| HOLD | 12.900 | Glenn MacNeill, P.Eng. | 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 | John Stephenson | 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 | John Stephenson | 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 | John Stephenson | 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 | John Stephenson | 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 | John Stephenson | 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 | John Stephenson | 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 | Glenn MacNeill, P.Eng. | 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 | Glenn MacNeill, P.Eng. | 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 | Glenn MacNeill, P.Eng. | Will probably have to lower its distribution in the coming year. | 2003-12-11 | |
| DON'T BUY | 10.500 | Glenn MacNeill, P.Eng. | Expect commodity prices will soften and distributions will be less. Prefers Bonavista, Vermilion, Focus, Crescent Point. Gives too much of their cash flow in distributions. | 2003-09-24 | |
| BUY on WEAKNESS | 10.810 | Gavin Graham | Could lose their mutual fund status and its tax advantages because of the 50% foreign ownership rules. Expect a drop in the price and buy then. | 2003-06-18 | |
| DON'T BUY | 11.170 | Sandy McIntyre | A shorter than average reserve life. Good management. | 2003-05-07 | |
| DON'T BUY | 10.790 | David Cockfield | Not a favourite. Not worried about their debt. Have about a 90% payout ratio. Low reserve life. | 2003-04-25 | |
| DON'T BUY | 10.300 | Robert Floyd | Had a problem and share price dropped. | 2003-03-27 | |
| HOLD | 10.560 | Robert Floyd | Strong payments. Good assets. | 2002-10-10 | |
| HOLD | 11.250 | Sandy McIntyre | Has been very successful, but debt may be a little high. | 2002-08-12 | |
| PAST TOP PICK | 10.550 | Sandy McIntyre | Jan 29 - Still likes. They've been able to shift focus from heavy oil to a mix of light oil and gas. Reserve life of 7.5 years. | 2002-04-22 | |
| BUY | 9.350 | Sandy McIntyre | Have a good hedging program to lock in profits. Great management team. | 2002-02-26 | |
| TOP PICK | 8.720 | Sandy McIntyre | Has a good hedge book. Recently made an acquisition at a low price. | 2002-01-29 | |
| DON'T BUY | 10.960 | Sandy McIntyre | Good mngmnt teams. RLI = 7 yrs. Leans to heavy oil. Free flowing fields. Weakest season coming now. | 2001-08-13 | |
| DON'T BUY | 12.190 | Sandy McIntyre | A new trust. Short reserve life index. Wait to see how they develop. | 2001-06-19 | |
| DON'T BUY | 11.800 | Bill Shaw | Too new to evaluate. Reserves may be on the short side. | 2001-05-15 | |
Experts that have talked about Provident Energy Trust
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