STOCKCHASE

(Market Call Minute.) Their move to gas is not going to move in their favour. A lot of people are out of patience with this company.

2012-01-31

DON'T BUY

12.140

Dennis Da Silva

Dividend is safe. Strongest balance sheet amongst the seniors. Had their headaches in going through transition of new management. Wants to see tangible evidence that transition is complete. No issue with the dividend. Prefers CNQ.

2012-01-24

DON'T BUY

12.080

Likes it but with the price of gas where it is, it is hard to make money. These kinds of companies are going to go sideways.

2012-01-20

BUY

12.030

In Oct, Dec and Jan, it bottom ed of the $11.50 number. He is going to stick his nose out here. The gas part is hurting them the most here. This may be a good entry point. It may stall for a while. Most of the risk is taken out of the stock.

2012-01-19

BUY

11.810

This stock is being priced as though it is 100% natural gas. The market is missing the story. They do have a big chunk of natural gas but a lot of it is overseas. 50% of their commodity is oil. If oil stays in the $85-$90 a barrel, they will probably have $3.50 cash flow this year. If the stock gets any lower, he expects a takeover.

2012-01-16

DON'T BUY

12.400

John O'Connell, CFA

2012-01-09

DON'T BUY

12.680

Bill Carrigan

It is still a disappointing chart. It has not shown that it wants to reverse. This company has a lot of moving parts and he feels this is what bothers the market. There are probably other better energy stocks to be in.

2012-01-06

BUY

11.750

Thinks that it is cheap, but it keeps getting cheaper. Have good assets and a lot of fracing assets in the US, which politically are not well placed as people are concerned with this. His view is that their reserves are worth $16-$18 a share. Severely undervalued.

2011-12-19

TOP PICK

11.800

Mispriced. Has been a disappointment for a long time. Has a lot of natural gas, which people do not like. Global majors are buying up these companies as they look at the long-term potential for natural gas. Recently, Encana (ECA-T) had an accident in fracing in Wyoming and this has hurt all the major companies in fracing.

2011-12-14

HOLD

12.330

Can't figure out why it is down so much. Trading at too low a valuation to dump. 4X cash flow. Great suite of assets and they are growing

2011-12-12

SELL

13.260

Bruce Campbell

Suffered worse than the group and hasn’t recovered. A little too gassy for the market. If you own, tax loss selling makes sense. Athabasca is too early yet.

2011-12-07

BUY

12.790

Has faith that in the longer term, this company will do it really well. On a valuation basis, it is one of the more compelling in terms of its price in the oil patch. Good management. Cash flow could get to well above $3 over the next few years

2011-11-25

DON'T BUY

13.770

Lorne Steinberg

Descent assets in Vietnam and Asia but it will be tough for this company.

2011-11-01

TOP PICK

14.140

Has dropped along with a lot of energy stocks as well as because of delays in some of their projects. Starting to see good results in a number of their areas. Have very good landholdings to exploit going forward.

2011-10-31

DON'T BUY

14.140

Michael Smedley

Analysts and fund managers feel it is not focused. No great hopes for this and there are better choices out there.

2011-10-31

DON'T BUY

14.510

Brooke Thackray

Typically the best time for oil stocks is from Feb 25-May 5. It can move outside that period. With TLM we have broken the trend line and it is possible we are headed for $17.80. IF the market goes up we will respond as well, but it is not one of the stocks he is flavoring.

2011-10-27

DON'T BUY

13.970

Have been suffering from a lack of confidence from investors and was smacked hard from investor sin the last 3 months. They have not delivered on expectations. Are still in a transformational phase. Prefers SU.

2011-10-26

SELL

13.720

Stan Wong

If you think economy is slowing, this one will not do so well. He would step aside and not own a l ot of cyclical names.

2011-10-19

BUY

13.020

Trading at 70% of its proved values. Proved NAV is $18. Guided down twice this year, so people are giving up. Trading around 4X EBITDA. His short term target is $15-$16. Treating this as a Trade, not a Hold.

2011-10-13

DON'T BUY

12.790

Christine Poole

Had new management about 2 years ago and refocused gas plays from conventional to unconventional. All large cap energy suffered but they lowered production guidance twice this year so bring ability to execute into question. She might look at it again.

2011-10-12

SELL

12.970

Inexpensive stock. A value play and many people are attractive to it. Management has stubbed its tow a bit, not delivering on its strategy. They have a lot of things on their plate. They need to have a few good projects and to deliver on it. Losing institutional investor interest.

2011-09-28

Comment

13.520

Michael Smedley

Has made a lot of expansion moves under new management. There has been no news lately on it and will have to have another look at it.

2011-09-27

HOLD

12.930

Looks like it is trying to test the 2009 lows. He owns it because it is the absolute cheapest of the senior oil and gas producers. He keeps thinking it is too cheap to sell. They got arid of some second rate properties. They have some projects where there may be some delay. It could go a little bit lower, but he hesitates to sell it.

2011-09-23

PAST TOP PICK

14.030

(A Top Pick Sept 22/10. Up 24.79%.)

2011-09-20

BUY

15.050

Michael Simpson, CFA

50% oil and 50% gas with properties in Canada, US and Asia. Marcellus in the US is interesting. Much cheaper than some of the other large integrateds. Just announced a joint venture with Total (TOT-N) in one of their Asian properties. Valuation is good.

2011-09-15

WAIT

16.370

Ross Healy

It reminds him of CNQ a little while ago. Got a sell signal right now. Potentially a price as low as $14.

2011-08-31

DON'T BUY

15.250

Still very bearish on gas stocks and will remain this way until he sees some sign of life in the price of natural gas. It will be really tough to keep earnings anywhere near where they were. (Gas liquids are okay.)

2011-08-19

BUY

19.470

Likes it here. There is decent growth. Pretty well positioned in some of the shallow gas as well. Great story.

2011-07-25

HOLD

18.610

Laura Wallace

In transition as it tries to refocus both its Canadian and international operations. Good company but it may not perform until the market is confident that its strategy is going to be successful.

2011-07-15

BUY

18.440

Jim Huang

Has been hit quite hard in the last little while. Have restructured and he likes what they have done. Given time they should do well. Quite cheap.

2011-07-13

TOP PICK

18.500

(A Top Pick June 30/10. Up at me 16.42%.) International diversification. As short-term possibilities in the Marcellus and Montne. Could see getting back into the mid-$20s.

2011-06-20

SELL

19.550

Has been thrashed. 60% of revenue is geared toward oil. Is taking some money off the table today. Well run company. Concerns about execution should be gone.

2011-06-08

DON'T BUY

20.400

One of his favourites some years ago but they are gassy and he turned negative on natural gas some time ago. Still likes the company and they have some great gas properties but until the price of gas gets to at least over $5.50 he is on the oily side.

2011-05-27

PAST TOP PICK

20.640

(A Top Pick April 12/10. Up 23.4%.) Looking for further news on their South American initiative.

2011-05-11

BUY

22.430

Big overhang in the company is their big exposure to Natural Gas (50% of assets) they are using creative solutions to make use of their nat gas assets. He sees this as an interesting and cheap way to participate in rising oil prices. He is concerned about LNG accidents with other nat gas companies.

2011-05-03

DON'T BUY

24.030

Has always been a fan and still think they are a great company but sold his holdings. They are a gas producing company and prices on gas are very low. Have been selling forwards but the forward price has been easing down.

2011-02-25

DON'T BUY

23.140

Bruce Campbell

Recently sold his holdings on the run up. Getting focused but at the same time is getting gassier.

2011-02-16

HOLD

22.760

Believes in the new business model that the new CEO has brought in. Better focus and growth and improving the reserve life of the assets. Short term target is $24 but thinks there will be more running room. Just made a timely acquisition from BP, which he thinks is going to be a sleeper.

2011-02-10

SELL

22.600

Sell and Buy Daylight (DAY-T)? Thinks this one is approaching being fully valued and he is Shorting to pair off against his longs. Daylight is pretty solid and pays a better dividend of 5.9% and has a good suite of assets.

2011-02-09

SELL

22.940

Rick Stuchberry

Played this sector differently by playing the former trusts. When you get an opportunity to take a profit, take one.

2011-02-07

DON'T BUY

22.160

Bill Harris, CFA

Historically has had a rough ride. Interested to see how new management does. Transitioning from an oil base company to a resource (oil and gas) play. Wants to see them execute on this.

2011-01-24

DON'T BUY

22.340

One of the premier gas companies. Well run. Gas prices are a problem. Has had a pretty good run and feels is fully priced.

2011-01-21

BUY

21.850

Laura Wallace

Has had a good move but still has some growth left particularly from some of their international exploration efforts in south east Asia. Also some better news out of the North Sea.

2011-01-20

PAST TOP PICK

22.100

(A Top Pick Feb 1/10. Up 28.05%.)

2011-01-19

BUY

22.650

Very strong growing company. You can Buy this for the growth and Hold a more conservative company such as Pembina (PPL-T) for the dividend.

2011-01-17

BUY

22.880

Has done a lot of very good deals in the last while. Will be spending about $4.4 billion next year on CapX, which should support about 10% organic production. Cash flow should increase over the next couple of years.

2011-01-14

WAIT

21.890

Christine Poole

Just announced a strategic partnership with Sasol (SSL-N) in Montney shale. A strong partner who will bring money into the area giving a better economic outlook in the west. Stocks tend to over react on news so wait before buying.

2010-12-20

DON'T BUY

20.310

David Taylor, MBA, CFA

Going through some restructuring and trying to focus on conventional oil and shale gas. Likes the story and stock is cheap, but not dirt-cheap. He can find better oil/gas in smaller names.

2010-12-06

HOLD

19.480

Strategy seems to be ticking on all cylinders. Should go higher.

2010-11-26

Comment

19.620

Bruce Campbell

Chevron made a takeover offer for a shaley gas play with Atlas Energy, which is similar to Talisman, which boosted this stock last week but has pulled back since. If the stock went back to $20-$22 on a non-specific rumour, he would be a seller.

2010-11-12

BUY

19.980

Cleaned up their geography. If Nat Gas becomes a hot commodity, ECA will out perform TLM. Could be a take-over candidate at some point.

2010-11-09

SELL

18.500

He is currently Short the stock. Have really struggled with their evolution of game change to more of a resource style. Fully valued.

2010-10-27

PAST TOP PICK

18.070

(Top Pick Oct 14/09, Down 7%) Still believes he is right in holding the stock. They have been in transition. They sold $5 billion in properties over the last year. Finally we are going to see some of the growth in this company that investors are expecting over the 2 to 3 years.

2010-10-20

BUY

18.160

Rick Rule

The knock against them is that they are a me-too company. They are moving into gas shales when the public believes the gas stocks are heavy. Talisman will do well in the 3-5 year time horizon. It will be stuck in the 12-month time horizon. Gas will be stuck in a North American bear market for 1-2 years, but he is bullish about the entire energy sector.

2010-10-18

Comment

18.180

Dennis Da Silva

One reason for lack of movement on share price above $18 is the transformation they are going through. Trying to move to longer term more predictable assets. Expecting good results in 2011. He is bullish on natural gas. He looks at it from a 5-year horizon.

2010-10-14

DON'T BUY

18.410

Well run company and likes their focus but they are in gas and he expects natural gas to stay at low levels for the foreseeable future. Drilling for gas is continuing because companies do not want leases to expire.

2010-10-13

TOP PICK

16.750

Significant amount of gas exposure and has been going for more unconventional plays but they could eventually have much higher payoff. Extremely well managed. Very inexpensive. Sees cash flow going from $3.90 up into the low to mid-$40’s over the next couple of years.

2010-09-22

PAST TOP PICK

16.730

(A Top Pick July 13/09. Up 7.87%.) Likes the energy story and this seems like a great play.

2010-07-23

PAST TOP PICK

16.730

(A Top Pick July 24/09. Down 3%.) Got tired of waiting for it to turn so he got out in May. Has done a good job lately of this posing of non-core assets. Repositioning itself in gas and oil sands.

2010-07-23

Comment

16.570

Overall, he feels oil prices are going to stay at a high level, probably in the range of mid-$60's to upper $80's. Wouldn't go over weight but would have some exposure to oil. This company has been disappointing. Doing all the right things but the market doesn't seem to care.

2010-07-09

BUY

15.800

Martin Hubbes, CFA

In good areas including shale plays and have international growth. Have a lot of land positions in Quebec. Starting to re-focus and worrying more about return on capital. Cheap.

2010-07-05

TOP PICK

16.100

About 50/50 gas and oil. Have been selling their non-core assets and have a strong balance sheet. Going more and more into unconventional plays. Most recent success has been in the shale fields. Expect their cash flow could be going up $3.50-$4 over the next couple of years.

2010-06-30

BUY

17.690

Steven Conville

Investing public has been waiting for a delivery for a long time. Now that moral issues are behind it and management structure seems to be better, this might not be a bad entry point.

2010-06-21

SELL

17.630

Approaching relatively fair value. They are still suffering from stigma of being a Nat Gas producer. Not tremendously compelling

2010-06-10

VAGUE

18.220

Gas is too cheap and that is why they are picking up a gas play. Has owned if forever.

2010-06-03

PAST TOP PICK

17.930

(A Top Pick June 24/09. Up 14%.) Issue with them is their collection of disparate assets, which they have done a good job of cleaning up. Still more work to do. Will go higher eventually but is range bound right now. Hold.

2010-05-28

HOLD

17.350

They’ve done a good job. They have a huge landmass of Natural Gas reserves. There is talk about spinning off their international assets and they should get a good price. They are growing production. Eventually the price of Gas should go higher and that would be good for Talisman.

2010-05-25

BUY

17.550

Talisman (TLM-T) and Canadian Natural Res (CNQ-T), both giant energy companies, are committing enormous resources to natural gas at a time when it seems to be in oversupply and very cheap. Obviously, what these companies see is that although natural gas is cheaper it now, it is the energy of the future. Potential to be worth $24-$25.

2010-05-10

SELL

16.790

Sold all of his holdings in the last 3 weeks. Likes the new management, which has a good long-term plan but it is gas oriented and he has become a Bear on gas and gas prices. Going for the unconventional gas and doing an excellent job and just acquired some more shale properties but it is going to take a while.

2010-05-07

BUY

17.100

Charles Lannon

(Market Call Minute.) Likes the company and the new management. A long-term Buy as the outlook for natural gas in North America is in great but the stock is very cheap.

2010-04-29

BUY

17.330

Perpetually undervalued and one day there will be a catalyst that will take it higher. Converting to an unconventional natural gas player. On a price to cash flow basis, it is the cheapest of all the major companies.

2010-04-20

HOLD

16.740

(Market Call Minute.) Range bound that $17-$18.

2010-04-16

HOLD

17.320

Jaime Carrasco

Just got rid of their non-core assets and raised $1.9 billion and are going to concentrate on the shale gas plays. Rates it as an outperform.

2010-04-14

TOP PICK

17.440

Recently announced they will be selling off $1.9 billion of assets. This will rebuild their balance sheet. Has good upside potential.

2010-04-12

PAST TOP PICK

17.440

(A Top Pick Apr 23/09. Up 17.9%.) Decent international growth play. Good valuation.

2010-04-12

Comment

17.170

Christine Poole

Oil and gas. Have been refocusing on their portfolio, selling off non-core assets. Reduction growth has been okay. Better management than in the past. She prefers other names that have better yields.

2010-03-30

DON'T BUY

16.870

Veronika Hirsch

Likes the turnaround story here. Have been very successful in selling and buying assets. The problem is, there is no growth and will take another year or two.

2010-03-26

DON'T BUY

17.140

Been a laggard relative to others. Management has done a good job of transitioning the company into resource plays. Not optimistic on natural gas in the short or medium term. Gas is currently in the lowest period of demand. He is Short this one for short period of time.

2010-03-24

DON'T BUY

17.300

Andrew McCreath

Management has disposed of more than $3 billion in assets in the last year so debt is less than 1% X forward cash flow. Reinvesting into the ground. A little too gassy for him. Not clear what management is going to do.

2010-03-22

PAST TOP PICK

18.280

(A Top Pick March 10/09. Up 46.3% excluding dividends.) Internationally diversified. Concentrating more now on unconventional plays. Very well managed. Still a Buy.

2010-03-17

PAST TOP PICK

18.570

(Top Pick Mar 12/09, Up 43%) Likes its blend of assets.

2010-03-16

SELL

18.860

Peter Brieger

Perennially this has been the cheapest stock compared to its peers. Thought it would change with the new management but it hasn't. Prefers others.

2010-03-12

PAST TOP PICK

19.110

(Top Pick Mar 12/09, Up 45.94%) They say they can make money at $3 in Natural Gas.

2010-02-25

HOLD

18.790

Jennifer Stevenson

Just came out with year-end results. We’ve seen a dramatic improvement, but we needed to have a dramatic improvement in finding and development costs. Continues to be a wait and see game.

2010-02-16

SELL

17.800

Dennis Da Silva

Missed their earnings. Clearly in a “wait and see” mode because the company has gone through a wholesale change in objectives under new management. Trying to build for the long-term with resource plays with multiple years of potential inventory.

2010-02-10

PAST TOP PICK

18.000

Greg A. Taylor, CFA, BBA

(A Top Pick Mar 19/09. Up 30.08%.)

2010-02-09

BUY

18.170

Has largely converted itself in Canada to an unconventional gas story. Tremendous assets in shale gas but suffering from relatively low gas prices, which will probably not improve for a few years. On the plus side, they have exploration properties in South Asia, which are relatively inexpensive resources compared to Brazil or Gulf of Mexico.

2010-02-08

SELL

18.510

Bill Harris, CFA

(Market Call Minute) Complicated company. They were hoping for a turnaround, new management. They haven’t proven themselves.

2010-02-02

TOP PICK

18.200

Growing and is at reasonable valuation. Reinvented themselves in the last year or two. Have international plays, natural gas and light oil. Could be takeout candidate. (Not likely.) Otherwise it will grow and benefit from higher oil prices.

2010-02-01

PAST TOP PICK

18.160

(A Top Pick Jan 27/09. Up 52.64%.) Company has changed and has become more focused and the upside is great. Still a Buy.

2010-01-28

Comment

18.160

Colin Stewart

One of the higher quality oil/gas companies. Great way to get exposure to that industry. Right now he is a little bit cautious about oil prices in general. Rumoured that it could be ripe or a takeout.

2010-01-28

HOLD

17.990

A Buy but not a Screaming Buy. Treat as a value stock. Have lately been focusing on unconventional gas. Still need to put up some good numbers.

2010-01-22

BUY

18.840

Andrew Cook

(Market Call Minute.) Likes their strategy of focusing on unconventional gas plays in North America and their whole asset program globally.

2010-01-20

HOLD

19.250

Joanne A. Hruska, CFA

Among the cheaper valued senior stocks. In the midst of a turnaround with the new management and focusing more on conventional and international projects to bring their costs in line.

2010-01-13

BUY

20.580

Douglas Kee

Reorganizing itself. Going after the shale plays giving lower costs and bigger reserves.

2010-01-08

PAST TOP PICK

19.650