STOCKCHASE

(Market Call Minute.) A little too much gas weighting but has recently combined with Newalta (NAL-T).

2012-04-10

HOLD

9.250

Mike S. Newton, CIM FCSI

Just acquired NAL Energy (NAE-T). Synergies between the 2 companies have been well received on the street. Believes the dividend will be sustainable. Doesn't see a massive production growth. Their main Swan Hills property is quite complicated making it quite difficult to get them going.

2012-04-03

DON'T BUY

9.430

He lines companies up based on quality of fundamentals and estimated total return. This one hasn't made the cut to get into his portfolio. They are trying for a long-term growth strategy which increasingly looks like it will involve oil sands. Near-term it is not reasonable to expect a lot of growth.

2012-03-29

HOLD

9.680

Acquisition will be good for them. They have had some better results recently. Netbacks were better; FD&A costs were within expectations. Have been focusing much more on liquids, which he likes. Overall he would hold on to it. Generous yield.

2012-03-27

DON'T BUY

10.050

David Cockfield

Isn’t one of his favorites because he thinks there is good potential for it to cut its payout. There is more gas.

2012-03-16

PARTIAL BUY

9.830

Prakash Hariharan

Has had a good change in management. A lot of exposure to the Swan Hills area. Had a lot of hiccups there and he is waiting for the dust to settle down. At the $9.50-$9.80 level you could dip in.

2012-02-28

HOLD

10.020

Are exposed half and half to oil and Nat Gas. Nat gas has been so depressed that companies with an exposure have been hurt. PGF’s last quarter was in line and dividend is all right for the time being. Would hold for the long term.

2012-02-21

DON'T BUY

9.950

Michael Decter

Everybody that was in gas are looking at oil. He would be a little reluctant on this one. We don't have winter and gas in North America has become almost entirely a weather related economy. It will be another year before there is even any hope of gas prices turning around.

2012-02-09

PAST TOP PICK

9.980

Mike S. Newton, CIM FCSI

(A Top Pick Jan 31/11. Down 14.81%.) Got stopped out in Aug/11. Have a pretty good suite of assets right now.

2012-02-01

DON'T BUY

10.420

Eric Nuttall

The dividend is pretty safe an all growth is in one place. There are way better names to invest in.

2012-01-24

Comment

10.670

Decent mid-cap yield play. Good asset base. Long-term assets. Well-run. Not a bad company.

2012-01-18

BUY

10.590

Douglas Kee

Did a good job of turning the ship around. Dividend is sustainable at this point in time.

2012-01-12

HOLD

10.620

Just came out with earnings of $.29 a share in the 3rd quarter. They pay a good dividend. Have a lot of debt on the books but they managed to continuing to be profitable. Could be good upside.

2011-11-03

Comment

9.470

Bill Carrigan

Yield of over 8% and you always want to be suspicious when you see yield like this. You have to do some fundamental homework to see what the payout is. Would be very careful.

2011-09-30

Comment

10.800

Don Vialoux

Someone gassy, so will respond to gas seasonality. Currently it seems to be trying to form a base level and there is no signs of seasonality yet. If the lows hold look for it to have a nice trade close to the $13 level. Short-term trade of about 2 months.

2011-09-02

PAST TOP PICK

10.740

(Top Pick Aug 17/10, Up 16.72%) One concerns is can they maintain the distribution. Has never been sure. Nat Gas prices have not gone up. They have a hedging program that sometimes costs them a fortune. Tremendous upside potential. He doesn’t like their debt levels.

2011-08-25

BUY

10.810

Pengrowth is getting to interesting levels. A lot of these companies are getting into ranges where they are beginning to get attractive. Attractive yield. A bit of miss last quarter but you can’t read much into that. One he has been looking into recently.

2011-08-23

DON'T BUY

12.500

Douglas Kee

Looked at it a number of times but there are better opportunities. Descent yield. Would like to see dividend growth. Properties are not that great as far as he is concerned.

2011-07-21

BUY

12.780

Bought into this one when they had a management change. It has been a transitional period for them and there is more to come, but he likes what they are doing. Have some pretty solid hedges in place. Great tax pools. Positioning their asset base for long term development. Particularly likes what they are doing in Swan Hills.

2011-05-04

DON'T BUY

13.120

Eric Nuttall

Payout ratio is pretty low so thinks the 6.4% dividend is safe. Would rather own Crescent Point (CPG-T) where you are getting a 3%-4% production growth and effectively the same yield. Also has a better suite of assets.

2011-04-13

Comment

13.850

Michele Robitaille

Good company. New management about 18 months ago. Straightening out some of the mess. Good management. A little concerned about possible cost over runs and operational issues on their SAGD project in Lindburg. 6% yield.

2011-04-08

BUY

13.650

Peter Imhof

Good story. Haven’t grown production but has a very good yield of about 6%. Beat most cash flow estimates last quarter. Gas price has been lagging so feels this is the bottom for gas prices.

2011-03-28

PAST TOP PICK

12.400

Prakash Hariharan

(Top Pick Mar 1/10, Up 20.60%) He scaled back on the position. Great management team. They had some problems but now they are back online.

2011-03-09

PAST TOP PICK

12.790

(A Top Pick Feb 23/10. Up 24.17%.)

2011-03-04

PAST TOP PICK

12.480

Joanne A. Hruska, CFA

(A Top Pick Jan 13/10. Up 23.73%.) Well positioned with much potential for different resources in the western Canadian basin. Have a lot of work to do. Looks like it is starting to head up. She has been selling a little recently because she had a good gain and in moving into other names.

2011-02-25

BUY

12.420

Jaime Carrasco

Cash flow will continue so it’s a great Hold. They are growing reserves but it’s not going to be that much to the bottom line because it’s a very big company. You will get the leverage on the price of oil.

2011-02-18

TOP PICK

12.620

Mike S. Newton, CIM FCSI

Going through a major change. No longer an income trust and did substantial reduction to their debt. Diversifying their assets. Good tax pools so won’t be paying taxes for several years. Yield of 6.95%.

2011-01-31

Comment

13.050

Laura Wallace

In transition so you do have to have a 2 to 3 year horizon. New management is moving to a growth focus so the market is in a “wait and see” mode. Expects it will work out well but you will have to be patient.

2011-01-20

HOLD

13.390

Pretty decent performer over the last year or so, but doesn’t see a tremendous number of catalysts on the horizon.

2011-01-17

WAIT

13.100

Don Vialoux

A classic energy stock and does very well usually from beginning of Jan through until May. Wait until January to seethe stock come down. There will be an opportunity in late Jan, early Feb.

2010-12-10

BUY

13.140

Dean Orrico

Now trying to grow through the drill bit rather than acquisition, which makes more sense. Price is already reflecting the cut in distributions. Looking for an increase in unit/share price.

2010-12-09

PAST TOP PICK

13.270

(A Top Pick Nov 18/09. Up 39.26%.)

2010-12-07

BUY

12.920

Laura Wallace

Distribution is reasonably safe. Risk near term is that they are in transition moving to more of a growth model. New CEO has a great reputation. Have cut costs. Latest quarter was very good.

2010-11-18

PAST TOP PICK

11.760

Irwin Michael, B.Com, MBA

(Top Pick Nov 3/09, Up 25.25)

2010-10-22

BUY

11.390

About 50/50 oil and gas. Well run. $.84 dividend and expect they will keep this after they convert because they have enough tax pools to last them several years.

2010-10-01

WEAK BUY

10.770

Lots of land. Pays a decent dividend. Some good growth in front of them. Lagged their peers who have gone into horizontal drilling and fracing. Not a screaming buy, but a name you could hold.

2010-09-21

TOP PICK

10.840

Have a couple of great carbonate plays at Beaver Hill Lake and Swan Hills region that the market doesn't fully appreciate.

2010-09-20

BUY

10.330

Would recommend if you are looking 3-5 years out. They have some great properties. Just starting to apply horizontal drilling. Thinks we will have a bull market in commodities next year in the second quarter. Buy a trust for the yield while you wait. Would recommend AET over this one.

2010-08-31

BUY

10.050

Has a substantial position. Likes the transition in management. Company is being transitioned to a new business model. What likes about it is that it has a really good asset base. Distribution can be maintained barring a drop in commodity prices.

2010-08-25

TOP PICK

9.950

Part of strategy to get instantaneous returns. Better than 100% upside. 8.4%, but 40% payout ratio. Lots of upside. Too much debt and they keep on releasing more units. Hopefully they stop introducing new units and start making money.

2010-08-17

Comment

9.950

Michael Decter

Feels 8.4% distribution is safe. Have huge tax pools so when they convert they won't be taxable immediately. Putting a lot of money into an exploration program to get their production up. If they do that you could see the low or mid teens in 1-1.5 years.

2010-08-16

HOLD

10.030

In anticipation of the conversion to a corp. so they 8.3% yield is probably sustainable. Expect they have a lot of tax pools to shelter them. Well run company with a lot of drilling opportunities ahead. Pretty much 50/50 oil and gas.

2010-07-28

Comment

10.150

Pengrowth Energy (PGF.UN-T) or Peyto Energy Trust (PEY.UN-T)? 8% yield, which is to continue next year. Both are gas weighted but Peyto has a better set of land and has been demonstrably better in proving up value over time. Pengrowth has a resource base that they have yet to prove up and develop. Prefers Peyto.

2010-07-23

WEAK BUY

9.730

About 50/50 split between oil and gas. Distribution is now at a level where it is sustainable. In unconventional but long life assets. Have a lot of drilling opportunities ahead of them.

2010-06-30

BUY

10.020

Decent name. Solid team and no issues with the balance sheet. Starting to get into shale plays and horizontal drilling. Good entry point.

2010-05-28

PAST TOP PICK

10.450

(A Top Pick Nov 3/09. Up 7.1%.) Still a buy.

2010-05-07

HOLD

11.660

Evenly split between oil and gas. Very good properties and fairly consistent management. As these companies convert to corporations, there will be a lot of M&A activity.

2010-04-27

HOLD

11.410

Jim Huang

One of the bigger oil/gas trust companies. In an age that team is doing a good job. We'll have to convert to a corporation but they plan to continue paying a dividend.

2010-04-19

DON'T BUY

11.340

Have already slashed distributions once so they should be able to maintain current distributions after conversion. Operating costs were higher than expected recently and reserve replacement was below expectation.

2010-03-17

DON'T BUY

11.000

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

(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

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

Peter Brieger

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

Glenn MacNeill, P.Eng.

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

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

Peter Brieger

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

Glenn MacNeill, P.Eng.

(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

Peter Brieger

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

Glenn MacNeill, P.Eng.

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