-14

PAST TOP PICK

29.780

Andrew Hamlin

(A Top Pick June 3/11. Up 12.5%.) 8.75% convertible preferred shares.

2012-05-02

TOP PICK

29.630

David Burrows

Largest of the mid-stream. 5-7% dividend growth rate. Predictable business that is fee revenue. Could be a take-out target. The Majors missed out on the opportunity.

2012-04-05

SELL

27.970

(Market Call Minute.) Probably 3%-5% dividend growth going forward. Very well run company. Unfortunately, it is expensive.

2012-03-29

BUY

28.230

He took profits in TRP some months ago and picked up this one. They are an income part of his portfolio. Quite dependable that will pay quite a good dividend. Opportunities for increases in dividend. They are in a save political area. Oil sands are expanding.

2012-03-16

BUY

27.250

David Burrows

(Market Call Minute.) Really likes the energy infrastructure space. Prefers them over oil stocks themselves.

2012-03-06

BUY

28.070

Consensus target price is $29.81, which would be a capital gain of 5%, plus the yield of $5.50 gives a return of 10.6%. There could be short-term price fluctuation.

2012-02-29

PARTIAL SELL

28.360

Prakash Hariharan

Just acquired a great company, Provident. Stock looks fairly toppy at these levels in terms of the cash flow level. Given the acquisition they just made, there is potential for earnings growth within the next year. If you got in at a lower multiple, he would take some off the table but would retain some of it.

2012-02-28

PARTIAL SELL

28.640

Recently acquired Provident Energy. Believes midstream companies including this one, are overvalued. Have been fabulous investments. Overvalued because of the dividends. People have been so hungry for dividends, they pushed these companies to over valuation. If you own, consider taking some profits.

2012-02-13

TOP PICK

28.920

Jaime Carrasco

Acquired Provident Energy which is a great acquisition for them as they are now a full energy infrastructure company. They now have development, storage and transmission.

2012-02-10

TOP PICK

28.750

Just made a deal to buy Provident Energy (PVE-T). They will have a 10-12 billion market cap which makes it perfect for institutional investors.

2012-02-09

HOLD

27.970

Bruce Campbell

(Market Call Minute.) Buying Provident Energy (PVE-T) will create a little bit of growth. Stock has fallen on this so it may not be a bad entry point.

2012-02-06

TOP PICK

26.620

Michele Robitaille

Just announced they are acquiring Provident Energy (PVE-T), which is a fantastic transaction for them. This is an area that will only continue to grow.

2012-01-25

BUY

26.620

Likes it. Did a deal with provident which could put them in the liquid natural gas business. Cash flow could be a little less stable. If you have patience and keep a sharp eye on the liquids business you can hold it or even buy it.

2012-01-25

BUY

27.360

Chart shows a very strong uptrend from 2009. Fantastic dividend. Has dropped back but is holding at its support level. If it breaks below support, it'll probably come in at about $24. Risk/reward is excellent.

2012-01-19

PARTIAL BUY

26.700

Barry Schwartz

Acquiring Provident Energy (PVE-T) for $3.2 billion. This will create a powerhouse in terms of oil Sands infrastructure. He nibbled a little for some clients today but he would prefer to see it under $25.

2012-01-16

BUY

27.190

Core holding for his income portfolio. Great job of expanding in oil sands. Attractive yield that he thinks will rise over time. It was window dressing at the end of the year and pulled back a bit recently but will continue up.

2012-01-12

HOLD

29.930

Bruce Campbell

(Market Call Minute.) Likes all the other pipelines. Has done very well but not particularly cheap. Hold for the dividend, but don't expect the stock price to continue to go up.

2012-01-03

HOLD

30.270

One of his favourites. Price to cash flow ratio is quite high at 13.5% so it is fully priced, but if you Sell where will you go for a comparable yield.

2011-12-16

Comment

28.820

Barry Schwartz

Midstream energy service company. Has been a lot of money flocking to the dividend low beta type companies. A little bit expensive at this point. Valuations are probably better in the pipeline groups.

2011-11-21

BUY

25.500

Feels the 6.2% yield is sustainable. Growing the pipe and have storage assets.

2011-08-29

BUY

25.100

Likes it. Good solid pipeline and operator. Steady grower. In the net two year, interest rate now environment this is a stock for bond people.

2011-08-24

Comment

25.050

Switched his holdings into Inter Pipeline (IPL.UN-T). Has a good yield and is a well-run company but he prefers Inter Pipeline’s alliance with the oil sands. Has ever growth prospects.

2011-08-19

BUY

25.170

6% dividend is secure. Decent growth potential for a pipeline company. Likes it. Doesn’t expecting it to go up as much as recently in the future.

2011-07-21

TOP PICK

25.290

Long upward trend from early 2009. In the right space. All 4 of its business sectors are doing fantastic. Good exposure to the energy sector without having both your feet committed fully.

2011-07-06

TOP PICK

24.630

Andrew Hamlin

8.75% convertible preferred shares. Utility with stable cash flows. Recently made an acquisition in the UK making them one of the largest electrical distribution companies there. 75% of cash flow is coming from regulated assets.

2011-06-03

TOP PICK

24.810

Plays into the low choppy environment that we may be in. All 4 of their business segments are doing really well. Chart shows a nice straight line upwards. Great yield play and the whole business structure is quite stable.

2011-06-02

DON'T BUY

24.480

Bill Carrigan

Too much deviation from the 200 line and are too far above. Feels the whole sector has been over bought.

2011-05-27

DON'T BUY

23.010

This is an income play. Reasonable yield but relatively low growth. If you believe inflation is coming and interest rates are rising (he does), this becomes less attractive over time. He plans to reduce his exposure to low growth income plays.

2011-05-05

TOP PICK

23.170

Boring but steady. Provides a decent stable income. Strong trend line. Could come off a bit. Has good support at $18.50 and $21. All 4 segments of its business, pipeline, oil sands transportation, gas services and midstream businesses are expected to perform well up to 2013. Has a great chance of increasing operating income. 7% dividend.

2011-05-04

BUY on WEAKNESS

22.660

Joseph Schachter

Dividend on the record of the company has been fabulous. Paid out $179 million in 2007, $198 million in 2008, $233 million in 2009 and over $240 million in 2010. Some volatility to the stock price but any time the stock gives you an opportunity, add to your portfolio.

2011-04-14

BUY

22.780

Likes this pipeline.

2011-04-13

DON'T BUY

22.630

Sold his holdings when he thought it got fully valued. Paying out 100% of their earnings and if there should be a hiccup, the payout would be vulnerable. Would prefer Keyera (KEY-T). (See Past Picks.)

2011-04-06

HOLD

22.320

He cut a little bit because he thinks it is fully valued and a bit inflation sensitive. Dividends become less and less attractive as other investment yields creep up due to rising interest rates.

2011-03-22

HOLD

21.860

Felt that management was a little too conservative and not aggressive enough. so moved over to Inter Pipeline Fund (IPL.UN-T). (See Top Picks.) Good and solid with a nice dividend but doesn’t see the same potential growth.

2011-02-25

HOLD

22.200

Pipeline. Conservative with a good dividend but not as much upside. Fully valued. Good company.

2011-01-17

BUY on WEAKNESS

20.880

Christine Poole

Yield of near 7% is safe. Expect the pipeline will have growth as the Horizon project evolves. (See Top Picks.)

2010-11-29

WAIT

20.880

Derek Webb, CFA

Pipelines in general are an asset class you can feel very comfortable with. 7.4% yield, which is a massive yield pickup for a business that has decent growth (10%). Likes it very much. This will correct, but then the money will come right back in.

2010-11-04

BUY

22.110

Well managed. In the oil sands and has done a good job of competing against Enbridge (ENB-T). Good income yielder.

2010-10-25

PAST TOP PICK

21.920

(Top Pick Nov 3/09, Up 54.47%) Trimmed a little on valuation. Had an excellent run recently

2010-10-22

Comment

21.350

Sandy McIntyre

Stock price increase reflects a shortage of quality yields in the market. Pipelines have very predictable cash flows and CapX.

2010-10-08

HOLD

20.550

Jim Huang

(Market Call Minute.) Good name. Leverage to oil sands growth.

2010-09-30

HOLD

19.940

Christine Poole

Stock has had a nice run, partly because people are looking for yield. Feels the 7.8% distribution is safe. Doesn't know if there will be much more capital return in the near term.

2010-09-27

BUY

19.940

Distribution is safe and will remain at same level when it converts to a Corp. Not looking for much in capital appreciation but does like the 9% plus yield. Would buy for new clients.

2010-09-21

SELL

19.250

Robert McWhirter

Ranks high in dividend data but has a caution because payout relative to 4th quarter payout 4th quarter trailing cash is at 99%. Forecast for growth in 2010 was 4% but is declining to 3% in 2011 as earnings are expected to go from $1.10 to $1.85. Cash flow in 2010 = $1.59 and 2011= $1.63. Paying out 185% of earnings so consider Selling.

2010-09-10

BUY on WEAKNESS

19.220

Good dividend stock and have good expansion going on. His concern is that Enbridge (ENB-T) is getting a lot more of the expansion in the oil sands. 5%-6% growth stock. 8% yield.

2010-09-09

BUY

19.600

(Market Call Minute)

2010-08-31

BUY

18.950

(Market Call Minute.) Great chart and great income.

2010-07-23

HOLD

18.170

Michael Simpson, CFA

Very good, strong infrastructure that includes pipelines, natural gas liquid marketing and storage. High payout ratio. Have tax pools. He would like to see a small distribution cut of 10%-15%.

2010-07-07

PAST TOP PICK

17.570

(Top Pick Nov 3/09, Up 18.00%)

2010-06-10

DON'T BUY

18.380

Ben Cheng

Management team has done a very good job but he is a little bit cautious because of their gas marketing side, which is coming under some pressure. There is probably better growth in other pipeline trusts like Inter Pipeline (IPL.UN-T), which has three pipelines that are coming on stream.

2010-05-12

PAST TOP PICK

17.940

(A Top Pick Nov 3/09. Up 23.11%.) Still a Buy. Very low probability that they will cut distributions.

2010-05-07

HOLD

18.050

Dividend is save and it is fully valued. Relatively little downside in this name.

2010-03-05

WAIT

18.440

Short term the shares are over bought. If you have a 5-year horizon, it could be put in. Over next 6 months focus on energy income trusts where he sees more growth.

2010-02-17

Comment

17.570

Robert Lauzon

Lot of growth projects, including transporting bitumen and oil south, moving natural gas finds in the Montney to the coast and south to Chicago. Not expecting a distribution cut.

2010-01-06

Comment

17.540

Bruce Campbell

Yield is very important and what you do with your business trusts because they are going to have to convert. This one might be able to get away with a small cut in distributions. The business is good and grows. Would be a little nervous as it has been going up a lot lately and if it got to $18 he would consider a trim.

2009-12-30

HOLD

17.650

Has been on quite a tear since March. Company intends continuing the same rate after they convert from a trust. Payout rate is pretty high, so if there is any hiccup, that may not happen. Pretty expensive.

2009-12-23

PAST TOP PICK

16.780

(Top Pick Dec 15/08, Up 21.6%) Not buying it now. Under $16 would be an entry point. One of their divisions is involved in marketing. He is not a bull on Natural Gas – It’s not going to $8-$10, but if it is a cold winter, it will help. There are no drilling rigs drilling for gas right now.

2009-12-08

PAST TOP PICK

15.780

(A Top Pick Nov 7/08. Up 10.45%.) Trimmed a little. Hold.

2009-11-11

TOP PICK

15.470

A defensive play. 9% distribution. About 95% payout ratio that management feels distribution is sustainable until 2013.

2009-11-03

PAST TOP PICK

15.320

(Top Pick Oct 14/08, Up 10%) Should keep up when it is no longer a trust. They have a high payout ratio, though.

2009-10-13

BUY on WEAKNESS

15.150

Good yield of 10.3%. It should have good, steady growth, cash flow and continue distributions. You might hold off buying until you see what the market is going to do and try to get at $14.46.

2009-10-01

BUY on WEAKNESS

15.360

Prakash Hariharan

Has a problem with the leverage in the company. Paying a little in excess of its free cash flow. Upside potential is the commodity play.

2009-09-29

BUY

15.140

Andrew Guy, CFA

Generates strong return on capital, pay out strong dividends and have growth. 10.3% yield should be safe.

2009-09-04

BUY

15.140

Jaime Carrasco

Likes the pipelines. They are a simple business. Get paid for sending things through a pipeline. Higher yield than TransCanada (TRP-T).

2009-09-04

BUY

15.460

Rick Stuchberry

Its main attribute is a line that comes out of Fort McMurray into Edmonton. Also has a series of collection lines that services Western Canada. 10% distribution should be safe.

2009-08-27

BUY

15.510

Christine Poole

Pipelines in Western Canada. Very stable earnings stream. 10% yield. Doesn't have commodity exposure and will be paid regardless of the prices.

2009-08-26

BUY

15.220

Fine company. Not much risk because of commodity prices.

2009-08-05

BUY

14.960

Oil pipeline. Solid with a decent yield of 10.4%, which he feels is safe. (See Top Picks for his choice. This would be #2.)

2009-07-24

TOP PICK

15.160

Ken McCord

This is a play on safety. Nice yield of over 10%. More into oil/gas distribution so you can consider it as more of a utility. Acquired Cutbank Complex, which is somewhat accretive.

2009-07-15

TOP PICK

14.910

Glenn MacNeill, P.Eng.

3 picks are based on income and he has avoided the more volatile juniors. Pipeline company servicing the oil sands area. No commodity risk. Likes their position for the infrastructure in the energy patch.

2009-06-29

TOP PICK

14.700

Ken McCord

Nice, predictable, boring 10.7% yield. Cash flow is pretty much in the bank for the next couple of years. Will convert to a corporation in a while and there may be tax complications 4, 5 years out. Likes the predictability of this stock for the next couple of years.

2009-06-09

BUY

14.500

Well run company. Conservative. Have the internal Alberta market locked in and adding pipeline capacity. Will be maintaining distributions.

2009-06-05

WEAK BUY

14.000

David Driscoll

(Market Call Minute.) Okay for a long-term investment because the pipelines do give you stability but don't expect a lot of growth.

2009-05-08

BUY

13.690

He is buying it, but is not counting on them maintaining the distribution. It’s a first rate company in a growing field.

2009-05-04

Comment

13.440

If it is outside of an RRSP, you are probably better with another because of the dividend tax credit. Recession-resistant part of economy. If they don’t have sufficient tax shelter will have to cut dividend when they convert.

2009-04-14

TOP PICK

13.950

Ken McCord

An oasis in the storm. Energy infrastructure and a boring pipeline business with a lot of feeders in the tar sands. 11.5% yield. Trades at 12X forward earnings. Great growth prospects and distributions are safe for the next 5 years.

2009-03-19

BUY

11.740

Inter Pipeline Fund (IPL.UN-T) and Pembina Pipeline (PIF.UN-T) are both excellent companies and are utilities. The fact that they are going down is really more a reflection of the market. They are both well managed.

2009-03-09

BUY

13.720

One of his favourite pipelines. (See Top Picks for the other.) Likes the long-term growth prospects, which are steady. Will be very rewarding for people looking for high yielding, steady income investments and modest capital gains.

2009-02-25

TOP PICK

14.160

Rick Stuchberry

Pipeline from Fort Murray down to Edmonton. About as safe as you can find in the pipeline sector. Yielding about 10.5%.

2009-02-20

BUY

13.580

Michele Robitaille

Just started looking at this. Will have some good growth opportunities from its exposure to the oil sands even though a lot of projects have been postponed.

2009-02-03

BUY

14.300

Went to pipelines when things got ugly in the market. His #1 is Inter Pipeline (IPL.UN-T), #2 Pembina (PIF.UN-T), #3 Keyera (KEY.UN-T) and Altagas (ALA.UN-T). In terms of consolidation he thinks all 4 are takeover candidates by institutional holders. They have good sustainable yields.

2009-01-28

BUY

14.300

A good one to own with the caveat that there is not any upside potential right now for their payout to increase. Margins have come down on what they carry and their payout ratio is getting pretty full. Does not see them cutting it.

2009-01-27

BUY

15.170

(Market Call Minute.) For people looking for stable, long-term income with very modest growth, it is a Buy.

2009-01-20

Comment

14.880

$14.80 is the 20-day moving average. If it can get through the $16.50 level it would signal a longer term participation. Moving averages have converged indicating at bit of softness. Moving averages are very tight. This could be a winner. Watch the volumes.

2009-01-08

TOP PICK

15.250

(His Top Picks are conservative, dividend paying for a 1 year Hold.) Pretty close to a guaranteed cash flow. Very little economic sensitivity. 10% to 11% distribution is safe.

2008-12-15

BUY

13.520

Bill MacLachlan

One of the better names in the pipeline sector. Barring any major capital needs, you have a good return scenario and your capital is going to be reasonably well protected. 11.1% yield.

2008-12-11

TOP PICK

16.080

Have added capacity and are extremely well managed. Yield is in the 10% ballpark.

2008-11-07

BUY

16.200

Have had good results. Utility type company that should make the transition to the corporate side. Have new pipeline capacity coming on. Nice yield of 9.6%.

2008-10-31

BUY

16.410

In general, the pipeline business is a regulated one so it doesn't take any commodity price risk. In uncertain times you want to be in the utilities. 9.5% yield.

2008-10-22

BUY

14.960

Like pipeline business generally and they have a new project coming up in North West BC which will provide growth. The only issue would be the distribution level in 2011

2008-10-16

TOP PICK

15.480

Very little economic sensitivity, almost guaranteed distribution. Once it is not a trust, dividend will come down. Likely a take-out candidate before the conversion, though. 10% distribution currently.

2008-10-14

PAST TOP PICK

15.480

(Top Pick Oct 23/07, Down 19%) It’s irrational that it’ down this much. Stable business with almost guaranteed cash flows.

2008-10-14

BUY

16.980

Not only a pipeline, but also do processing. Have made a big push into the oil sands to carry bitumen and oil out. Profits and distributions have been growing. Will still have a high payout ratio after the trusts are dissolved.

2008-09-24

BUY

17.580

(Market Call Minute.) You'll probably be very happy with this.

2008-08-12

BUY

16.710

Glenn MacNeill, P.Eng.

(Market Call Minute.) A pipeline and pays very steadily. In an area where production is growing.

2008-07-18

Comment

17.950

Michael Simpson, CFA

A great pipeline and infrastructure play. Expect it will convert to a corporation around 2011.

2008-05-14

HOLD

17.480

Main business is moving crude from the oil sands. A growth utility type of company. Every time it gets towards the $18 area, it seems to pull back. You could try to buy on a pullback but maybe this time it will move higher. Pretty fully priced.

2008-05-12

BUY

17.240

Robert Lauzon

(Market Call Minute.) The trust with the most exposure to the oil sands development. Long-term story.

2008-04-28

Comment

16.520