| BUY | 18.440 | Robert Floyd | Would be tempted to look at this one at this price. Strategy was to get out of high-risk plays but is now jumping back into Iraq. All the same, the valuation is getting to a point where you should start to take a look at it. | 2008-07-23 | |
| BUY | 19.400 | Norman Levine | In transition in both management and assets. New CEO’s strategy is to tighten the company up. Under promises and appears to over deliver. Selling off some non-core assets and building up a presence in non-conventional natural gas. | 2008-07-21 | |
| TOP PICK | 18.760 | Glenn MacNeill, P.Eng. | Continues to be undervalued and in the penalty box but value will get crystallized at some point. Management has a new initiative to maximize value by selling off some non-core assets and taking a much more aggressive approach to assets they already have. Especially like their Indonesia, Malaysia and Vietnam assets that make a very attractive takeover target. Kazakhstan is a relatively small exposure. | 2008-07-18 | |
| DON'T BUY | 19.030 | Peter Brieger | Their entrance into Kurdistan puzzled him. A fairly peaceful area, but the central government in Baghdad will not let the Kurds do a private deal. Would be nervous if the drilling was successful. | 2008-07-16 | |
| BUY | 20.460 | Neil Wickham | Likes oil stocks in general. Has more non-Canadian resources than others. If you are looking for the extra kick that non-Canadian plays get, this is a good way to go. | 2008-07-14 | |
| Comment | 20.000 | Gavin Graham | Has been a laggard because of their exposure to more interesting parts of the world. Expects the Kurdistan will pay off in spades but he has to find out down the track. | 2008-07-07 | |
| BUY | 21.070 | Bill Carrigan | This is a laggard, which is good. It eventually broke out but has now backed down and is testing. This might be a good entry point. | 2008-07-03 | |
| Comment | 20.900 | Andrew Cook | Along with the rest of the market, people are taking profits on a lot of the commodity stocks. Relative to its peer group, it's cheap. There have been some questions about its growth strategy but he thinks it's a great strategy. | 2008-07-02 | |
| TOP PICK | 22.130 | Michael Sprung | (A Top Pick July 13/07. Up 4%.) New management team is focusing on core values as well as potential opportunities. Internationally diversified including Indonesia, which is close to China. Going into Iraq, which is a very large potential opportunity with not too much capital risk up front. | 2008-06-26 | |
| BUY | 22.130 | Lyle Stein | Likes what they are doing in the alternative shale type space. This gives them a bit of an edge over the competition. | 2008-06-26 | |
| Comment | 22.530 | Robert Floyd | Will be drilling in Iraq. A riskier country with great opportunity. Have had production problems in the past. He is waiting to see how the new management will take over and redevelop the company. | 2008-06-24 | |
| BUY on WEAKNESS | 23.220 | Joanne A. Hruska, CFA | Just starting to turn the corner. | 2008-06-23 | |
| BUY | 22.280 | David Cockfield | Under new management. New strategy of unconventional production and are into the eastern shales in Quebec. Cheap. | 2008-06-20 | |
| HOLD | 24.190 | John Stephenson | Poised to move a little higher. New management has developed a good strategic plan. Return on capital and other metrics are not as high as others. | 2008-06-16 | |
| TOP PICK | 24.560 | Norman Levine | His 3 Top Picks are inflation hedges. Under the new leadership it is re-inventing itself. Starting to concentrate on unconventional shale gas and are building some big positions. | 2008-06-13 | |
| BUY | 24.540 | Don Lato | Have had a major change in direction in the last few months. In the last month or so they announced some sales of some North Sea assets. Announced a joint venture with a US company to develop some shale plays. Having a look at it as it trades on a very cheap multiple. | 2008-06-11 | |
| BUY on WEAKNESS | 23.620 | Joseph Schachter | Feels we are in a quiet period before the summer driving season and this stock could have a correction. Would be a buyer below $20. | 2008-06-05 | |
| DON'T BUY | 22.510 | Michael Decter | Had a good run lately. New CEO and new game plan. Problem has been that the various pieces of it were worth more as separate entities. Would be better of if they broke it up and gave it more focus. | 2008-06-04 | |
| HOLD | 22.820 | Bill MacLachlan | Chinese national oil company may be interested in acquiring. Talisman has been divesting itself of some properties, but it’s part of a longer-term strategy to re-orient themselves in the north sea. Some view it as a high-risk strategy. Because of rumors of takeover, not the time to buy, but to hold. | 2008-05-30 | |
| Comment | 22.710 | Andrew Cook | Stock could be up 50% or so in the next year. The refocusing of the company is going to help improve people's view of the company. | 2008-05-29 | |
| TOP PICK | 22.710 | Michael Sprung | New strategy will be to go after unconventional gas in North America. Sold off some of their non-core landholdings and he expects to see a lot of this in future. Good balance sheet. Very rich company. | 2008-05-29 | |
| BUY | 23.410 | Norman Levine | Likes the new management and the new strategy. Doesn't expect they will sell the company. Lots of upside potential. | 2008-05-28 | |
| DON'T BUY | 23.450 | Paul Harris, CFA | Never liked this one because of 1) more of an international play rather than at a domestic play and 2) didn't see growth increasing. New management has a new strategy, but this takes time to implement. Could be 3 or 4 years from now. | 2008-05-22 | |
| PARTIAL SELL | 23.650 | Pierre Bernard | If he owned, he would lighten up at this time. There are still question marks on this company. New management has been pretty clear on what they intend to do with the company. There are uncertainties around their plans. | 2008-05-21 | |
| TOP PICK | 23.940 | Glenn MacNeill, P.Eng. | Hasn’t gone up as much as some of the other large producers. Represents good value. Will be doing some things to try and enhance its value. A lot of diversified areas geographically. | 2008-05-16 | |
| HOLD | 23.940 | Derek Webb, CFA | Has never understood why this name always falls between the cracks. Maybe it’s because globally people just don’t know the name. Very cheap. Longer term you’re going to do fine. He is very bullish on oil. May be ahead of itself right now. He is waiting for a pullback of maybe 5%-10%. | 2008-05-16 | |
| BUY | 23.060 | Norman Levine | (Market Call Minute.) Finally working out and you are starting to get the catalyst coming in here. Outlook looks great. | 2008-05-12 | |
| TOP PICK | 23.060 | Michael Smedley | Recently broke out after being a bit doggie. There is a new CEO with a new brush. Also has a position in the Utica shale play in terms of land and drilling. | 2008-05-12 | |
| BUY | 23.200 | Brian Acker, CA | This one is now in his Top 10. It has had a huge (underline that) boost in earnings estimates. He has a model price of $31.11, a 39% positive differential. | 2008-05-08 | |
| Comment | 22.300 | Greg A. Taylor, CFA, BBA | Hasn't done as well as you would expect for an oil company. Started moving up as people get comfortable with the new CEO. Investor Day comes on May 21 and a lot of people are getting excited about what he will announce, where he is going to focus and where growth is going to come from. He has been taking profits in the last few days and will probably buy it back on dips. | 2008-05-07 | |
| HOLD | 21.990 | David Burrows | Has gone through a makeover and are focusing on unconventional energy, specifically shale gas. There is new technology for extricating gas out of shale and they are a major player in this area. | 2008-05-06 | |
| Comment | 20.700 | Peter Brieger | With the announced change in corporate direction, he will have another look at this one. One of the cheaper ones. | 2008-05-01 | |
| WATCH | 20.700 | Dennis Dasilva | Have now come out with their new platform where they are moving and transitioning into a more resource space platform. Looking for long life and more predictability in regards to growth. Have a massive land base. Trades at a discount to its peer group. Looking for a 12 to 18 months transition period. | 2008-05-01 | |
| PAST TOP PICK | 20.370 | Michael Sprung | (A Top Pick July 13/07. Down 5%.) Has been a bit of a roller coaster like a lot of the oils but he still likes it and has been adding to his position. Selling at around 5X-6X cash flow. As one of the strongest balance sheets. A lot of international plays that have prospects for future production growth. | 2008-04-30 | |
| PAST TOP PICK | 20.440 | David Cockfield | (A Top Pick Mar 3/07. Up 14%.) Well run company. Good diversification of assets. Still under priced. | 2008-04-24 | |
| BUY | 21.190 | David Driscoll | (Market Call Minute.) One of the cheaper on a price to cash flow basis in the oil/gas sector. | 2008-04-23 | |
| BUY | 21.450 | David Baskin | New management and new emphasis on production. He is still buying at this price. | 2008-04-22 | |
| BUY | 21.400 | Ravi Sood | (Market Call Minute.) Large-cap energy and likely long-term acquisition candidate. | 2008-04-21 | |
| PAST TOP PICK | 21.000 | David Burrows | (A Top Pick Apr 24/07. Down 3%.) Pulled back too far and stopped him out of his position. A wonderful company, but feels there are better opportunities. | 2008-04-18 | |
| BUY | 20.860 | Gordon Higgins, CA, MBA, CFA | (Market Call Minute.) Cheap statistically. | 2008-04-17 | |
| BUY | 20.060 | Joanne A. Hruska, CFA | Was not doing well compared to where commodity prices where. New management. Tremendous amount of resource plays. Will be doing new presentations and outlining new strategies on May 21 so there will be a lot more interest in the company. | 2008-04-14 | |
| BUY | 19.440 | Bruce Campbell | International oil and gas. Big institutional day coming in mid-May so the market has been moving in advance of this. These are usually good things. Management will be explaining their 3 to 5 year plan. Will have a little bit better direction and a little bit better sense. Statistically cheap. | 2008-04-11 | |
| TOP PICK | 20.000 | Norman Levine | (A Top Pick Apr 16/07. Down 9%.) Old management had great assets but over promised and under delivered. Early indications are that new management will be going back to their roots and concentrating a lot on non-conventional natural gas. | 2008-04-10 | |
| DON'T BUY | 19.550 | Robert McWhirter | His energy exposure is more to smaller gas companies so doesn't own this one. Ranks 217 out of 600 stocks. Year-over-year earnings were down 47%. Earnings expected to grow about 51% giving a 13 PE. ROE is reasonable at 18%. Expects oil to remain above $100 but feels there are other companies that can grow production faster. | 2008-04-08 | |
| BUY | 19.550 | Ron Meisels | Starting to behave a little better. Has been meandering for quite awhile but it is now possible for it to have a breakout. A little trouble around $21 or $22 as there is some overhead resistance. Because it is in the energy area, it should do well. | 2008-04-08 | |
| BUY | 17.950 | Norman Levine | A change in management, which will be beneficial. Putting a greater emphasis on their low risk unconventional natural gas. Good international diversification. Good product diversification. Should start to over deliver. $21 target is conservative. | 2008-03-27 | |
| HOLD | 17.640 | Ken McCord | Likes it. Showing some good growth. | 2008-03-26 | |
| VAGUE | 16.760 | John Stephenson | There is a lack of clear strategic direction from management. Dirt cheap. There is no comfort in this company. | 2008-03-25 | |
| HOLD | 16.060 | Robert Floyd | Has been disappointed. A new ceo needs time to judge (1 year). They have been swapping some assets. Hold on for some higher prices. | 2008-03-20 | |
| PAST TOP PICK | 16.070 | David Burrows | Down 21% Then $21.48
They went out of energy back then, and having recently come back in to energy. They left quickly. | 2008-03-19 | |
| VAGUE | 16.070 | Peter Brieger | No-one believes oil will stay at $100, should be around $75-80. It will take time for the stock to catch up to price. | 2008-03-19 | |
| TOP PICK | 17.130 | Norman Levine | Has been acting better lately. Focusing more on natural gas. Old CEO was over-promising and under-delivering. New CEO is under-promising. | 2008-03-10 | |
| PAST TOP PICK | 17.170 | Glenn MacNeill, P.Eng. | (A Top Pick Apr 4/07. Down 17%.) Recently had a good discovery in the North Sea, but the market seems to have ignored it. The sum of the parts of this company is worth more than the whole. The market is in a “wait and see” mode to see how the new management performs. For maximum value, he thinks the company should be broken up and sold. Not a Buy. Continue to Hold. | 2008-03-07 | |
| PAST TOP PICK | 17.370 | Gavin Graham | (A Top Pick Mar 6/07. Up 6% including dividend.) Still likes. Decent, well run exploration/production company. Still a Buy. | 2008-03-06 | |
| BUY | 17.620 | Michael Sprung | Has great prospects going forward. International producer. They were hurt last year by a lot of currency transactions. Latest quarter had very good results with their finding and development costs. Have a wide range of projects for 2008. Expects their cash flow will be around $4.60 to $4.70 over the next 2 years. One of the better values in the energy patch. ROE is about 15.5%. | 2008-03-05 | |
| DON'T BUY | 16.980 | John O'Connell, CFA | (Market Call Minute.) Would prefer other names such as Husky (HSE-T). | 2008-03-03 | |
| HOLD | 17.500 | Peter Brieger | Because of the forever-ongoing speculation about a takeover he sold his holdings. He doesn't like the company, but it is in the right area. | 2008-02-28 | |
| Comment | 17.500 | Bruce Campbell | Statistically cheap, but needs some kind of catalyst to move it. Growth is just not quite there. Thinks it's going to continue to be a laggard for a while. If oil stays at $100, this stock should at least go to $20. | 2008-02-28 | |
| BUY | 17.370 | Brian Acker, CA | (Market Call Minute.) He has a model price of $22.40, a 28% positive differential. | 2008-02-27 | |
| TOP PICK | 17.430 | Norman Levine | It is finally starting to act better. Have had great assets but haven't produced what management has always said they would be able to do. New management seems to be bringing down expectations. Has a lot of natural gas exposure so as natural gas prices go up it will affect the stock. | 2008-02-26 | |
| DON'T BUY | 17.190 | Dennis Dasilva | Value trap. Seems cheap on a relative basis but has disappointed over the last 18 months. A balanced producer of natural gas and oil. Primarily North America and the North Sea. Looking for a relatively flat 08. Expects the best you can hope for is that somebody will acquire it. | 2008-02-25 | |
| DON'T BUY | 16.820 | Joanne A. Hruska, CFA | The name is good along with all the fundamentals, but doesn't feel that it has turned the corner yet. Thinks it can go a bit lower yet. | 2008-02-22 | |
| DON'T BUY | 16.310 | Paul Harris, CFA | Have new management and that has been a difficult issue with it. Have overseas exposure, which are always kind of issues you are facing. Can't see where they are going to be able to increase production aggressively over the next little while. Will not participate as well as other stocks but will go up as oil goes higher. | 2008-02-21 | |
| BUY | 16.530 | Jeff Parent | He is bullish on energy for the moment. This one is at quite a low level and has broken through its trading range. Had a big decline in January. If he recovers, you have a couple of dollars in hand. Support is there from the industry group. | 2008-02-20 | |
| DON'T BUY | 15.560 | Kenneth P. Norquay, CMT | Doesn't like this one at all. It had levels of support around $17. It has broken down through these in a bear market. You now have to wait until it bottoms. | 2008-02-12 | |
| SELL | 15.540 | John Stephenson | The big problem is that there is no evident strategy for the company. Have a new CEO but have not been able to articulate a strategy. It is cheap and there is potential with the Vietnamese and Malaysian blocks which could have some upside surprises. You may be waiting a long time. | 2008-02-08 | |
| HOLD | 15.540 | David Cockfield | Has liked it for a long time, but it has been a trial and tribulation. They have great diversification. Have a new CEO. Numbers are good. Thinks it will be a takeover. | 2008-02-08 | |
| BUY | 15.390 | Bob Stodgell | Feels there is a lot of value but there are some geopolitical issues. Typically crude tends to have a weak first quarter. Expect there will be some troughing here. Feels the demand for oil is going to be strong long-term. This one looks like reasonably good quality. | 2008-02-07 | |
| BUY | 15.390 | Brian Acker, CA | In his last week’s rebalance, energy plays a prominent role both in the US and Canada. In one of his funds he has 45% in energy. The area is grossly mispriced. His model price on this one is $20.35, a 31% upside. | 2008-02-07 | |
| HOLD | 15.500 | Andrew Guy, CFA | Always seems to be good value and cheaper than its competitors. Have some very interesting assets in Indonesia, etc. where they are generating some good growth. New CEO has come out with a new strategy and direction, which seems to be little more opportunistic at surfacing value. | 2008-02-06 | |
| Comment | 15.500 | Peter Brieger | Very cheap and a lot of people were waiting for a takeover which never happened. Have some great properties. The far eastern properties could be scooped up by an Indian oil entity, Chinese or some other sovereign. He just got bored with this and sold off his holdings. Probably a lot of other investors did the same. | 2008-02-06 | |
| BUY | 15.860 | Peter Hodson | (Market Call Minute.) Too cheap to ignore. | 2008-01-31 | |
| DON'T BUY | 15.980 | Laura Wallace | Production has been disappointing. That coupled with the royalty regime and global growth has hit the stock hard. Vulnerable in the near term but starting to approach a value level. | 2008-01-30 | |
| BUY | 16.450 | Joseph Schachter | Load up the truck. This is so cheap. It's a lot of oil, international, Malaysia, Vietnam, North Sea, Canada for gas. It may take 2 years for the markets to realize the value of these companies. | 2008-01-24 | |
| Comment | 16.760 | David Burrows | Likes the producers in energy. This one has been pretty weak technically, compared to some of the others. Wouldn't want to see this trade much more than about $.50 lower. If you own, Sell at that point. He would recommend using Stops. | 2008-01-18 | |
| PAST TOP PICK | 17.050 | Brian Acker, CA | (A Top Pick Jan 17/07. Down 2.6 % including dividends.) Still likes. His model price is $21.66, a 21% positive differential. | 2008-01-17 | |
| WATCH | 17.810 | Don Vialoux | Classic Canadian oil stock and has a classic seasonality as well. Canadian energy stocks do very well from December to May. Seasonal strength is just getting started again. Any kind of weakness is a classic buying opportunity. Wait for all the technicals to start bottoming. Right now, momentum indicators and moving averages are quite negative. | 2008-01-16 | |
| WAIT | 19.000 | Laura Wallace | Their problem is they are going through a management change. Feels new management is good but there is always a period of testing. Have been some disappointments in the production profile. | 2008-01-11 | |
| Comment | 19.170 | Bill Carrigan | (Market Call Minute.) Buy it at the bottom of its trading range and when it gets to the top look for a Sell. Nice trading Stock. | 2008-01-09 | |
| PAST TOP PICK | 18.480 | Michael Sprung | (A Top Pick Jan 29/07. Down 5.6%.) Was affected by having a lot more international operations than some of the others. Have some very good prospects. Could be cash flowing between $4.50 and $5 over the next couple of years. Still likes. | 2008-01-08 | |
| DON'T BUY | 18.480 | John Stephenson | The big issue with this company right now is that they've had a change in leadership. Everyone was optimistic but they haven't articulated what they are going to do. Dead money until they can make a statement as to where they are going. Have also had production delays in the North Sea operations. It's cheap on every metric. | 2008-01-08 | |
| TOP PICK | 19.030 | Norman Levine | Old management was over promising and under delivering. Thinks new management will do the opposite. | 2008-01-07 | |
| PAST TOP PICK | 19.080 | Gavin Graham | (A Top Pick Mar 6/07. Flat.) In interesting parts of the world. Still likes. | 2008-01-02 | |
| BUY | 18.390 | Bruce Campbell | Statistically cheap. Has all the right attributes, but probably needs a little more seasoning. As time goes by, he thinks the multiple will creep up and it does get into the $20's. | 2007-12-31 | |
| WAIT | 18.240 | Andrew Guy, CFA | With the new management, he is waiting for them to talk about their outlook. Have some very good assets, especially their Asian ones. | 2007-12-27 | |
| BUY | 18.020 | David Cockfield | (Market Call Minute.) Thinks this company could disappear into BP in the next year and a half. | 2007-12-21 | |
| DON'T BUY | 17.700 | Ross Healey | Has a little more downside in it before he can see a bottom. | 2007-12-20 | |
| BUY | 17.770 | Joseph Schachter | Likes this story longer term. Being hit now by weak natural gas prices and a cutback in spending. Worth between $24 and $28 depending on natural gas prices. Likes their international platform. If we get consistent $9-$10 gas prices, this could be a takeover. | 2007-12-19 | |
| HOLD | 17.650 | David Baskin | Very frustrating price. Had a bounce in the summer and came right back off and again. He still likes the stock but you will have to be patient. | 2007-12-18 | |
| BUY | 17.650 | Norman Levine | Has been disappointing. Expects new CEO to be more forthcoming. It has become a “show me” stock. Not a bad entry point for value buyers. | 2007-12-18 | |
| DON'T BUY | 18.510 | Paul Harris, CFA | Have a new CEO so you have to wait to see how he does. The other thing is their international exposure. He feels the oil will continue to do well. | 2007-12-13 | |
| HOLD | 18.260 | Robert Floyd | (Market Call Minute.) Would hold this one. Quite intrigued with new management and the new direction they are going to be taking. | 2007-12-11 | |
| HOLD | 18.260 | Robert Floyd | (Market Call Minute.) This would be a Hold, at best. | 2007-12-11 | |
| BUY | 18.850 | Michael Sprung | International exploration and development. Strong Cdn$ is one of the headwinds they are facing. The real thing with them is the production profile going forward. Looking for a lot more production in 2009. | 2007-12-10 | |
| BUY | 18.060 | Bruce Campbell | Extremely cheap and he bought a position recently for the 1st time in a few years. Likes the growth, non-Albertan, primarily international and less than 5X cash flow. | 2007-11-22 | |
| PAST TOP PICK | 17.960 | Gavin Graham | (Top pick March 6, 2007, down 3.5%) Liked it then and like it now, good entrance point. Big under performer. Continue to buy. | 2007-11-19 | |
| BUY | 18.220 | Joseph Schachter | Has been in the doghouse because 1) of the natural gas in Western Canada and 2) the retirement of Jim Buckey. Production has been down 4%. Growth will come later than expected. Potentially could be over 500,000 BOE's a day in 09. | 2007-11-15 | |
| HOLD | 18.700 | Robert Floyd | (Market Call Minute) Suffered from a few issues in the North Sea. Also had a change of management. | 2007-11-14 | |
| DON'T BUY | 18.890 | Bill Carrigan | Market Call Minute - Looks like it had a huge top from April to July and has too many lovers, so he hates it. | 2007-11-13 | |
| TOP PICK | 18.920 | John Stephenson | Really cheap. There is a lot of catalyst for upside production growth. Good cash flow growth at 30%-35%. | 2007-11-12 | |
Experts that have talked about Talisman Energy
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