| SELL | 26.290 | Adam Thomas | Has been the subject of her recent takeover from Abu Dhabi’s Taqa. It is almost trading at the deal price. Holding it for the next couple of months will give you a limited distribution. There is a slight bit of deal risk because of Alberta’s royalty review. He suggests you take your profits and run. | 2007-10-05 | |
| Comment | 26.460 | Peter Brieger | Abu Dhabi National Energy is acquiring this company, which is a positive. Other trusts could also be targeted. 2 of his favourites Focus Energy (FET.UN-T) and Progress Energy (PGX.UN-T) are possibilities. | 2007-09-25 | |
| WEAK BUY | 21.620 | Michael Sprung | Acquired Shiningbank (SHN.UN-T). Yields are approaching 14%. Wonders about production profile going forward but the acquisition should help. If you are confident on natural gas prices remaining solid, it could be okay. Risk/reward is weak. | 2007-08-31 | |
| Comment | 20.750 | John Stephenson | 3 gas-weighted companies that he feels will cut distributions are Trilogy (TET.UN-T), Advantage Energy (AVN.UN-T) and Prime West (PWI.UN-T). | 2007-08-08 | |
| DON'T BUY | 23.100 | Michael Sprung | Merged with Shiningbank Energy (SHN.UN-T). Not particularly a great deal and doesn't represent a significant improvement to Primewest at this point. 13% yield. | 2007-07-13 | |
| Comment | 23.730 | Michael Sprung | No longer own. In evaluating energy income trusts, they ask, what are their reserves, how successful the company and management has been at finding and replacing those reserves, what is the quality of the balance sheet, ie does the company have the ability to survive a downdraft in the future.Likes to see a production profile that's increasing. | 2007-06-15 | |
| Comment | 22.720 | Michele Robitaille | You will start to see a lot of these companies struggle. | 2007-06-11 | |
| Comment | 22.700 | Jennifer Stevenson | Merging with Shiningbank (SHN.UN-T). This will be an extremely large, gas focused trust. This will give them better economies of scale. Management team is very strong. | 2007-05-15 | |
| HOLD | 23.020 | Robert Floyd | Just announced a merger with Shiningbank (SHN.UN-T). | 2007-05-11 | |
| DON'T BUY | 20.940 | Michael Sprung | Their cash flow is basically royalties collected on production. It is suspected they will not be able to sustain their distributions at current levels. Going forward, he is not sure this is going to be one of the survivors. | 2007-01-05 | |
| SHORT | 22.780 | John Stephenson | Steep decline and high debt level. If you own sell. If you want a short position, this would be one. | 2006-11-16 | |
| BUY | 28.380 | Rob Callander | Some of the royalty trust that he likes includes Prime West Energy (PWI.UN-T), Precision Drilling (PD.UN-T), Advantage Energy (AVN.UN-T). | 2006-10-23 | |
| DON'T BUY | 28.090 | Robert Lauzon | Lowered distributions twice recently. Not one of the higher quality names. Paying out more than he would like to see. | 2006-10-20 | |
| WEAK BUY | 26.640 | David Cockfield | Hasn't been one of his favourites. Management is okay. Not that bad, but prefers others. | 2006-10-05 | |
| TOP SHORT | 33.620 | Ravi Sood | Doesn't have anything seriously wrong with it but is more of a market hedge. About 70% gas. High level of debt at 2 X debt to cash flow. Believe they will have to issue equity which will be a catalyst to lower the price. Chronically overvalued because it is inter-listed. Good one to short it if you own a lot of oil/gas trusts. | 2006-07-21 | |
| BUY | 34.750 | Michael Sprung | Yield is over 10%. A good company. On a valuation basis, he hasn't bought it. | 2006-07-18 | |
| DON'T BUY | 32.920 | Robert Lauzon | Have sold most of his holdings. A candidate to cut distributions. 75% of their production is gas. If you are buying, try to get it below $30. | 2006-06-02 | |
| DON'T BUY | 35.250 | Ravi Sood | One of the worst in their susceptibility of a distribution cut in a weaker commodity environment. A lot of this is priced into the stock. Overpriced because of its exposure to the US investors. | 2006-02-10 | |
| WEAK BUY | 35.710 | Peter Brieger | Likes the natural gas sector. There are others he prefers better. | 2005-12-28 | |
| DON'T BUY | 31.790 | Glenn MacNeill, P.Eng. | There are better candidates out there than this one. It has done very well. Had some problems several years ago by paying too much for some acquisitions. Had a good management change. | 2005-10-20 | |
| BUY | 29.000 | Glenn MacNeill, P.Eng. | Haven't been a big fan of them in the past. Made expensive acquisitions which were dilutive to their other shareholders. Looking more like a potential turn around candidate. Now reviewing them. | 2005-04-29 | |
| WEAK BUY | 29.990 | Dean Orrico | A mid-tier trust. Had a string of some pretty expensive acquisitions. New management team is starting to turn it around. Seeing an improvement of the reserve life. Would like to see a lower payout ratio and maintain production on a more cost efficient basis. | 2005-04-22 | |
| WEAK BUY | 30.000 | Dean Orrico | Although the new management team is improving the fundamentals, clearly with a higher payout ratio and a little higher cost structure and as a result has a lower net operating cash flow, it's not going to benefit from higher commodity prices as much as some of its peers. | 2005-04-01 | |
| DON'T BUY | 28.170 | Glenn MacNeill, P.Eng. | More gas weighted than oil. Not a big fan. Made a number of acquisitions that were fully priced. | 2005-03-30 | |
| WEAK BUY | 29.850 | Peter Brieger | 75% natural gas which he likes. Not happy about the year over year declining production on a per unit basis. Wouldn't be their 1st choice. Prefers Bonvista (BNP.UN-T), TKE Energy (TKE.UN-T), Focus (FET.UN-T)and Peyto (PEY.UN-T). | 2005-02-24 | |
| VAGUE | 27.730 | Ben Cheng | There is a very significant oil/gas portfolio package that is for sale and is literally right in Prime West's back yard. If they are the purchasers, they'll have to do another equity issue which could depress the price. | 2004-12-17 | |
| SELL | 26.540 | Peter Brieger | Likes it, but the market doesn't. Would probably switch into Peyto, Focus, Acclaim or Shining Bank. | 2004-09-29 | |
| HOLD | 25.940 | Brian Prokop | A sector underperform. Have had difficulty in keeping their production and reserves per unit on a reasonable decline level. New management team is very good. | 2004-09-15 | |
| BUY | 24.580 | Peter Brieger | For a long time, he didn't like this company because management was always trying to hit home runs. New management has been building reserves. Very cast oriented. | 2004-07-20 | |
| DON'T BUY | 25.620 | Peter Brieger | Not a favorite. Prefers natural gas trusts. | 2004-04-14 | |
| BUY | 24.310 | Leslie Lundquist | Has a big US following, which tends to make it more volatile. Has credible management and generally good properties. Should do reasonably well. | 2004-03-22 | |
| DON'T BUY | 27.750 | Garth Jestley | Any kind of bad news, such as energy prices, will drop the price very quickly because of the amount of US investment. Nervous about this. | 2004-01-21 | |
| BUY | 25.610 | David Cockfield | Production numbers were not up to what they projected. And OK situation. Yield is pretty good. Seem to lose when they try to hedge. | 2003-10-31 | |
| DON'T BUY | 25.520 | Peter Brieger | Have had some recent disappointments. Would buy Peyto instead. | 2003-09-17 | |
| BUY | 26.420 | David Cockfield | Disappointed in the last quarter's results. Production levels haven't increased. Distributions should be OK. 68% gas. | 2003-08-28 | |
| DON'T BUY | 26.500 | Peter Brieger | Hasn't been doing very well.A dramatic decline in estimated distributions next year over this year. | 2003-08-27 | |
| WAIT | 26.800 | Sandy McIntyre | Had a management change and is rethinking its business model.Very high declines and is a capital-intensive business. | 2003-08-25 | |
| HOLD | 25.700 | David Cockfield | Production levels are down.Reduced distributionin order to have more $ for more drilling. | 2003-08-01 | |
| PAST TOP PICK | 25.700 | David Cockfield | (Was at top pick on June 26/03.Up .07%) | 2003-08-01 | |
| DON'T BUY | 26.390 | Bill Shaw | Not a bad trust to own. Has concerns on the quality of the deals they are doing. Made a cut in their distribution. | 2003-07-09 | |
| TOP PICK | 25.810 | David Cockfield | (Was a top pick on Mar 14/03. Up 8%.) Good yield. Buy in the $24/25 range. Listed on the NYSE. 68% gas. | 2003-06-26 | |
| BUY | 27.570 | Dean Orrico | Listed on NYSE. 19/20% cash on cash yield. Gas oriented. New management. | 2003-06-25 | |
| BUY | 26.940 | Rob Callander | The most exposed to natural gas in the trusts. | 2003-06-05 | |
| TOP PICK | 27.010 | David Cockfield | (Was a top pick on Apr25/03. Up 8%.) 68% gas. Conservative management. Now listed in US and expects US investors will drive it up. | 2003-05-29 | |
| PAST TOP PICK | 24.900 | Michael Smedley | (Was a top pick on March 13. No change.) Still likes. | 2003-05-02 | |
| BUY | 24.770 | Glenn MacNeill, P.Eng. | Has turned itself around and has a reasonably good outlook. A reasonable debt level. Good value. | 2003-05-01 | |
| TOP PICK | 25.000 | David Cockfield | 68% gas. Only 55% taxable. Has a New York listing. Trading at a good multiple. | 2003-04-25 | |
| WEAK BUY | 24.900 | Peter Brieger | New management. Have built up teir natural gas exposure. Would be a 4th pick in this area. | 2003-04-23 | |
| DON'T BUY | 24.250 | Sandy McIntyre | Key issue is the reserve write-down in their established reserves. They will have a challenge in maintaining production with their current cap X in distribution levels. | 2003-04-17 | |
| BUY | 24.050 | Glenn MacNeill, P.Eng. | Has now stopped spending money on acquisitions. Expects oil/gas to stay strong. | 2003-04-14 | |
| HOLD | 23.780 | Peter Brieger | Very gas prone with a good reserve life. A long term hold. | 2003-04-10 | |
| HOLD | 24.270 | Brian Prokop | New acquisitions may mean they have to do a new issue to pay for it. This could result in lower distributions. | 2003-04-03 | |
| BUY | 24.530 | Ben Cheng | Recent management change is good. Could make it into the TSE 300 later in the year. | 2003-04-01 | |
| DON'T BUY | 25.000 | Glenn Paradis, BA, CFA | Starting to see higher costs and less cash flow. A little expensive now. | 2003-03-17 | |
| BUY | 25.800 | Sandy McIntyre | Cleaning up some problems. Good management. | 2003-03-06 | |
| HOLD | 25.800 | Peter Brieger | Making some new acquisitions. | 2003-02-07 | |
| WEAK BUY | 25.730 | Glenn MacNeill, P.Eng. | New management. Reducing debt. Prefers others. | 2003-02-05 | |
| DON'T BUY | 26.190 | Glenn MacNeill, P.Eng. | Just did a big convertible debenture issue and not a fan of these. | 2003-01-28 | |
| BUY | 26.160 | David Cockfield | Has been buying at the $24 level. US investors are getting interested. Should trade up. | 2003-01-24 | |
| BUY | 26.130 | Peter Brieger | Management change is coming up. Good gas exposure. | 2003-01-15 | |
| BUY | 25.320 | Sandy McIntyre | Bullish on gas. Have a lot of debt. | 2003-01-09 | |
| BUY | 25.280 | Peter Brieger | Change in management will be good. Good price. | 2002-12-30 | |
| BUY | 25.330 | David Cockfield | Some hedging was a problem. New listing on NYSE will be good. | 2002-12-27 | |
| BUY | 24.310 | Ben Cheng | There has been a decline in reserves per unit. New management should do well. Good value. | 2002-12-09 | |
| DON'T BUY | 26.240 | John Clarke | One of the weaker trusts over the last 5 years. | 2002-10-29 | |
| BUY | 27.530 | David Cockfield | Conservative management. Stock has underperformed, but starting to move up. | 2002-10-25 | |
| TOP PICK | 25.950 | Rob Callander | Likes for its gas exposure. Willbe listed on NYSE. | 2002-10-09 | |
| DON'T BUY | 26.850 | Peter Brieger | Well run, but feels management takes too many risks. | 2002-10-03 | |
| BUY | 24.940 | Rob Callander | Likes their gas exposure and thinks the price of gas will go up. Good price. | 2002-09-18 | |
| WAIT | 25.150 | Glenn MacNeill, P.Eng. | Did a 4 for 1 consolidation in order to raise the price for listing on the NYSE. New management. | 2002-09-17 | |
| DON'T BUY | 25.910 | Peter Brieger | Yield expects to be 12.8%. Wouldn't be one he would buy. | 2002-09-09 | |
| BUY | 26.250 | David Cockfield | Good value. Solid company. | 2002-09-06 | |
| DON'T BUY | 26.650 | Glenn MacNeill, P.Eng. | Not a favourite. Old management had paid top price for assets and took out large management fees. | 2002-08-29 | |
| HOLD | 26.450 | Jim Doak | Expects oil/gas distributions will be good for the next while, but if commodity prices go up, then sell. | 2002-08-28 | |
| HOLD | 6.650 | Sandy McIntyre | Going after a US listing. New management should be good, but will wait to see how they do. | 2002-08-12 | |
| DON'T BUY | 6.360 | Bill Shaw | Doing a reverse split to get the stock value higher for their future NYSE listing. Good fundamentals, but substantial decline rate. | 2002-08-08 | |
| TOP PICK | 6.650 | Brendan Caldwell | Yield is very high and energy prices should move up. A 60/40 ratio of gas to oil. | 2002-08-02 | |
| HOLD | 6.660 | Peter Brieger | Good trust. Aggressive management. 12/13% yield. | 2002-07-31 | |
| DON'T BUY | 7.180 | Glenn MacNeill, P.Eng. | High yields. Paid too much for assets. New management could improve things. | 2002-07-17 | |
| DON'T BUY | 7.100 | Ben Cheng | Had a lot of gas/oil hedging, which is now expiring. Too much debt. | 2002-07-12 | |
| DON'T BUY | 6.510 | David Cockfield | Acquisitions doubled their drillable land. Probably one of the poorer performers in the oil/gas trusts. | 2002-06-07 | |
| WEAK BUY | 6.790 | Sandy McIntyre | Good hedging/management. Limited reserve life of 9 years. | 2002-05-03 | |
| DON'T BUY | 7.000 | Sandy McIntyre | Has high quality light oil and gas, but a fast decline rate which requires a lot of cash. Good merger | 2002-04-22 | |
| DON'T BUY | 7.020 | Ben Cheng | Hedging strategy hit them. Expects some good changes will be made in managament, etc, but wait for it. | 2002-04-16 | |
| BUY | 7.190 | Peter Brieger | A long term hold. Aggressive management. | 2002-03-27 | |
| DON'T BUY | 7.150 | Sandy McIntyre | Have done a good job on hedging, but they are rolling off this year. Would like the gas hedging to be extended. Production is costly. | 2002-03-20 | |
| DON'T BUY | 7.220 | John Priestman | Has had some acquisition problems. Credibility problems with management. | 2002-03-19 | |
| DON'T BUY | 6.950 | Glenn MacNeill, P.Eng. | Prefers other trusts. Paid too much for some of their assets. | 2002-03-13 | |
| DON'T BUY | 6.390 | Sandy McIntyre | Expects distributions to decline. | 2002-02-26 | |
| BUY | 6.300 | David Cockfield | Has been buying. Good properties. | 2002-01-30 | |
| DON'T BUY | 6.340 | Sandy McIntyre | Their acquisition of Cypress was expensive. | 2002-01-29 | |
| DON'T BUY | 6.360 | Ray Steele | May have paid too much for acquisitions | 2002-01-16 | |
| DON'T BUY | 6.100 | Glenn MacNeill, P.Eng. | Reducing distribution because of poor return on oil/gas. Also made some expensive acquisitions. | 2001-12-19 | |
| DON'T BUY | 6.400 | Ben Cheng | Cypress acquisition was expensive. May have some problems with their hedging with Enron. Will have to drop their distribution rate. | 2001-12-03 | |
| DON'T BUY | 6.700 | Bill Shaw | Still trying to absorb Cypress and will have difficulty until there is an oil/gas recovery. | 2001-11-20 | |
| DON'T BUY | 7.040 | Bill Shaw | Not a fan of oil/gas trust at this time. | 2001-11-02 | |
| TOP PICK | 7.080 | Rob Callander | Highly leveraged. 15% yield. Natural gas should go up. A well run company. | 2001-10-30 | |
| BUY | 7.330 | Bruce Campbell | Suffered because of their gas exposure. Outlook for yields is good. At a good price. | 2001-10-29 | |
| TOP PICK | 7.390 | Brendan Caldwell | Natural gas prices starting to firm up now. | 2001-10-25 | |
| BUY | 7.510 | David Cockfield | Shares were oversold. Don't expect a huge upside in price, but has a good yield. Buy for income. | 2001-10-10 | |
Experts that have talked about Prime West Energy Trust
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