STOCKCHASE

(A Top Pick March 30/09. Up 36.71%.) Absorbed into Suncor (SU-T). See Top Picks.)

2010-04-06

PAST TOP PICK

45.500

(A Top Pick Feb 24/09. Up 76.35%.) Merged with Suncor (SU-T) and he holds their shares.

2010-02-03

PAST TOP PICK

45.500

(A Top Pick Feb 2/09. Up 30.2% Using Suncor (SU-T) prices.)

2010-01-27

PAST TOP PICK

45.500

(A Top Pick Jan 9/09. Up 65.9%.) Merged with Suncor (SU-T).

2010-01-11

PAST TOP PICK

45.500

(A Top Pick Nov 18/08. Up 91%.) Acquired by Suncor (SU-T), which he still owns. Lightened up a little. There will be a lot of opportunity.

2009-11-27

PAST TOP PICK

45.500

(A Top Pick Oct 16/08. Up 107%.) (Now Suncor (SU-T)) A dominant player. Well diversified across gas, oil, oil sands, upstream, downstream. Will be the bellwether stock in the oil/gas industry.

2009-10-14

PAST TOP PICK

45.500

(A Top Pick Sept 23/08. Up 17.4%.) Acquired by Suncor (SU-T).

2009-09-02

BUY

45.500

David Burrows

Merger with Suncor (SU-T) makes all the sense in the world. Very good combination. You get the oil sands along with a cash flow that will come from their more conventional assets.

2009-08-06

SELL

45.440

Merger with Suncor (SU-T) is pretty much a done deal. Doesn't think this will go any higher so he would sell and pick up more Suncor, which is in the penalty box right now.

2009-07-24

BUY

39.300

Rick Stuchberry

Merging with Suncor (SU-T). The reason to buy either is that they have a production profile that could grow dramatically. If you are positive on energy over the next little while, it makes a ton of sense to have a senior company like this.

2009-07-10

BUY

44.920

Laura Lau

Merging with Suncor (SU-T) and would prefer to buy this rather than Suncor as the deal risk is minimal. Thinks government and shareholders will let the deal go through. A cheaper way to go.

2009-06-30

HOLD

42.220

(Market Call Minute.) Continue to hold for the merger with Suncor (SU-T).

2009-06-24

HOLD

41.860

Thinks the acquisition with Suncor (SU-T) is going to go through. If you own, tender your shares and own Suncor.

2009-06-23

BUY

44.420

Steve Carlin

Likes the merger with Suncor (SU-T). You should buy the cheaper of the two, which is this company.

2009-06-19

HOLD

48.780

(Market Call Minute.) Screening reasonably well. Prefers others.

2009-06-09

BUY

48.430

Likes this especially after the merger with Suncor (SU-T). Has been buying more of this than Suncor because they will have to adjust the valuation.

2009-06-05

BUY

47.150

Would buy this instead of Suncor (SU-T) because it is an 8% discount to Suncor shares for the merger.

2009-06-04

DON'T BUY

49.880

Jennifer Stevenson

(Market Call Minute.) Would buy Suncor (SU-T) instead because of the merger does not go through you would be stuck with this company.

2009-06-01

HOLD

45.650

Subject to a takeover by Suncor (SU-T). Not much there in terms of an arbitrage situation. She likes Suncor.

2009-05-26

PAST TOP PICK

43.120

(A Top Pick June 5/08. Down 26.5%.) Being acquired by Suncor (SU-T), which is a brilliant move on their part. He'll probably continue to hold.

2009-05-21

BUY

41.600

David Burrows

Likes the PetroCan (PCA-T)/Suncor (SU-T) combination as his key Canadian integrated.

2009-05-15

BUY

42.700

Sandy McIntyre

Merging into Suncor (SU-T). Stock price became attractive so he just bought some.

2009-05-14

HOLD

43.920

Steve Carlin

Suncor (SU-T) and this company are going to merge probably near the end of this year. Thinks Suncor management will be able to do better with the assets. They have some concentration issues on their retail gas stations.

2009-05-12

Comment

42.920

Greg A. Taylor, CFA, BBA

Positive on the merger with Suncor (SU-T). There will be some growing pains. Integration risks will probably take longer than expected. Suncor is a very good operating company with a somewhat weak balance sheet and Petrocan has some good assets and a good balance sheet.

2009-05-07

BUY

43.540

(Market Call Minute.) Merger with Suncor (SU-T) is very good for it.

2009-05-06

DON'T BUY

37.650

Michael Smedley

Unless it is cheaper than buying Suncor, might as well buy Suncor. Great expectations for oil are not in place. He more likely sees $40 oil and $60

2009-04-28

VAGUE

37.580

Cheap way into Suncor until deal closes June 4

2009-04-27

PAST TOP PICK

36.580

(Top Pick Apr 3’08 Down 17%) Still makes it into their portfolio. Will be re-evaluated when Suncor deal completes.

2009-04-21

HOLD

37.310

Joanne A. Hruska, CFA

Merging with Suncor. Price is as if it was a take-over. She kept Suncor, taking profits in Petro Canada.

2009-04-15

STRONG BUY

37.700

David Baskin

Suncor deal is a good marrying of assets. Will eliminate a whole layer of administration and management. This deal gives you better management. Some change to the Petro Canada Act is required.

2009-04-14

Comment

38.970

Bruce Campbell

Merging with Suncor (SU-T), which will no longer be a pure play oil sands. Thinks some of Petrocan’s assets will be better managed creating more growth. Current price is probably as much as you are going to get out of the merger and future growth will depend on the market and oil prices. Good long-term value coming in the merger.

2009-04-13

BUY

39.630

Have a proposed merger with Suncor (SU-T) on the table. Situation has become somewhat confused with the Chinese making some bids on Petro Canada for the Libyan assets.

2009-04-09

HOLD

37.490

Don Lato

Merging with Suncor (SU-T). If you own, you'll ultimately end up with Suncor shares. Hold and tender to the offer.

2009-04-08

SELL

34.360

Ben Stadelmann

If he owned he would be Selling. Has been burned too many times by mergers. Post merger indigestion can occur. There is usually a bump up at the time of the merger and is a good time to take your profit. You can then watch for a better entry point.

2009-04-01

TOP PICK

33.800

Likes the coming merger with Suncor (SU-T), focus on oil sands and the upgraded management. He is also warm towards oil.

2009-03-30

BUY

35.480

Dennis Da Silva

Possible takeover by Suncor (SU-T). Currently about a 3% gap between the 2 stock prices. Owning this would be a good move in anticipation of then owning Suncor. Fully expects deal will go through.

2009-03-26

PAST TOP PICK

35.700

(A Top Pick March 6/08. Down 35.3%.) Possibly being acquired by Suncor (SU-T).

2009-03-23

BUY

30.900

(Market Call Minute.) Likes it a lot. Nice dividend yield. One of the better integrated oils out there.

2009-03-19

PAST TOP PICK

29.930

David Baskin

(A Top Pick March 18/08. Down 34.5%.) Thinks this will do just fine as energy prices increase.

2009-03-12

HOLD

25.920

Has been so disappointing for so long in bull markets. No clear linkage in meeting expectations on the production side. Will not be a takeover because of the PetroCanada Act.

2009-03-06

HOLD

26.640

Has continually disappointed and not met expectations, which is why it has under performed its peers. Looks cheap but hasn't been able to deliver on its growth potential. Prefers others.

2009-03-04

TOP PICK

28.080

He feels oil prices have probably bottomed so he is friendlier towards oil stocks. This one is very cheap compared to most. Ontario Teachers Pension Plan is starting to stir things up and he doesn't think they will be easily satisfied.

2009-02-27

TOP PICK

26.380

(A Top Pick Feb 27/08. Down 46%.) One of the cheapest oils out there. Model price is $37.39, a 41.7% positive differential. 3% yield.

2009-02-24

WAIT

25.940

Rick Stuchberry

He would hold off to see if the stocks go lower. If oil goes sideways for another month or two, there is no rush to be in them. This one has the refining component, which is good, but there won't be expansions in the tar sands for a couple of years.

2009-02-20

PAST TOP PICK

28.550

(A Top Pick Mar 6/08. Down 38.3%.) Made no money at all for the last 5 years. Ontario Teachers Pension is now an active shareholder and pushing for better management.

2009-02-13

TOP PICK

26.910

Cheap energy stock. Very seldom gets respect from the street. Tends to trade at cash flow multiples that are way below the rest of the market. Longer-term outlook is fairly good. Good upstream/downstream operations. Very strong balance sheet.

2009-02-02

Comment

27.560

Screens well for him but contango price (distant delivery price versus spot) on oil is very much higher than spot, which is very unusual resulting in producers looking for storage. Indicates a tremendous supply out there.

2009-01-29

DON'T BUY

28.700

Not sure this is a great equity investment here. Production is going to be down in 2009. Have disappointed in the past. Multiple looks cheap but there are better places to go.

2009-01-28

DON'T BUY

27.820

Kevin O'Leary

Everybody feels energy should be sitting between $50 and $70 a barrel however it continues to look very, very weak. Very much tied to the global recession. Not clear as to when to buy energy again. He would rather miss the first 10% up.

2009-01-21

Comment

27.110

Peter Brieger

This, along with Talisman (TLM-T) are the 2 cheapest in this sector and could be a good investment. He prefers others.

2009-01-20

BUY

29.130

Falling under the pressures of the commodity. Trades at about 3X earnings, which makes it a good time to step in. Have had some issues. Fort Hills project has had increased costs.

2009-01-15

BUY

28.680

Can't figure out why it is so much worse treated than other oil/gas stocks. Possibly some dissatisfaction with the wide geographical spread that seems to lack focus but it has the same sort of assets as Suncor (SU-T), Husky (HSE-T) or Imperial (IMO-T). Cheap way to play oil/gas.

2009-01-14

Comment

29.140

Chris Smith

There is a view that there has been poorer execution by management with the assets that they have and people have become frustrated.

2009-01-12

TOP PICK

30.050

(A Top Pick Dec 20/07. Down 43.6%.) At a nice discount to its book value. Much better value than other energy stocks.

2009-01-09

BUY

29.950

Jeff Parent B. Eng. FCSI

Can't see any problems in it reaching $35 for starters. If it goes down to $27 start reducing and being completely out at $24. Oil has been deeply oversold.

2009-01-05

PAST TOP PICK

29.100

(A Top Pick Jan 8/08. Down 48%.) Very inexpensive relative to other companies. Hard to see a catalyst. Will Fort Hills become the catalyst or continue to be a drag? Had a disappointing run in terms of production. Still likes.

2009-01-02

DON'T BUY

25.510

Paul Harris, CFA

Short term, commodities will have a difficult time because of the economic environment. Long-term, demand will go up and may take 1 or 2 years to happen. Prefers other oils because he is not sure where this ones growth will come from. Also had some issues with their oil sands projects.

2008-12-22

TOP PICK

27.050

(A Top Pick Dec 10/07. Down 46%.) Great assets and well diversified. Potential to make money at the wellhead as well as at retail distribution. Incredibly inexpensive. Even with low oil prices, cash flow should be in excess of $10 over the next couple of years.

2008-12-19

BUY

28.990

His model price is $46.42. A 68% upside. Cheap.

2008-12-16

PAST TOP PICK

27.630

(A Top Pick Dec 18/07. Down 42%.) Down because of oil/natural gas prices but also because it has been disappointing to investors. Great value stock but needs a catalyst.

2008-12-15

DON'T BUY

26.950

An OK company but not a huge catalyst for upside. Better names are Suncor (SU-T), Encana (ECA-T) and possibly Canadian Natural (CNQ-T).

2008-12-03

Comment

33.730

Jeff Parent B. Eng. FCSI

Will run into resistance at the $36 level. If it can break through there in the next couple of months, $46 would probably be the next resistance point. Doesn't think oil or this stock will have any major moves. Sell if it drops below $28.

2008-11-28

TOP PICK

25.400

An asset rich company. Cash flow should be around $13 or more over the next couple of years. An absolute bargain at this price. Likes that they have deferred the Foothills project.

2008-11-18

PAST TOP PICK

23.950

(A Top Pick Dec 20/07. Down 49%.) A real surprise to him. Was the cheapest oil and he thought an integrated would have more support. Fort Hills is going to be put on the shelf for a while. Would be inclined to nibble away at this price.

2008-11-17

BUY

25.780

Has been a terrible performing stock. Pinned a lot of their growth strategy on the oil sands and this is uneconomic right now. Long-term, you'll look back and say this was a screaming buying time.

2008-11-11

DON'T BUY

30.140

After disappointing for a while, came through with some nice numbers. Not adding to his holdings at this time.

2008-10-31

HOLD

29.390

Has dropped along with the commodity. Had some production and management issues in the past but even so, a very cheap stock.

2008-10-30

Comment

24.100

Brendan Caldwell

Of the biggest players in the industry, this would be his favourite. Broadly diversified. Very cheap on a cash flow basis. Energy prices may continue to come down.

2008-10-27

Comment

27.800

Bill MacLachlan

Prefers Suncor (SU-T), which is a better operator. Good value at current levels, but thinks Suncor is better.

2008-10-23

HOLD

25.410

This would not be his top pick. Has always been cheap but continues to disappoint. There are better names you could go to.

2008-10-22

DON'T BUY

28.270

Dennis Da Silva

Considers this as a value trap. Always looks cheap on paper but has disappointed from an operational point of view. Would prefer an oil sands play to their Fort Hills project.

2008-10-21

WAIT

31.000

Don Vialoux

Trying to bottom. Very strong seasonal characteristics. Tends to go up in February and down in May every year. Energy sector will do OK in the recovery of the markets but not his favourite sector right now. Wait until the end of January, beginning in February. Energy stocks will do okay but prefers other sectors.

2008-10-20

DON'T BUY

25.740

Jean-Francois Tardif

Doesn't really like this stock. Where other oil stocks have done well, this one has not. Very limited amount of growth.

2008-10-17

TOP PICK

24.870

At current price the multiple is very low, trading at far less than book price. Predominant player. Good blend of everything,

2008-10-16

DON'T BUY

24.870

Peter Brieger

Stories that they may walk away from Fort Hills project, where costs doubled. Would not touch this.

2008-10-16

HOLD

24.920

Disappointing company in terms of fundamentals, in terms of delivering on what they promised. It’s a ‘show me’ stock. Suncor is her preference. Cheap on valuation side. Will be volatile.

2008-10-15

STRONG BUY

26.940

Can’t believe how cheap it is. It’s always been a value oil play. He would buy it blindly. Maybe they will take out UTS.

2008-10-14

SELL

32.250

Bill MacLachlan

Sleepy money is what you invest in this. Cut their position in the news of the fort hills project and invested in Suncor. They will be out of this stock in the next quarter. The execution is what concerns them.

2008-10-03

DON'T BUY

35.400

Glenn MacNeill, P.Eng.

There are other places that have better production profiles and better production increases.

2008-09-30

BUY

35.400

Gordon Higgins, CA, MBA

Great long-term story. Fort hills project responsible for recent decline. Should be more stable than a lot of the exploration companies. Great long-term story.

2008-09-30

DON'T BUY

36.440

Has been a major disappointment. Now trading at about a 5 times multiple. Incredibly cheap. Production will be down this year. It will go up if there is a major lift in the oil/gas stocks. It will lag the rest of the pack.

2008-09-26

HOLD

37.250

Somewhat attractive at this price. Costs on their oil sands project are escalating dramatically. A great deal of the negative news has already been discounted in the share price.

2008-09-25

Comment

36.720

Michael Decter

Quality company. If you're holding for the long-term you won't do badly with this one. He would prefer Imperial Oil (IMO-T) instead.

2008-09-23

TOP PICK

36.720

Inexpensive company but still very profitable. Feels cash flow is going to be in excess of $10 a share over the next couple of years. Involved in some projects were costs are escalating very high, which contributed to the pullback. These projects will probably be delayed.

2008-09-23

PARTIAL BUY

37.400

Typically disappoints on the production side. Until they can develop and deliver on time and on budget it will be in the penalty box. Trying to turn their refining side around. Have a lot of diverse projects. Can't be taken over by a foreign entity, which eliminates a takeover premium. Feels very comfortable holding at this level and even adding to it.

2008-09-22

BUY

35.780

Costs are going up in the oil sands for a lot of players. This has impacted them in their Fort Hills project. Comfortable with a little bit of this. Oil seems to be recovering. Consistent and very stable earnings. Likes all the underlying fundamentals.

2008-09-18

DON'T BUY

35.780

Bill Harris, CFA

Company can absolutely detail exactly what they are going to do for the next 2 years. That is not good enough for him. He needs to know what will happen after 2010. Part of the Fort Hills project with UTS (UTS-T). If they were rational, they would not go ahead with this project.

2008-09-18

DON'T BUY

39.670

David Driscoll

Integrated oil company that is going to have look at both upstream and downstream operations. Lower oil price means improved crack spreads. But costs going forward with their other projects could be affected by having to shut in or shut down.

2008-09-16

TOP PICK

40.390

With the fall of the dollar in terms of purchasing power, a lot of the integrated oils never got the up tick in terms of valuation. As oil prices are coming down, the companies have to get their costs under control, which will give them the valuation up tick.

2008-09-11

BUY

42.070

(Market Call Minute.) A great value oil.

2008-09-05

BUY

42.070

Jennifer Stevenson

This issue exposure right across the board whether it's refining, international exploration or the Canadian basin.

2008-09-05

DON'T BUY

43.920

Glenn MacNeill, P.Eng.

Short term you are probably going to be at the mercy of the commodity markets. Longer-term, it has a lot going for it. One of the few that have a heavy oil interest off the Fort Hills project. Integrated so has exposure to refinery and marketing. Not expecting huge production increases over the next 2 years.

2008-09-02

Comment

46.100

Joseph Schachter

These companies have a massive amount of cash and they have to reinvest it in the ground. Some of the big companies are buying back shares and paying higher dividends but that is not the solution.

2008-08-26

DON'T BUY

46.100

Shauna Sexsmith

Probably cheapest integrated oil stock in the world. Trading at 5X next year's earnings. Bit of a management discount, a bit of concern over their strategy, Libyan assets and there isn't any meaningful production growth until 2012. You need a lot of patience with this one. Value trap.

2008-08-26

HOLD

46.750

(Market Call Minute.) Company has just demonstrated that they struggle to bring on production and our too down stream weighted.

2008-08-22

BUY

47.930

Based on the pullback on the stock and commodity price, this is a fair entry point. This one is not his favourite.

2008-08-21

STRONG BUY

46.250

Earnings of $3.10 and stock is selling at 4X earnings. Cash flow should be in excess of $12 over the next couple of years. Dividends were increased 54%. As an integrated they have been hurt over the last 6 months in their refining and retail operations. Valuation is compelling.

2008-08-14

TOP PICK

47.240