STOCKCHASE

Being acquired by Pembina Pipeline (PPL-T) in a couple of weeks. Might be a very smart strategy to buy into this one now as a way of getting into Pembina. You get a little bit of accretion when it is taken over. Good defensive name with midstream assets.

2012-02-13

WEAK BUY

10.030

Andrew Hamlin

A great company and business, and he likes the space. It is a mid-stream play on oil. It should do quite well here. There is good strong growth in cash flow and a relatively low payout ratio. Caution would be that the space has had a good run.

2012-01-11

TOP PICK

10.120

Thinks it is the bargain interpipe. Has been buying for quite some time. 40% of cash flow from frack spreads. They will stay terrific. Nat Gas will not make a comeback this year. 10% gain plus dividend in this stock.

2012-01-04

Comment

9.930

Bruce Campbell

A kind of hybrid facility type company that has sold off production. He owns the convertible debenture, which is a safer way and still has pretty good yield. Good way to get some yield and have protection in case anything happens.

2012-01-03

HOLD

9.640

Mid-streamer. Takes the liquids out of the gas stream and sells it at a price closer to oil. Earnings are kind of at the top of it's cycle. A Hold not a Buy but he likes the name. Yield of 5.6%.

2011-11-15

HOLD

9.410

Andy Nasr

Extreme company that focuses on infrastructure. Have a great development pipeline, which they can potentially expand their services. Confident that they will be able to increase their dividends in the next 12-18 months. Valuations in this sector are getting a little bit stretched.

2011-11-11

TOP PICK

9.280

Has run up less than its competition Keyera (KEY-T), Inter Pipe (IPL.UN-T) and Altagas (ALA-T). In the frac spread area so benefits from that. Is amongst the lowest payout ratios in the group so are equipped to raise their dividend. 100% midstream now.

2011-11-10

TOP PICK

9.310

Laura Lau

Mid-streamer that processes gas. Cheaper, about 2 multiple points below others. Has a lot more commodity price exposure (frac spreads) than others. Have also been able to grow their revenues outside of the commodity spread with long-term hedging and long-term contracts. Debt is much lower than peers.

2011-11-08

BUY

8.170

Joanne A. Hruska, CFA

One of those stocks she loves. Bought in last two or three months. Spun off most of oil and gas production and are focusing on mid-stream. Less volatility in cash flow and earnings. They are relatively new in this mode and are relatively unknown. You are going to see multiples going up and that’s why she has been buying it.

2011-09-12

TOP PICK

8.360

Mid stream processor. Extracts natural gas liquids and sells it, essentially near the oil price. Very good business. Pays a good yield.

2011-08-02

BUY

8.570

Long term potential is very positive. Gas players are going into Alberta and looking for liquid rich gas. This is where PVE comes in and removes the constituent components. Very profitable business.

2011-07-18

BUY

8.540

Likes it. They strip out liquid streams from natural gas, which is lucrative. Spreads are very wide compared to historical norms. You are into a period of a year or two where gas prices will be weak and oil will be strong

2011-06-06

TOP PICK

8.540

Mid-stream in energy, i.e. they do fracing, extracting liquids from natural gas. Gas prices are very low and oil prices very high so liquids prices are high. Good spread business. Had a soft year when they got hit on some hedges. Looking for $11-$12 over the next year or so.

2011-05-16

DON'T BUY

6.680

(Market Call Minute) They are a mid stream company right now. Undervalued by no catalyst to the upside.

2010-08-31

BUY

8.280

Likes the name because it has transitioned to a higher multiple. Margins are very large for the foreseeable future. An attractive name.

2010-03-05

SELL

8.440

Has had a very good run. If you own, consider a switch to some combination of Crescent Point (CPG-T) and Daylight (DAY.UN-T), otherwise it's a Hold. (See Top Picks.)

2010-01-25

Comment

6.780

Robert Lauzon

Prefers owning this through the convertible debenture. A good portion of their business is midstream, where they process fuels, rather than taking it out of the ground. A stable business.

2009-12-04

BUY

7.300

Real transformative story that is looking more impressive all the time. Initially a collection of “not so great” gas assets in the US with a decent set of midstream businesses where they take the liquids etc. out of the gas and this has turned out to be an absolute home run for them.

2009-11-09

BUY

6.230

Laura Lau

A different model than most companies because they have a lot of midstream assets as well as upstream businesses. The upstream business is OK but not that great but the midstream business is very good. There will be a chance of a distribution cut in 2011.

2009-10-13

Comment

6.350

Michael Simpson, CFA

Oil/gas trust that also have some midstream assets that process natural gas. Have properties in Canada and US. Have been selling properties to reduce their debt levels.

2009-09-17

HOLD

5.380

Sees this one staying flat for the next year. Undertook a strategic review to decide if they should split the company. Have a midstream component, which has been very profitable. 13.5% yield.

2009-07-24

BUY

5.820

Laura Lau

Different then most energy trust because they are a mixture of midstream assets as well as upstream oil and gas. Midstream assets are very, very good but upstream assets are not as good. Midstream trades at a substantial multiple to oil/gas assets so you are almost getting the upstream for free. Very attractive valuation. 12.7% could indicate a cut as they are currently over distributing but feels it is already priced in.

2009-06-30

DON'T BUY

3.740

Kevin Hall BComm, CFA

Unique because they have upstream oil/gas assets combined with more midstream natural gas processing assets. He prefers more pure plays. Had a couple of distribution cuts. Going through a strategic review.

2009-02-27

Comment

5.600

Dean Orrico

(Market Call Minute.) Wouldn't own this, as it is both a producer and midstream. He prefers pure plays.

2009-02-06

Comment

5.540

In the middle of the range of trusts. Not extremely great in many way. Has done a pretty good job of cleaning things up. Has a midstream business that is quite good but, unfortunately, the frac spread is way down. Could see a cut in distributions.

2008-12-03

HOLD

12.900

Has a number of assets in the midstream area in the US and Alberta. Good management but had a history of overpaying for assets.

2007-05-09

Comment

12.050

Robert Lauzon

Debt levels are too high for him. Also, the decline in production is higher than what he likes. Has a nice midstream asset which is attractive.

2007-01-22

SELL

11.810

Did really well in the last quarter because it had a mid-stream business that has done really well. Has lousy Canadian gas properties and so-so US ones. Sell on strength.

2006-11-16

HOLD

13.790

Sandy McIntyre

Holds a small position. Sold most of his position to reinvest in gas trusts. Has a mix of midstream and production assets. Very competent management.

2006-07-28

BUY

14.020

Greg Guichon

67% oil. 10% yield with a 71% payout. A combination of oil production and gas refining.

2006-07-14

BUY

13.040

Michael Simpson, CFA

This is a controversial name. An oil/gas trust with assets in California and Wyoming. They also have some midstream assets which he feels are undervalued by the market.

2006-03-31

HOLD

13.020

Recently made acquisitions extending their reserve life from 9 to 16 years but is facing fairly steep declines. Distributions of about 11%.

2006-03-22

WATCH

12.310

Sandy McIntyre

Provident is a different sort of energy trust, they tried to reposition themselves. They started off with high decline, low productivity, and western Canadian properties. They ended up buying some facilities and some US production in California. He could see them breaking apart into their components parts and it would be worth more busted up.

2006-03-03

SELL

12.090

Has had strong declines in its production and its ability to produce.

2006-01-25

DON'T BUY

12.750

Robert Lauzon

Has sharp declining oil/gas assets. Reserve life will decrease over time.

2005-12-23

DON'T BUY

12.870

Kevin Hall BComm, CFA

This is a name he has a hard time figuring out. It was a company that got into the natural gas liquids processing business and it is very hard to value this type of business. Prefers pure plays, so wouldn't be interested in this one.

2005-10-28

DON'T BUY

13.790

One of his least favourite trusts. Fighting a very strong decline in terms of its reserve life. The average of the trusts is 9.5 years and this one is 5.3 years. Fairly heavily indebted. Has had declining revenue and production in the last little while.

2005-07-27

SELL

11.600

Have 3 major strikes against them. Lower than average margins. Shorter than average reserve life. Too high a payout ratio.

2005-03-30

DON'T BUY

12.600

A little overvalued as well as experiencing escalating costs, up 30% from the previous year.

2005-02-15

DON'T BUY

12.440

Greg Guichon

Not as strong a growth profile as they would like to see. Sees a net "decline" in production over the next 12 months. Yield is about 12%, but when you net out the decline in reserves, there is a real return of 5%.

2005-02-11

BUY

11.690

Their mid-stream business is very stable and has provided good cash flow. (A plant on a gas pipeline to take out products.) Have purchased some US properties and they are evaluating where this takes the company.

2005-01-14

SELL

11.200

Brian Prokop

A sector underperform. Current share price is higher than what is warranted by the assets. Very aggressive on the acquisition side and may have some difficulty consolidating them. Cash flow ratio seems a little high.

2004-09-15

DON'T BUY

10.430

Ben Cheng

Tends to pay out pretty much all of their cash flow which is a little bit worrisome.

2004-07-15

DON'T BUY

10.430

A little expensive at this time. Made some interesting acquisitions.

2004-06-25

DON'T BUY

11.290

John Priestman

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

SELL

11.320

Will probably have to lower its distribution in the coming year.

2003-12-11

DON'T BUY

10.500