STOCKCHASE

(Market Call Minute) Still has to skinny down its production. It has to be more focused in order to be a buy

2010-03-05

DON'T BUY

21.570

Prakash Hariharan

Not a big fan. They did an asset swap with Crescent Point. This was good. They had a debt issue and needed to do something to meet the distribution target. Feels there are better names out there.

2010-03-01

DON'T BUY

20.870

One of larger oil and gas royalty trusts. Will have to cut their distribution when they convert.

2010-02-23

BUY

19.540

(Market Call Minute) Great assets, but company has not met operational targets, yet going forward things are turning around.

2010-02-16

BUY

18.340

David Baskin

(Market Call Minute.) Not a bad company. Believes they have tax shelters for when they convert to a corp but check it out first.

2010-02-08

HOLD

18.230

Had been a huge disappointment as it had come down significantly from its highs. Have recently added to his position. Have fantastic landholdings. Has a number of “heritage” landholdings which can be subject to improve recovery techniques.

2010-01-21

HOLD

18.960

Dean Orrico

Hasn't participated in oil/gas trust prices like its peers. Consolidation story, which you have to be sceptical about because of the integration of assets that are needed. Still a “show me” story.

2010-01-20

DON'T BUY

19.340

Ross Healy

Its projected earnings and FMV fall far, far short of the current price. Balance sheet is kind of slipping away. Good management and good land spread. 9.3% yield.

2010-01-11

BUY

19.250

Douglas Kee

Likes the dividend and thinks it's fairly secure. Excellent assets. Haven't explored and developed their assets as fast as other companies so is hoping that someone will farm into their lands.

2010-01-08

DON'T BUY

19.300

Mason Granger

Believes that when they convert to a corporation, they will continue as a high dividend-paying corporation. Incorporates too much financial leverage for him. They have some interesting assets.

2010-01-05

Comment

18.660

Has been a disappointment. The positive is their huge oil/gas land position. Unless they raise more capital or sell more assets, they are a little tight and he is concerned about distributions.

2009-12-21

HOLD

18.230

Sandy McIntyre

Positioning itself for the transition into a Corp with a 5%-8% dividend yield and a modest growth rate. This one is actively on his Watch list.

2009-12-14

BUY

17.730

5th largest production in Canada. How do you get growth in a company this large but lately have been looking at Pembina Cardium using horizontal drilling as applied to oil. If projections are correct, they could move the needle significantly.

2009-12-11

HOLD

17.730

Jaime Carrasco

This is a solid hold. You want to own reserves in politically safe areas.

2009-12-11

DON'T BUY

17.970

Mixture of oil/gas. Some great assets in the Pembina area. Expects distribution will come down when it changes to a corporation. Likes but hasn't performed as well as others. Will take a lot of capital to keep the company growing.

2009-12-07

TOP PICK

19.420

David Burrows

Largest landholder in Pembina Cardium, largest base of oil assets in Canada. Using horizontal fraqing and water flood technologies (gas technique) in oil that could possibly increase recoveries by 15%-20%, which would double reserves. 9% yield. Good tax pools for protection in 2011.

2009-11-25

SELL

19.420

Had got into a situation where they were growing for the sake of growing. Got to 200,000 BOE is a day, which was very difficult to sustain and as a result there was a significant decline. Starting to address their issues. Have some good resource plays. Expect they will cut their distribution going forward.

2009-11-25

HOLD

19.010

David Baskin

(Market Call Minute.) Not his favourite one but not so bad either. Reasonable play in the sector.

2009-11-19

TOP PICK

18.470

Michael Decter

Have struggled with some issues but thinks they are getting these solved. Distribution is sustainable so the stock is undervalued.

2009-11-11

HOLD

18.790

5th largest oil/gas producer in the country with about 170,000 daily barrels of oil. Has struggled lately but is now focusing on horizontal drilling on the oil side.

2009-11-09

DON'T BUY

17.500

Joseph Schachter

The trust is over soon. The company is gearing up for post-tax-protection. These companies are all in a transition phase and this is a risk. It’s going from an income investor to an equity investor. Many of these companies will have to cut back or eliminate distributions.

2009-10-20

VAGUE

16.810

Norman Levine

Trying to build up its oil presence. It is working on becoming a growth stock. May not continue to pay out a high yield.

2009-10-13

HOLD

16.360

Have substantial tax pools so you can hope that they can defer taxes out until 2012-2013. Good company. 11% yield.

2009-10-01

DON'T BUY

16.160

Mason Granger

Excellent resource base with some very promising properties including Seal. Running against a pretty steep decline curve, so every year have to replace about 40,000 barrels a day of production. Trying to do it with the balance sheet, which is fairly stretched.

2009-09-24

Comment

16.160

Keith Richards

Has a head and shoulders bottom with a neckline that it seems to be breaking. If the volume is spiking it could be a very good play. He likes to see a 25% increase in volume. 11.1% yield.

2009-09-24

HOLD

15.780

This is a company that was a large successful company before they turned into a trust. They have a little more debt that we like to see. Distribution not at risk before 2011 but they could turn into a growth company,

2009-09-22

HOLD

15.330

Not one of his favourites. Has to fight really hard in order to keep its production flat. Property/management team has gone through a number of acquisitions making quite a few changes in the last number of years. A “show-me” story.

2009-09-18

Comment

15.250

Equally weighted between oil and natural gas. Historically have grown through acquisitions. Had difficulties with their capital efficiency ratios and maintaining production. Starting to turn around. Some interesting projects in some of the older legacy oilfields in Alberta. Starting to look at it more seriously.

2009-09-17

HOLD

14.790

Joanne A. Hruska, CFA

(Market Call Minute.) Has been a bit of a laggard but the sheer amount of resource play and potential they have to work with should be good in the long run.

2009-09-14

SELL

14.390

Fell into the trap of making a lot of acquisitions for the sake of getting bigger as opposed to making a stronger company. Still trying to work through some of the issues of integration. Capital efficiencies are not that good. Debt is higher than what she likes. Expect there will be a distribution cut going into 2011.

2009-09-11

HOLD

14.390

Looking for oil/gas prices to go higher through 2010-2011. One of the major players. Given the current yield and their tax pools this would be a Hold. 12.5% yield. There are other trusts he prefers but does like this one.

2009-08-05

HOLD

14.690

Michael Smedley

One of the giant holders of gas filled land. Can't see any downside from this level. Doesn't know what it takes to get it going. 12.25% dividend is sustainable.

2009-07-28

HOLD

14.510

5th largest producer in Canada. Doesn't think there's enough catalyst to move it yet. Thanks distribution is safe.

2009-07-24

WEAK BUY

14.450

Dean Orrico

Has been very acquisitive over the last few years and are still having some challenges integrating. Very large company to be able to make any growth through a specific play. If looking to participate in higher oil/gas prices, there are better names for greater leverage. 12.5% yield could possibly be cut.

2009-07-23

SELL

14.130

Veronika Hirsch

There has to be 100 better names. Doesn't have an exciting prospect. 12.7% yield.

2009-07-17

DON'T BUY

14.130

There are better opportunities in oil/gas. Very large company with a lot of assets.

2009-07-17

DON'T BUY

13.820

One of the larger oil/gas royalty trusts and about evenly weighted. At about 185,000 BOE is a day. Made some acquisitions that didn't pan out as they wanted. Have some interesting oilfields where they can extract more oil with CO2 flood. Traditionally has a higher payout ratio that he is comfortable with.

2009-07-06

HOLD

14.810

Lyle Stein

This company has been a laggard. Had some management issues and getting them back on track has taken time. Now in a bit of a “show me” mode. Recovery from March has been okay but has not performed well. A little higher than average yield scares people. Expects to see distributions fall in general on trusts but won't fall as fast because of tax pools and will be attractive to income oriented investors.

2009-06-30

DON'T BUY

15.640

Charles Lannon

Reserve life is probably the single most important impact on the stock. Oil/gas royalty trusts can no longer tap capital markets for secondary rounds of financing and are now saddled with pretty marginal assets and weak balance sheets. Would prefer Vermilion Energy (VET.UN-T) or Royal Dutch Shell (RDS.A-N), which pays 7%.

2009-06-12

SELL

14.950

Ken McCord

(Market Call Minute.) Too expensive on its forward earnings. Better opportunities elsewhere such as Fort Chicago (FCE.UN-T).

2009-06-09

Comment

15.170

Has a great land spread but management has never shown it is able to take advantage of it. He is holding this basically for yield. All the oil/gas income trusts will run up if the price of oil runs up.

2009-06-05

DON'T BUY

15.890

Have continued to show disappointing operational performance. Overvalued.

2009-06-01

DON'T BUY

15.270

Gerald Allaye-Chan

In the past 5 years they have been a very active acquirer. His concern is their fairly high debt level. Depleting reserves by about 40,000 barrels per day and to replace will be expensive.

2009-05-29

DON'T BUY

14.310

One of the larger producers with an equal weighting in gas and oil. It requires a lot of Cap X to keep its production flat. Not a sustaining producer. Have good sheltering ability when the tax horizon meets them in 2011. There are others he prefers.

2009-05-20

DON'T BUY

14.250

Bill Harris, CFA

(Market Call Minute.) Coming out of a trust structure is facing a lot of headwinds. Doesn't like this one.

2009-05-19

SELL

13.940

Sandy McIntyre

(Market Call Minute.) It has never hit its production numbers. Very complicated asset base. There are simpler alternatives in energy.

2009-05-14

DON'T BUY

13.600

Ben Cheng

(Market Call Minute) Hold or you are better off buying some one like a Crescent Point.

2009-04-27

SELL

13.150

Could be more oil weighted. Caller is talking about selling this and buying NAL Oil & Gas (NAE.UN-T). A reasonable call but he would prefer buying Baytex (BTE.UN-T).

2009-04-14

BUY

12.800

Lyle Stein

(Market Call Minute.) Likes it. They've done the distribution cut. Pays while you wait.

2009-04-08

HOLD

11.880

(Market Call Minute.) One of the larger trusts at 160,000 BOEs per day. Think they will have problems going forward but will probably make some very astute acquisitions.

2009-03-31

WEAK BUY

12.670

Jim Huang

Just cut distributions and the price got hit. Has had some operating issues and he would prefer other names.

2009-03-27

Comment

9.310

Kevin O'Leary

Trust space is in a funk. You have to know which ones are going to survive to the conversion date of 2011 and also, which ones are going to cut and how many times. Expect more distribution cuts in the energy space. This one has a 28.8% yield.

2009-03-09

DON'T BUY

11.210

Kevin Hall BComm, CFA

One of the bigger energy trusts. Biggest issue they had was not getting good enough returns on capital they were spending. Better names such as Crescent Point (CPG.UN-T), Vermilion (VET.UN-T), Arc (AET.UN-T) and Enerplus (ERF.UN-T).

2009-02-27

Comment

11.340

Current CapX and current distribution is up about 150%. Companies can't operate paying out more than they take in. With estimated oil prices for this year and next, there is no way current distributions can be maintained. Look for a 50% decline on distributions but that will still give you a double-digit yield. (Prefers Crescent Point (CPG.UN-T).

2009-02-25

Comment

13.370

Gavin Graham

Have about $5 or $6 billion in tax credits and hold about 5 million acres of land. Cut distributions just like everybody else. If oil goes up, you will likely see an increase in the payouts.

2009-02-13

DON'T BUY

13.940

Dean Orrico

Think they are going to have headwinds on both short-term and long-term aspects. Recently raised some money but not all that issue has he sold. Very few institutions participated. Struggling to replace production. Distributions are too high.

2009-02-06

Comment

13.600

Cut distributions and CapX programs. Recently did an issue to shore up the balance sheet and cut back debt. Will benefit from rising oil/gas prices. Well-managed. Would look at this one.

2009-02-02

DON'T BUY

14.870

Reduced their guidance from 210 thousand BOE's to 180 thousand. Very healthy tax pools that will take them to 2012-2013. Would be concerned with production levels and commodity prices.

2009-01-16

Comment

14.730

Gavin Graham

If oil/gas prices go down and stay down, distributions will be cut. Have $5.5 billion in tax pools so when they have to convert they will not be paying the full rate of tax. If oil stays in the $70-$100 range distribution should be sustainable.

2009-01-14

BUY

15.370

Ross Healy

Likes this one. Has a decent yield even though it earnings are under some pressure. Has quite a decent balance sheet. Cheaper than most of the other oils.

2009-01-09

BUY

14.680

(Market Call Minute.) A survivor. 5th largest oil/gas company in Canada.

2009-01-02

Comment

13.250

Bruce Campbell

Like a lot of the oil trusts, with much lower oil prices, there will be further distribution cuts. Would be nervous holding this one.

2008-12-23

HOLD

13.290

3 year Hold? Market is anticipating correctly that distributions will be cut on a number of oil/gas trusts. Management is a little slow off the mark but have an excellent property spread. Even if they cut their payout in half it is still yielding 15%.

2008-12-05

BUY

14.300

Ken McCord

All of the energy income trusts are screening really nicely right now. The best one in the group is Canadian Oil Sands (COS.UN-T).

2008-12-04

BUY

16.040

(Market Call Minute.) 5th largest producer of oil/gas in the country. Can throttle down or throttle up projects depending on where they are in geographical regions.

2008-12-03

BUY

19.380

Jaime Carrasco

One of the better run income trusts. Likes income trusts. Some of them will convert to dividends but even then have 4 to 5 years of tax carried forward so you will still have tax-free cash flow for a number of years. This is one of the companies that will make it. 22% distribution, which might be a little high, but the payout ratio is only 58%. Have also been increasing production.

2008-11-28

DON'T BUY

21.490

Has not been that happy with the company in the last little while. Has huge land holdings and it looked like they were actively getting people to come in and drill but that program seems to have died out. Distribution is probably in danger. Prefers others.

2008-10-31

DON'T BUY

21.400

Robert Lauzon

This would not be his first choice in this environment. Not a bad name, but prefers others. (See Top Picks.)

2008-10-29

HOLD

19.660

(Market Call Minute.) 5th largest producer in Canada. Can't see any catalyst for the upside.

2008-10-22

BUY

18.660

Hap (Robert) Sneddon FCSI

Payout ratio is about 70%. Yield is somewhat worrisome, but it is THE senior trust in the area they participate in. The pricing declined is overdone and he would not be worried to much until oil gets to $50.

2008-10-16

SELL

17.000

Jeff Parent

Just said "Sell"

2008-10-10

HOLD

18.200

Check dividends. Hold or sell on strength in next quarter.

2008-10-08

DON'T BUY

23.750

It’s turned into a ‘show me’ story. Their track record on capital efficiencies isn’t that good.

2008-10-02

HOLD

25.310

Close to a sell. Believes they are not going to meet their production guidance. They have a real challenge ahead of them.

2008-09-30

SELL

26.990

Michael Decter

Not a fan of this. Prefers Arc Energy (AET.UN-T) and would be tempted to sell this one and put the money into Arc.

2008-09-23

Comment

26.900

One of the larger oil/gas trusts split about 50/50. Currently at about 195,000/200,000 barrels per day. Management is interested in looking at some international opportunities. Have pretty good tax pools so doesn't expect any dramatic tax hit.

2008-09-19

BUY

27.590

Joanne A. Hruska, CFA

Trading at less than the market multiples of their peers. Have made some massive acquisitions over the last few years so have some slight concerns on integration risks but think this is baked into the price. Will have huge resource potential for a lot of the new technologies.

2008-09-12

Comment

25.730

Lyle Stein

Sold his holdings a short while ago because it was a liquid oil name and oil was quite high but dropping. At these levels, it is becoming quite attractive. 15.5% yield. Doesn't think they will cut their distributions.

2008-09-09

Comment

28.710

Can convert back into a corporation and it will not be a problem for them. As a trust, there are more attractive places to go for yield such as Arc Energy (AET.UN-T). (Also see Top Picks.)

2008-09-05

STRONG BUY

29.030

Have great tax pools so the taxable status in 2011 is not really in question. His favourite is Progress Energy (PGX.UN-T) but if you own this, continue to hold and add to it. 14% yield.

2008-09-04

DON'T BUY

30.000

Production is down and they have to spend a lot of money to keep the production going.

2008-09-02

Comment

30.550

Kevin O'Leary

2 problems. A commodity and also a trust (that the government doesn't like any more). Will trade with the price of oil and thinks oil will stay around $100 for quite a long time. Pretty good yield. The big question is, what is going to happen when it announces its conversion back to a corporation. Some of the trusts have dropped as much as 17%. Well run trust.

2008-08-25

BUY

30.430

Royalty trusts seem to be working very well with an average return of 11%. Have several legs on their stool including enhanced oil recovery, coal methane, tight gas and a tremendous inventory of undeveloped land.

2008-08-22

HOLD

30.700

Robert Floyd

Largest oil/gas trust. Have made 3 acquisitions over the last little while. Well over 13% yield.

2008-08-21

HOLD

29.100

Sandy McIntyre

Owns but not as a core position. Concerned that they continually don’t hit their numbers but there are very large option values on the option base. Largest land base in Canada. As a long-term investor he is content to Hold.

2008-08-15

BUY

29.860

Evenly split between oil and gas. Fair amount of tax pools, which will carry them to about 2014. Well run trust.

2008-08-13

BUY

30.320

Very large oil/gas producer that ranks #5 in the country. In spite of all the volatility, royalty trusts have done pretty well because you are getting paid to wait. Because of its size, scale and experience it should be a successful corporation when trusts have to change. 13% yield.

2008-08-06

HOLD

30.500

Michael Smedley

Not too glamorous of late. Good distribution at 13.3%.

2008-08-01

DON'T BUY

30.500

Not particularly good operators. Ton of undeveloped land. Keeps expecting them to do better. Yield is excellent because of lower stock price, which reflects general disappointment of investors.

2008-08-01

HOLD

29.990

Robert Floyd

Recently acquired Endev Energy (ENE-T), which he owned. Outlook is quite strong. Continued exploration development. Made about 3 acquisitions over the last several months and complementing this with increased drilling. Controlling payouts of cash flow quite nicely and will have to do this over the next 2 years.

2008-07-23

Comment

30.010

Really hasn't moved like some of the others, so is undervalued. A “wait-and-see” management on their ability to incorporate their acquisitions. It should do better in future.

2008-07-18

BUY

31.070

Gavin Graham

They bought Canetic and Vault at the end of last year, which resulted in some extra stock out there. Also, they're finding costs per barrel is a little higher than he likes. However, it pays 11.5%. Because of high oil prices, they'll probably have extra payouts.

2008-07-07

HOLD

33.720

David Baskin

This is a good one and with energy prices what they are it should be a sustainable distribution. Have tax pools so they won't get taxed for a while.

2008-07-03

BUY

34.480

Has the advantage of about $6 billion in tax pools meaning you don’t have to worry about the taxes in 2011 for several years. Management is doing an extensive review of its options. Pretty good yield.

2008-06-30

BUY

34.030

Represents fairly good value. Yield of over 11.5%. A lot of tax pools so that even when they convert to a corporation in 2011 it will be some time before they have to pay any significant tax.

2008-06-26

BUY

34.760

Attractively valued and should go higher. One of the largest holders of Legacy Oil reservoirs. With enhanced recovery from CO2 flooding they are able to increase recovery. Should go higher.

2008-06-16

Comment

34.340

Brian Acker, CA

Have no trusts in his portfolio. Trusts will have to convert back into corporations. When that happens, they have a haircut of about 30%. His model price is $51.37, and upside of about 51%.

2008-06-11

HOLD

32.660

Robert Floyd

Thinks it could go a little higher. Hold onto it for the next 12-18 months

2008-05-30

BUY

31.870