STOCKCHASE

(A Top Pick Oct 17/06. Up 41%.) Had been woefully mispriced at $32. No longer mispriced. Sold his holdings.

2007-02-01

Comment

43.020

Being acquired by Royal Dutch Shell.

2007-01-05

HOLD

43.600

Bill Harris, CFA

Parent company, Royal Dutch is taking it over. You can either tender your shares and receive dividends at 3.5% or sell your stock. Royal Dutch is a pretty good company.

2006-12-22

SELL

43.620

Being acquired by the parent, Royal Dutch. Doesn’t expect there will be other offers, so would take your money.

2006-12-21

SELL

43.500

David Taylor, MBA, CFA

All the juice is out of it after the parent bid it up.

2006-12-18

HOLD

43.450

Trading higher than what Shell International has offered because investors don’t believe it will be successful getting it at the lower price. Could come back in the $45 area.

2006-12-05

BUY

43.350

Paul Harris, CFA

Very comfortable with oil and feel oil is going to go higher in 2007. He prefers Suncor (SU-T) and CNQ (CNQ-T). This company will continue to do well.

2006-11-30

SELL

42.680

Peter Brieger

There are cheaper and more interesting plays. This and other companies are under a cloud based on the falling out of favour oil sands related securities. Expensive.

2006-11-29

SELL

42.750

Michael Decter

Royal Dutch Shell, has offered to buy outstanding shares. He is inclined to think there won't be a better offer. The next possible takeover would be Imperial Oil (IMO-T) by its parent. Consider moving into this stock.

2006-11-24

HOLD

42.900

At this price it’s a steal for its parent, Royal Dutch, which is acquiring it. Expect they will have to ante up a little higher price.

2006-11-10

PAST TOP PICK

42.990

(A Top Pick Sept 20/05. Up 6.1%.) Not his first pick in oils anymore.

2006-11-03

HOLD

42.800

The parent, Royal Dutch Shell, has offered to buy the outstanding shares. Feels they will have to sweeten the offer.

2006-10-31

HOLD

42.550

Rob Callander

Royal Dutch Shell has offered to buy the balance of the Company. Speculators and professionals are speculating that the offer will be increased, so if you own, hold on.

2006-10-23

DON'T BUY

32.330

Long-term energy is probably a very good place to be. His strategy does not allow to set through long dips. Things that energy stocks will probably underperform for a little while.

2006-10-19

TOP PICK

32.080

An unbelievable opportunity. He has a model price of $41 which is a positive 27% differential. You downside would be $30.

2006-10-17

BUY

30.600

Have some good reserves. They are in the tar sands. A good one for long-term investors.

2006-10-05

VAGUE

31.350

Joseph Schachter

Shell's stock has been hammered. Shell has good assets and good management. It is a large cap company and will be around for a while.

2006-09-29

BUY

31.790

David Baskin

Believes that this stock(Shell) is safer than Petro. But, Imperial Oil is less volatile and has more dividends. Believes that all three companyies are okay.

2006-09-28

VAGUE

30.550

Paul Harris, CFA

Great company, well run with great operators. Hurt by the oil and gas industry. In 12 to 24 months should be higher then it is now.

2006-09-26

DON'T BUY

36.850

Chris Smith

Their results have not been as good as some of the other integrated players, but not an expensive stock. Certainly defensive in this type of volatile market. People are probably concerned about their participation in the oil sands projects they are involved in and they are clearly going to have to spend a lot more money to execute these projects.

2006-08-28

BUY on WEAKNESS

38.050

Doesn't get a lot of attention and it may be because Royal Dutch owns 73%. Likes their Athabascan project. Good production and very expandable and they are going to spend more capital there. Buy a little on weakness and tuck it away.

2006-08-23

HOLD

38.330

Little more expensive than others and has a premium because of its oil sands exposure. Would prefer in the low $30’s or high $20’s.

2006-08-21

PAST TOP PICK

38.270

(A Top Pick Aug 5/05. Down 3.2%.) Valuation looks pretty good. Sourcing of the profit growth looks pretty good. ROE is deteriorating. Sold his holdings.

2006-08-18

DON'T BUY

40.200

Model price is $39.07 which is a -1% differential. Made his money on this company and moved on back in October. Dead money going forwards.

2006-08-02

DON'T BUY

38.630

David Baskin

They are blowing their brains out on the costs of their oil sands project. This is why they have under performed the rest of the market. Prefers others.

2006-07-27

DON'T BUY

40.200

Bill Carrigan

The upward trend line was violated in April. Once you break a trend line, the Up is over.

2006-07-17

HOLD

40.730

A great company. Multiple is a little high. Good mix of product.

2006-07-13

BUY

40.860

The way oil stocks came off their lows in May has been very impressive. Also crude oil has acted very impressively. Feels there is another leg higher.

2006-07-12

DON'T BUY

40.490

In the integrateds in Canada, this is the weakest company. Costs have gone out of control on their oil sands project. When gasoline margins were sky-high, they had problems with their Montréal refinery.

2006-07-11

WEAK BUY

40.460

Gordon Higgins, CA, MBA

Not going anywhere because there is no news to drive the stock. Nothing wrong with this company.

2006-06-07

WEAK BUY

38.130

If you're looking for a large cap name that is integrated, he would suggest Imperial Oil (IMO-T) or Petro Canada (PCA-T). Nothing wrong with it, it just has a higher valuation than any of them.

2006-05-19

DON'T BUY

41.950

A great company. He looks for companies that make higher highs in each successive leg of the bull market. This hasn't happened with this company.

2006-04-28

BUY

44.010

Their largest play is the Athabascan oil play. Have brought production costs down to $22/23 a barrel. No debt and very strong balance sheet. Has fairly high valuation, but there are good reasons for it.

2006-04-13

WEAK BUY

41.800

Gordon Higgins, CA, MBA

Affiliated with some of the oil sands. Has good prospects. Has had a good run. A little more pricey. Prefers CNQ (CNQ-T), Talisman (TLM-T) or Petro Canada (PCA-T).

2006-04-05

SELL

38.150

Not at good stock to add at this point. Sell.

2006-02-27

SELL

40.620

He would be switching from this to Imperial Oil (IMO-T). It got a lot of momentum behind it because of its oil sands and a possible takeover by its parent. This has now become overpriced.

2006-02-13

BUY on WEAKNESS

42.500

Brad Willock

The oil sands is the best natural asset in the world. As a long-term hold and a way to keep some holdings in the oil sands, this is a good company to have. May be a little rich at this point.

2006-02-09

WATCH

44.850

Has a fair amount of upside potential. Fair market value of about $100. Running into some technical resistance around the $46/47 area and is having a tough time pushing through. If it can get through, you could see a decent run.

2006-02-06

BUY

44.310

Just reported earnings and they are pretty much in line. Their production was above expectations but their earnings and refining and marketing were lower than expected. If you want to be in the oil business and just in Canada, this is a good stock.

2006-01-25

HOLD

46.900

Wilf Gobert

Integrated oils give a bit of downside protection. This is one of the oil sands companies and their production is going to double or triple if their game plan stays in force over the next 10 years. Has a tremendous dividend growth record. Prefers Petro Canada.

2006-01-23

DON'T BUY

43.470

He sold his holdings about a week ago when it reached his model price of $41.01. That’s a negative 6% differential from the current price. Would buy again at $36.

2006-01-17

BUY

40.700

A great proxy on the energy business. You could own this without a lot of risk.

2006-01-04

BUY

37.900

Brendan Kyne

A good conservative, low volatility way of playing the energy sector. A good bet. Won’t go up as much as others, but you have the sweetener of a possible consolidation in with its parent.

2005-12-14

BUY

34.910

Of senior gassy stocks, he owns Encana (ECA-T) instead, which he thinks has a better growth profile with a little more focus. There's nothing wrong with this one.

2005-11-21

BUY

34.410

Has a tremendous project going on.

2005-11-18

WEAK BUY

35.760

Ian Nakamoto

A fine company, but would prefer someting like a Petro Canada (PCA-T) which is quite a bit cheaper.

2005-11-02

PAST TOP PICK

32.880

Gavin Graham

(A Top Pick Aug 8/05. Down 15%.) One of the better managed and more conservative plays. A pretty good buying opportunity now.

2005-10-31

WEAK BUY

32.990

The good news is that it is now underneath his model price of $38.41 which is a 10% differential. There are other picks he would value more. If it got down to $26 it would be a great buy.

2005-10-20

DON'T BUY

35.460

Thinks it's got ahead of itself. There was a lot of US buying and expects there will be more profit taking by them.

2005-10-12

BUY

35.460

Tends to be the most ignored of the seniors. Not well followed on the street. Although he has other preferences, he would have no problem buying it here.

2005-10-12

HOLD

39.920

Bill MacLachlan

A very solid company and very well managed. Has great assets with great profits from the refining side. Prefers Encana (ECA-T).

2005-09-23

DON'T BUY

40.250

James Cole, BA, CFA

A great business and they keep their production completely unhedged. Own 60% of the Athabaskan oil sands project. A high standard of corporate governance. Any downward fluctuation in oil price could create an enormous risk.

2005-09-22

DON'T BUY

40.810

Getting very expensive in terms of valuation. His model price is $38.

2005-09-21

TOP PICK

40.520

Has been a bit of a laggard but is now showing growth in profitability.

2005-09-20

BUY

37.750

Laura Wallace

Has lagged some of the others in part because the refinery and gasoline operations are a bigger percentage of its overall mix. Its latest quarterly earnings were a little bit disappointing particularily on the cost side, not making the productivity improvements that the market had hoped for.

2005-08-24

BUY on WEAKNESS

36.490

Has some very good properties. The cash flow in the latter part of '05 and into '06 looks very good. Got a little ahead of itself in terms of the multiples and it looks like there is some profit happening now. Look at buying in the $33/34 range. Looks a little expensive compared to its peers.

2005-08-18

WEAK BUY

36.500

Peter Brieger

If he was going to own one of the integrateds with oil sands exposure, it would be this one. Prefers the more pure plays.

2005-08-17

BUY

38.100

Everyone should be in some energy stocks and this one is as good as any. Well run and good assets.

2005-08-15

WEAK BUY

39.600

Gordon Higgins, CA, MBA

One of the few companies that has negative debt, ie, they have more cash than they do debt. Gives you a play on the oil sands. Along with a lot of the other oil sands stocks, it's had a good run.

2005-08-11

TOP PICK

39.170

Gavin Graham

A 0.9% yield. This is the one big multi-national company that, because it had to write down its reserves by 20% last year, it is out there aggessively expanding its resource space. Has the oil sands.

2005-08-08

TOP PICK

39.170

Just recently its profitability started to pick up again. A later cycle petro chemical stock. ROE level is around 23%.

2005-08-05

BUY

35.150

On a multiple basis has gotten ahead of some of the other big integrateds. Probably having a rest here. Has good long term potential.

2005-07-22

HOLD

35.060

An extremely high quality, particularily in the oil sands.

2005-07-20

WAIT

34.730

Like a lot of other senior oils, it has downside because of price risk. Will follow the price of oil in the short term.

2005-07-14

BUY on WEAKNESS

33.980

Ron Meisels

Along with all the oils, this stock has done very well. Recently it had a direct run from $27 to $34 and that needs a correction. If it comes back to about $31, it will be a great buying opportunity.

2005-07-07

BUY on WEAKNESS

34.240

James Cole, BA, CFA

Have re-energized themselves in the last number of years and have grown substantially. Very supportive of the oil sands company which he expects will be expanded significantly. Would like to add on any pullbacks.

2005-07-06

DON'T BUY

33.430

David Baskin

One of the less attractive of the oil companies. The integrated oils for conservative investors are a lot safer than the explorers. Prefers Imperial Oil (IMO-T).

2005-06-23

BUY

31.860

A good company, but trading a little bit on the rich side. Have had a few problems with their own oil sands, in terms of the cost side. Not cheap at UPS multiple on a forward basis of 11.7 and 6.1 X EBITDA which is well above their conventional peer group. Doesn't see a tremendous catalyst for growth.

2005-06-21

HOLD

95.510

May run a little bit here. Feels a little more positive on others based on their multiples.

2005-06-15

HOLD

85.450

Along with the Suncor (SU-T) assets in the oil sands, it's the highest quality in that territory.

2005-05-25

HOLD

85.650

David Taylor, MBA, CFA

A great hold. Prefers Petro Canada (PCA-T).

2005-04-25

TOP PICK

82.250

Started raising some money out of their junior oils at the end of last year with the big rup up they had, but still wanted some exposure so started looking at the integrateds. This one was cheap to its NAV and earnings, had some upside and still had exposure to the oil sands. Little price risk to the movement in oil price.

2005-04-13

HOLD

88.050

John Sinkins, CFA

Heavily correlated with what's going to go on with the oil price. A little pricey at this point. This one would really be a call on what you think will happen with oil.

2005-04-04

BUY on WEAKNESS

90.670

Matt Baillie

Has had a very high return on equity historically. Has some nice recent gas finds. Has a huge oil sands play. Looks a little rich. Very well run company.

2005-03-16

BUY

64.400

Good copany in the heavy oil sands.

2004-08-25

HOLD

61.010

Ran into a meat grinder in terms of their earnings in the 4th quarter but fair market value is well above current price. Would prefer a purer play at this time.

2004-02-23

HOLD

60.800

Michael Sprung

Expensive. Higher PE. Book value is $20.

2004-02-09

BUY

53.500

Michael Sprung

Their new venture will serve them well. Hasn't had the run up that others have had.

2003-06-12

BUY

51.000

Once debt is paid down, dividends may be increased.

2003-06-10

BUY

51.000

Nereo Piticco

Positive on energy. Well run. Thinly traded.

2003-06-10

BUY

50.750

Has just broken through $50. Good potential in the McKenzie area.

2003-05-23

BUY

57.600

David Driscoll

The integrated "long term" returns avaerage about 8%. Safer than exploration/development.

2002-04-03

DON'T BUY

58.300

Joe Connolly

Oil is only at this temporary high because of the middle east which has made this stock too expensive.

2002-04-02

BUY

57.700

Glenn Paradis, BA, CFA

Likes integrated oils. Does better in the oil/gas cycles than exploration.

2002-04-01

TOP PICK

53.000

Has a good heavy oil development in Fort McMurray. Great future.

2002-03-13

DON'T BUY

53.500

Martin Hubbes, CFA

Had a good run, but expects it will slow down now. Prefers Petro Canada which is cheaper.

2002-03-06

BUY

45.110

Peter Brieger

Good exposure to oil sands.

2002-01-04

BUY

42.400

Oil prices have been built into the stock. If oil stays at $25 level, earnings will increase the share price.

2001-10-24

BUY

40.750

Has exposure to oil sands. 2% dividend yield.

2001-10-09

BUY

33.430

Likes the levels at the current price. Had a 3 for 1 split recently. Still sees upside from new production. Likes their Athabaskan oil sands assets. Likes it in the $35/40 range.

2001-08-27

PAST TOP PICK

41.990