| HOLD | 14.610 | Bruce Campbell | A very gassy trust so with gas over $12 MCF, this company has had a nice recovery. Well managed and good properties but given the recovery upside will be less than it was. Suspect there could be a distribution increase later this year. | 2008-05-26 | |
| BUY | 13.740 | Ben Cheng | Has a wonderful inventory of assets that they can develop over the next few years. They’re farm-in and management partners with ProEx Energy (PXE-T). One of the best drilling and management teams in the western basin. Latest results show record production. A little concerned with the debt, but given commodity prices, this can alleviate a lot of balance sheet concerns. | 2008-04-16 | |
| Comment | 13.390 | Sandy McIntyre | This is his favourite stock in the gas area with exposure to North East B.C. tight gas. Be cautious about buying natural gas stocks in February as it is coming into the shoulder season. | 2008-02-26 | |
| BUY | 11.550 | Dean Orrico | Gas weighted. If you are looking for natural gas exposure and trying to get some high yield, this is a great name. | 2008-01-29 | |
| HOLD | 10.190 | John Stephenson | Thinks distributions are safe. Relatively low payout ratio versus the group. Pretty good balance sheet. The worst is probably behind it but wouldn't put new money in. | 2008-01-08 | |
| BUY | 10.530 | Joanne A. Hruska, CFA | Natural gas that she would look to own in 2008. Management deserves a premium multiple which it doesn't have at the moment. Great asset in British Columbia. | 2008-01-04 | |
| HOLD | 10.340 | Peter Brieger | Mainly natural gas. Thinks it will be acquired. | 2007-12-11 | |
| BUY | 10.820 | Michael Simpson, CFA | Very good natural gas company. Good tax pools out to 2015. About a 60% payout ratio. | 2007-11-08 | |
| Comment | 11.400 | Michele Robitaille | Gas weighted which is its biggest knock but there has been quite a correction in all of the gas-weighted names. If you are long-term bullish on gas, it would be a good place to be and you will have to be patient with it. | 2007-08-23 | |
| BUY | 12.600 | Ben Cheng | Feels the market has fully discounted the price of natural gas. Prospects for higher prices for the rest of this year and into 2008 are probably pretty good. | 2007-07-23 | |
| HOLD | 12.750 | Kevin Hall BComm, CFA | 80% natural gas. Have a lot of tax pools making it attractive. Expect pressure on natural gas will continue through the summer. LNG is switching from Europe to North America because of warm weather. This is increasing inventory levels. Longer term, he likes natural gas and this income trust. | 2007-07-11 | |
| BUY | 13.250 | Glenn MacNeill, P.Eng. | Very good management team. Operating in northwestern Alberta and Northeastern B.C. Hold for a steady stream of distributions. | 2007-04-04 | |
| TOP PICK | 12.080 | Michael Simpson, CFA | About 82% gas. Good assets in Northeast B.C. recent acquisition increased their production by about 6400 BOE’s. Also have some great tax pools. Have a lot of acres they can drill. Management has a good stake. Good price. | 2007-03-20 | |
| HOLD | 12.190 | Peter Brieger | Looking at the suggested yield based on price to cash flow continue to hold. | 2007-02-19 | |
| PAST TOP PICK | 12.290 | Glenn MacNeill, P.Eng. | (A Top Pick Feb 22/06. Down 23.5%.) One of the best energy trusts out there. Pays out a relatively small portion of its cash flow. | 2007-02-16 | |
| HOLD | 11.900 | Peter Brieger | Gas weighted. Feels there will be mergers and acquisitions in this type of trust and this company will be in the thick of it. Assuming no change in the cash flow and no change in cap ex and tacking on a 20% tax the stock price will drop well down from here, however, the yield is very attractive. | 2007-02-02 | |
| TOP PICK | 11.450 | Glenn MacNeill, P.Eng. | Very well managed. Good growth in British Columbia. Vulnerable to a decline in its distribution reflecting softer commodity prices. You could buy half now and the rest after any distribution cut. Great assets. | 2007-01-16 | |
| HOLD | 11.500 | John Stephenson | An OK name. He would put it in the middle of the pack. They were doing better in the last quarter or so meeting their production targets. | 2007-01-05 | |
| BUY | 12.900 | Ben Cheng | Very, very good management team. Excellent drilling portfolio. Shorter reserve life, but have proven themselves time and again to be able to replace reserves on a very conservative and cost effective basis. | 2006-12-01 | |
| BUY | 11.860 | Robert Lauzon | Weighted towards natural gas. If we have a cold winter, it will be fine. Consider treating as a trade. Has a lot of internal growth opportunities. | 2006-11-24 | |
| BUY | 11.280 | John Stephenson | Have improved their production in the last 3 or 4 quarters. Because of its more moderate payout ratio, will probably be a survivor. | 2006-11-16 | |
| BUY | 11.750 | Glenn MacNeill, P.Eng. | Likes this a lot. Gas weighted. Well managed. Low payout ratio. | 2006-11-10 | |
| SELL | 15.580 | Peter Brieger | If oil averaged $55 and natural gas $5, at worst-case scenario, cash flow would not cover current distributions. Feels as one is a high risk and he intends to sell on any strength. | 2006-10-16 | |
| PAST TOP PICK | 15.250 | Dean Orrico | (A Top Pick Mar 10/06. Down 7.5%.) A good quality, gas weighted trust. Expects it to continue to perform well. | 2006-10-06 | |
| DON'T BUY | 15.180 | David Cockfield | Hasn't been one of his favourites. Concerned about some of the smaller income trusts because of their debt levels. | 2006-10-05 | |
| BUY on WEAKNESS | 15.880 | Robert Lauzon | Hedged at 9%. Likes this name. About 40% gas hedged at above10. Buy on the weakness. | 2006-09-08 | |
| PAST TOP PICK | 16.860 | Glenn MacNeill, P.Eng. | (A Top Pick Jun 16/06. Up 5.2%.) Well managed. A gas oriented story, so wait for softening of gas prices before buying. | 2006-08-23 | |
| BUY | 17.050 | Garth Jestley | Good management team. | 2006-08-11 | |
| TOP PICK | 16.630 | Patrick Kim | (A Top Pick April 21/06. Down 6.5%.) One of the more defensive gas weighted trust. There has been a big pop recently so there will be opportunities in the coming weeks to get in at a lower price. | 2006-08-04 | |
| BUY | 16.300 | James Leung | Very high quality assets. 75% natural gas. Have had some recent drilling success. Have hedged a lot of their natural gas exposure. | 2006-06-30 | |
| TOP PICK | 15.650 | Glenn MacNeill, P.Eng. | Very well managed group. Have been able to grow production. Getting into a buying range that he hasn’t seen for awhile. Can make good capital appreciation here. | 2006-06-16 | |
| BUY | 16.600 | Robert Lauzon | In gas weighted income trusts he prefers Progress Energy Trust (PGX.UN-T) or Peyto Energy (PEY.UN-T). | 2006-05-18 | |
| BUY | 17.750 | Sandy McIntyre | Gas weighted. Had one of the best ‘finding, development, acquisition’ cost of the trusts. Reserves qualify them as a sustainable business model. Bullish on gas 1 year to 18 months out. Might have been a Top Pick in June, but just a bit premature at this time. | 2006-05-12 | |
| BUY | 17.400 | Greg Guichon | Has a shorter reserve life and is a gas weighted trust. Yield is in the 10/11% range. Feels the management is doing a fine job in replacing their reserves. In time it will become a growth trust. | 2006-04-28 | |
| TOP PICK | 18.050 | Patrick Kim | Price dropped to a good level when there was the big drop off in gas spot prices at the beginning of the year. A great turn around story. One of the most efficient royalty trusts when it comes to replenishing reserves. | 2006-04-21 | |
| BUY | 17.450 | Michael Simpson, CFA | (Caller asked about gas weighted trusts that Michael liked.) He tends to be defensive. Very solid management team. Good results from Q4. Good growth prospects in northeast British Columbia. | 2006-03-31 | |
| TOP PICK | 16.410 | Dean Orrico | Progress Energy is a gas weighted trust, it has been around for a few years. They have a good quality team. They have been able to replace 2005 production, 170 % has been replaced, mostly through the drilling. Maintaining costs at a reasonable level. Company is very cost efficient. | 2006-03-11 | |
| TOP PICK | 16.160 | Glenn MacNeill, P.Eng. | Has a good growth rate. He bought at $16.18. | 2006-02-22 | |
| BUY | 17.300 | Peter Brieger | 76% natural gas. It's debt to cash flow is 6. If you look at a combination of its distribution and capital spending, relative to its cash flow coming in, they'll be equal this year and will have a very modest profit in production per unit. | 2006-01-16 | |
| BUY | 16.850 | Michael Simpson, CFA | Has a higher exposure to natural gas which he is favourable on in the short term. Got beaten up a bit because it missed some production results. Good value here. | 2005-10-07 | |
| BUY | 17.350 | Peter Brieger | The outlook for natural gas is much rosier and the growth is steadier than it is for oil. | 2005-10-04 | |
| BUY | 14.440 | Peter Brieger | Meets all the criteria that he has for natural gas trusts. Just bought some. | 2005-08-17 | |
| BUY | 14.440 | Peter Brieger | For pure gas income trust plays, prefers TKE Energy Trust (TKE.UN-T), Progress Energy (PGX.UN-T), Thunder Energy (THY.UN-T) and Peyto (PEY.UN-T). In the producer area Storm Exploration (SEO-T) because it was incredibly cheap at $4.60. Would sell when it gets near $7. | 2005-08-17 | |
| BUY | 13.300 | Glenn MacNeill, P.Eng. | Has a reasonably good outlook. Has a good slate of properties in Colombia. Missed their last numbers which disappointed the market. They should be able to overcome that. Good assets and will eventually do very well with them. | 2005-07-08 | |
| BUY | 13.490 | Dean Orrico | Very strong management team. Expectations were a little high and they stumbled out of the gate, but the trust will be in good shape. A good mid-tier name. Payout ratio is in the 70% range. | 2005-04-01 | |
| HOLD | 13.450 | Blair Wilson | Neutral towards this trust at this time. Have a 2-sector perform recommendation. A mid to high cap in the oil/gas trusts. A solid hold at this point. | 2005-01-07 | |
| BUY | 13.300 | Bruce Campbell | Expect a fairly flat price for the next year. The exception would be if they did another good acquisition. The return of 10/11% isn't bad. | 2005-01-04 | |
| BUY | 13.630 | Glenn MacNeill, P.Eng. | One of the best managed trusts and has performed very well. Has a good slate of assets in the NE corner of B.C. Expects it to continue to grow at a very high rate. | 2004-12-29 | |
| BUY | 13.450 | Robert Lyon | Well run trust. Assets are pretty strong so should be able to maintain the distributions going forward. | 2004-12-15 | |
| DON'T BUY | 13.940 | Blair Wilson | Looks a little bit expensive and is not on their recommended list. One of the concerns on royalty trusts is their ability to maintain distributions through a cycle. Only 30% of acquisitions are funded through operating cash flows. | 2004-11-26 | |
| BUY on WEAKNESS | 13.490 | Glenn MacNeill, P.Eng. | Wait for a softness in commodity prices. One of their favourites. Good management. Good assets. | 2004-11-05 | |
| BUY | 13.950 | Garth Jestley | Withholds a significant amount of their cash flow to further exploration/acquisitions. | 2004-10-29 | |
| BUY | 14.050 | Peter Brieger | Looking at it and likes what he sees very much. | 2004-10-28 | |
| BUY on WEAKNESS | 14.600 | David Cockfield | Probably reasonably priced at this time. Would consider buying more at $14. Has some drillable land through its 2 explorecos. | 2004-10-14 | |
| DON'T BUY | 15.110 | Mark Jackson, CFA | Prefers junior producers over the trusts because of better growth opportunities. One of the better trusts. | 2004-10-04 | |
| BUY | 13.700 | Brian Prokop | A trust that was formed from 2 very good companies. Some opportunity for new exploration. Should have a good run for the next two years. | 2004-09-15 | |
| BUY | 13.210 | Bill Harris | There is a lot of upsides in the value of stock. It will help them grow bigger. | 2004-08-27 | |
| BUY | 13.220 | Glenn MacNeill, P.Eng. | Well managed with a good set of properties. | 2004-08-25 | |
| BUY | 12.550 | David Cockfield | On a multiple basis, compared to other similar trusts, it is relatively cheap. Good management. | 2004-07-26 | |
| TOP PICK | 12.240 | Ben Cheng | A very good solid portfolio of oil/gas. Trading at a reasonable level. Yield will be almost 14%. Inventory of drilling prospects is very solid over the next two years. A conservative payout ratio of less than 70%. | 2004-07-15 | |
Experts that have talked about Progress Energy Trust
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