STOCKCHASE

Would not put in his must-have category. Does not see an obvious catalyst to the shares going higher. No clear focus on one play. They are middle of the road.

2010-03-05

TOP PICK

11.000

Prakash Hariharan

Had a good run and in the process of re-calibrating as a company with the new management team. With new team, the stock is in the process of re-calibrating. Safe dividend payout. Cut down debt. Payout ratio looks sustainable.

2010-03-01

TOP PICK

11.050

Has a new leader. One of Canada’s oldest energy trusts. Are particular on where they spend money and have to cut their distribution so they shouldn’t have to do it again.

2010-02-23

BUY

10.860

David Baskin

Has 3 to 4 years of tax pools so 7.7% yield is sustainable as long as oil stays above $70 a barrel. Have terrific properties.

2010-02-08

Comment

10.800

Jeff Black

Not a bad place to be. They will have to address some changes on the trust side.

2010-01-14

TOP PICK

10.870

Joanne A. Hruska, CFA

Likes new management. Will have to change the culture from what the company was too more of an exploration/production. Expect they will continue a dividend after conversion to a corp but there will still be growth. Debt levels are in control.

2010-01-13

Comment

10.750

Robert Lauzon

Had a management shake-up and likes the new management. This wouldn't be his 1st choice in royalty trusts. (See Top Picks.)

2010-01-06

BUY

10.750

Mason Granger

(Market Call Minute)

2010-01-05

WEAK BUY

10.200

Fairly priced. A little over 8% yield. Have already addressed the distribution and are pretty well set up for 2011. Have oil, half gas.

2009-11-27

WATCH

10.390

Michele Robitaille

Didn't do a great job of migrating their asset base towards more sustainable properties and had a very high payout ratio. Change in management and thinks the direction will change significantly but will take some time, possibly 12 to 24 months.

2009-11-25

TOP PICK

10.300

Trading at a discount to its peers. 50/50 oil and gas. Have always had great assets but new management will now focus on cost control and more production. 8.2% yield on a 33% payout ratio.

2009-11-18

TOP PICK

10.100

Mason Granger

New management is transitioning from acquisitions to developing present holdings. Likes the new management. Has under performed over the last month but thinks they will divest non-core assets.

2009-11-03

HOLD

9.920

First-rate income trust. New management team so a “show me” stock.

2009-11-02

BUY

10.730

Likes the new management with their good track record. Believe they will cut costs, stabilize production and start making acquisitions. At a 33% payout ratio only, feels distributions are safe. They will also be increasing capital.

2009-10-13

BUY

10.280

Jim Huang

Today's 30% distribution cut was disappointing but not unexpected. Newman is and is doing the right thing in increasing capital expenditure and building for the future.

2009-10-02

TOP PICK

11.330

New leader has a good track record and is very operationally focused. Payout ratio of only 45% so believes the 11% yield is sustainable. Very good old legacy assets. Not expensive.

2009-09-30

WATCH

9.670

Michele Robitaille

Did not migrate to as much of a balanced model in terms of balancing the level of payout and its capital expenditures as other trusts. New CEO is trying to refocus the company into getting into some of the resource oriented plays.

2009-09-11

DON'T BUY

9.400

David Baskin

Not one of his favourites. Well managed and pretty good assets. You will get more leverage on the exploration side with a Talisman (TLM-T) or the integrated side with a Suncor (SU-T).

2009-08-31

HOLD

9.600

Jim Huang

Based on current production and cash flow, they are fairly valued. Historically it has been over levered and under performing. New management team has been doing some good things in the constructing portfolios and rejuvenating growth.

2009-08-24

WATCH

9.150

Has some great properties and assets. Has always had management issues and more recently have brought in a new president who is very well thought of. Anxious to see what he is going to do.

2009-08-11

Comment

9.090

Benj Gallander

Natural gas is way out of favour. Likes their 13% distribution. You have to be wary as to whether they can sustain it. They need natural gas prices to move up. Big debt load that he doesn't like.

2009-08-07

BUY

8.960

Well managed company. His outlook for energy long-term is positive. Distribution is a little bit high but doesn't think there is a danger of being cut. (See Top Picks.)

2009-07-28

WEAK BUY

25.300

Dean Orrico

Have been transitioning to be more operationally/technically focused. Has helped them in growing production and allowed them to avoid making an acquisition just for the sake of making inaccurate edition. Wouldn't be one of his top holdings.

2009-07-23

BUY

8.670

Dennis Da Silva

(Market Call Minute.) Seems to be a recycling of the management team getting ready for a conversion back to a corporation.

2009-07-16

Comment

8.530

Ken McCord

(Market Call Minute.) There are better names out there. He would suggest Fort Chicago (FCE.UN-T).

2009-07-15

BUY

8.350

(Market Call Minute.) Good suite of properties. New good management.

2009-07-13

Comment

8.660

(Market Call Minute.) Getting a new president and COO. Wants to meet with him before they buy but it is positive news.

2009-07-06

Comment

9.180

Traditionally they were high payout ratios and made many acquisitions. Now transitioning to become more operationally focused. Good management. Hoping to see some operating costs come down. Production has stabilized. Have very good assets and low decline rates compared to peers. Becoming a sustainable trust in that development capital they spend and distributions are 100% or less and they won't have to go to equity markets. 13.1% distribution should be safe.

2009-06-30

Comment

9.300

Not his favourite name but a year from now you could be well rewarded. Distribution is pretty safe, not rock solid.

2009-06-24

HOLD

9.350

Likes oil and natural gas. This company is about 50% each. On this trust and most others, he can see distributions being cut 15% to 20% and sometimes more because of taxation. Not his favourite but he does like it.

2009-06-16

DON'T BUY

9.500

Ken McCord

Looks cheap on trailing earnings and it is but looking at forward earnings it is very expensive. Doesn't mind the sector but would prefer something like Fort Chicago (FCE.UN-T).

2009-06-09

SELL

9.190

(Market Call Minute.) Changed its management significantly over the last little while. He would want to see some direction and guidance.

2009-05-20

DON'T BUY

8.690

Doesn’t think they can maintain the distribution. Thinks they will be part of a consolidation.

2009-05-04

DON'T BUY

6.230

Numbers came in a little below expectations and their reserve level was lagging from what the market was expecting. Possibly another distribution cut is coming.

2009-03-10

WAIT

7.260

Kevin Hall BComm, CFA

Had a substantial distribution cut of about 40%, which is positive. Good asset base. Leverage is a bit higher than average but the distribution cut addresses this. Would wait to see more positive things before he stepped in.

2009-02-27

Comment

7.290

Just cut distributions substantially, which was the correct thing to do. Has a brilliant asset base. Would be warming up to this name significantly if it continues down at these levels.

2009-02-24

BUY

10.140

About 50% oil and 50% gas. Have been cutting back on distributions and the forecast for cash flow going forward has been cut. 20% yield.

2009-02-02

HOLD

10.050

Hap (Robert) Sneddon FCSI

Reduced their distributions to a level, which is living mostly within their means. Very good asset base. Would be very comfortable with this on a 2 to 3 year time horizon.

2009-01-22

SELL

10.160

Kevin O'Leary

(Market Call Minute.) More distribution cuts coming.

2009-01-21

HOLD

9.780

Has just popped above the downtrend line. Below its 50-day moving average but momentum is starting to build up. Would like to see it get through around $10.75 before Buying.

2009-01-08

HOLD

9.750

(Market Call Minute.) Just cut their distributions. Cutting back on CapX/production guidance.

2008-12-19

Comment

9.510

Has been hit with the massive move down of oil and natural gas. Will be under a little bit of pressure because they are close to 100% payout ratio and will probably have a distribution cut at current commodity prices. Some of their light oil prospects are very, very good.

2008-12-08

DON'T BUY

9.820

Evenly balanced between oil and gas. Properties in Western Canada and Nova Scotia. Because of the lower commodity prices, he would worry about a cut in distributions. There are other names with better balance sheets and payout ratios.

2008-11-20

BUY

13.330

Robert Lauzon

Will make it through but might cut its distribution little bit, which is already priced in. You'll still get a nice healthy yield. A lot of insider buying.

2008-10-29

BUY

14.400

Bill MacLachlan

It’s a solid company. Distribution is safe, but what if 6 months from now oil is $50 a barrel and if this happened they would have some problems, but they are the strongest of the sector.

2008-10-03

BUY

15.600

Kevin O'Leary

Added to the position recently.

2008-10-01

HOLD

18.380

Higher payout ratio and have worked hard to bring it down. Likes its enhanced oil recovery. Not his favourite.

2008-08-22

HOLD

17.500

One of the original oil/gas trusts. Not bearish on oil/gas, so would continue to Hold.

2008-08-07

WAIT

20.700

Ken McCord

Fundamentally what is backing up energy stories is still very much intact. A big believer in energy. In the next week or two, there could be a little pullback, which will give you great entry points.

2008-05-23

DON'T BUY

20.750

This was the trust that had a good start early on and was able to acquire some very good assets. More recently they have had some difficulty in maintaining their production. Had a policy of paying out more than they earned, which required more borrowing or underwriting. Prefers others.

2008-05-16

SELL

20.050

(Market Call Minute.) Has struggled even in a high commodity price environment.

2008-05-14

DON'T BUY

20.170

Kevin Hall BComm, CFA

Payout ratio on a relative basis to their peers is quite high. Also carry a bit higher than normal debt. Good assets. Would Prefer Arc Energy AET.UN-T), Crescent Point (CPG.UN-T) or Vermilion Energy (VET.UN-T).

2008-05-06

HOLD

20.250

(Market Call Minute.) Too high a payout ratio. Needs to right size its distribution.

2008-05-05

Comment

20.030

This is a trust with a wealth of opportunity. Some enhanced recovery plays, some oil sands potential and coal bed methane. He has been critical because of their consistently high payout strategy. Prefers to be more conservative with his income investments.

2008-04-16

DON'T BUY

19.700

Bruce Campbell

Like a lot of the senior trusts, he worries about the sustainability of the growth and therefore the distributions. If you take payout plus capital sustainability it is over 100%. You just can't do that. What is keeping them on side for now is higher energy prices.

2008-04-11

HOLD

18.700

(Market Call Minute.) Too high a payout ratio.

2008-02-26

Comment

16.320

Very good set of assets. As a big Cap X budget slated for 2008, which could create some balance sheet issues. Relatively high payout ratio will create some concerns on the sustainability of distributions.

2008-01-21

BUY

18.000

David Baskin

A good producer with a solid track record. Distribution is good. With oil where it is and gas rising, this is not a bad place to be.

2008-01-14

PAST TOP PICK

18.130

(Top pick Nov 14/06. Up 19%) Wouldn’t buy at this price, there are other trusts in the sector that are more attractive. 15% yield. Would be taking profits in it today.

2007-10-26

SELL

18.420

Reasonable possibility of a distribution cut.

2007-09-26

DON'T BUY

17.980

Concerned about balance sheet strength. Good operations team is making them a better oil/gas company going forward but payout ratio is too high and debt levels are something he is concerned about. Expect they will have a secondary issue of new units.

2007-09-05

DON'T BUY

18.040

Payout ratio is over 90%, which gives them very little latitude. 16.5% yield may not be sustainable. Not attractive.

2007-08-31

Comment

18.460

Good company, but he prefers Arc Energy (AET.UN-T) or Penn West Energy (PWT.UN-T).

2007-08-28

Comment

20.080

One of the oldest and largest oil/gas income trusts. If they continue to be an acquirer, there may be the occasional bump in the unit prices. Own an above average quality oil/gas assets. Inter-listed with the US, which is an asset.

2007-05-29

HOLD

19.630

Not a top tier trust, but has some good assets. He trades in and out depending on the price. Distributes about 80% of cash flow, which is high for him.

2007-04-04

HOLD

20.200

This would be a Hold or Sell. Doesn't see a lot of growth in this name. Fairly highly levered and they may be forced to cut the distribution. Production has been stumbling a little bit.

2007-03-27

PAST TOP PICK

19.400

Neil Wickham

(A Top Pick Oct 3/06. Down 6.0%.) Total return, including distributions, is actually up. Still likes.

2007-03-20

PAST TOP PICK

19.080

(A Top Pick Nov 14/06. Up 13.5%.) That did after it had been crushed. Pretty much fully valued now.

2007-03-16

Comment

20.550

One of the older oil/gas trusts. Historically has relied on acquisitions for growth. Have very good solid assets. Feels they can change to the drill bit instead of acquisitions.

2007-02-23

SELL

20.550

David Cockfield

Not his favourite. Too dominated by the oil side. Looks expensive compared to other oil/gas trusts. Heavily owned by US investors, who could sell off in a big way when they become aware of the tax implications.

2007-02-23

Comment

20.210

Has a risk of having distribution cuts.

2007-02-21

PAST TOP PICK

20.030

(A Top Pick Nov 14/06. Up 17.8%.) Feels the distribution is fairly safe for the time being. Good holdings and good assets.

2007-02-20

HOLD

19.630

Robert Floyd

A well-run company and he doesn't expect them to cut the dividends. Would look for a bit of a rally when the energy price comes back a little.

2007-01-19

WAIT

19.640

Recently merged with and other large group of properties. Likes some of their assets and it is reasonably well managed. Expecting a decline in its distributions. That would be a good time to buy.

2007-01-16

HOLD

19.890

Good management, and if any management is capable of making a transition from a pure production play to production and exploration, this is one.

2007-01-15

BUY

19.150

Likes this one and is holding onto it despite the pullback. A midsize player. Reasonable multiple. Distribution is fairly safe. A modestly growing production profile which he likes.

2007-01-05

DON'T BUY

20.300

Michele Robitaille

The oil/gas sector will be the one most affected by the new legislation. This company hasn’t kept up as well as others in building up a sustainable side of its business. Payout ratios are relatively high.

2006-12-15

DON'T BUY

20.300

Kenneth P. Norquay, CMT

Had been dropping even before the government ruling on income trusts. Chart shows that it is not going up.

2006-12-15

HOLD

20.460

Not one of his favorites. Was impressed with the deal they just made, taking over some of the ConocoPhillips (COP-N) assets. A good potential name going forward.

2006-11-29

DON'T BUY

19.840

Bill Harris, CFA

If you are looking at royalty trusts, you really have to look at what is going on right now. If you're waiting for a government ruling, this is speculation.

2006-11-20

WEAK BUY

19.710

Ravi Sood

Worth owning, but would not be one of his top picks on the oil/gas side. Made an acquisition of Esprit Energy at a very good price. Not really cheap at this point.

2006-11-17

TOP PICK

16.860