| BUY | 38.560 | Glenn MacNeill, P.Eng. | (Market Call Minute.) A nice dividend and a nice steady performer. If you like something conservative, this is a good place to put your money. | 2008-05-16 | |
| TOP PICK | 38.460 | John O'Connell, CFA | (A Top Pick July 31/07. Up 2%.) Yields 3.75%. Likes its exposure to Ontario’s energy market and is expanding into the US. Trading at a substantial discount. | 2008-05-15 | |
| PAST TOP PICK | 38.240 | Norman Levine | (A Top Pick May 18/07. Down 1%.) Doing fine until they announced an acquisition of a New York electricity plant. Will be short-term dilutive to earnings and will need an equity financing to pay for it. Pretty clear sailing for the stock from here on. | 2008-05-12 | |
| TOP PICK | 38.340 | Brooke Thackray | A good way to play the oil at this point. Fairly good yield at about 3.8%. In a trading range and is near the bottom at this time and will go back up to the top of its range and possibly beyond that. | 2008-05-09 | |
| BUY | 37.500 | Jeff Parent | This is a stock people are buying for the dividend. Probably has the capacity to increase their dividend, which is good in the long term. | 2008-05-02 | |
| Comment | 37.250 | Peter Brieger | Cheaper on a price to cash flow basis than Enbridge (ENB-T). Good yield. Feels there is good growth in the pipeline area. Great company. $35 - $36 is not a bad price but remember that interest sensitive stocks will not do that well in a sharply rising interest rate environment. | 2008-05-01 | |
| Comment | 36.620 | John Zechner | You won't go wrong with this one. His problem is that you are paying mid to high teens earnings multiple on single-digit growth. (Actually, lower than that with the acquisition they've taken on.) It's safe and it will pay you a yield, which will be better than in a bond market or cash but you won't get a big win on it. | 2008-04-28 | |
| TOP PICK | 36.750 | Laura Wallace | Great dividend yield. Has been very careful about its acquisitions. It has projects with probably about 15 years of visibility. It will never be an exciting grower, but will be a 6% to 8% grower and dividend will grow 6% to 8%. Came up recently on their power facility acquisition that they did in New York. This is a good time to initiate acquisition. | 2008-04-23 | |
| BUY | 36.750 | Gordon Higgins, CA, MBA, CFA | (Market Call Minute.) Just ought a new asset in the US. They need $1 billion in equity so the stock sold off on that. 8% opportunity. | 2008-04-17 | |
| TOP PICK | 36.440 | Gavin Graham | Stock bombed last week because they bought International Grid, the biggest power station in NYC. This was a big overreaction. In the meantime, you get 5% yield. Low risk way of playing the resource boom. | 2008-04-09 | |
| BUY | 36.440 | Don Lato | The downside has come because of their purchase of the power plant in NYC and the need to have it financed. It may not be a huge mover to the upside in the short term but this is a good entry point. At 15X earnings and almost 4% yield, this is a good core holding. | 2008-04-09 | |
| DON'T BUY | 36.090 | Brian Acker, CA | Utilities on both sides of the border are very overvalued. His model price is $31.90, which is a 12% negative differential. | 2008-04-03 | |
| HOLD | 36.300 | Peter Brieger | Likes the pipeline area. Inter Pipeline (IPL.UN-T) and this one are 2 of the cheapest on a price/cash flow basis. Recently made an acquisition of a New York City power plant. This will cause some dilution, $.04 this year and probably $.07 to $.08 next year. Will also have to issue 32.5 million shares, which is a 5%/6% dilution. Wouldn't buy until you see the charts forming a base. | 2008-04-02 | |
| BUY | 39.550 | David Burrows | Yield oriented companies make a lot of sense in this market. You wouldn’t want to see this stock trade below $37. Set $35 as a stop. Fundamentally the companies in pretty good shape. Could reach $45 in the next year. | 2008-03-31 | |
| BUY | 38.060 | Robert Floyd | New proposal for a new pipeline has been approved. Very well managed company. Is a good price point to step in.
A good place to sit out a recession. | 2008-03-20 | |
| PAST TOP PICK | 39.750 | David Baskin | (A Top Pick Feb 13/07. Up 8% including dividends.) In a market like this, stocks like this are terrific things to have. Increases its dividend regularly. Stable businesses. | 2008-02-19 | |
| TOP PICK | 39.630 | Laura Wallace | Very good dividend yield and just increased it by 6%. A lot of its earnings are coming from a regulated base, but in this market environment it is a very good place to have some equity money. Earnings were about 8% to 10%. Have growth opportunities on capital projects out through 2012/2014. | 2008-02-15 | |
| BUY | 38.950 | John Stephenson | His overall outlook on the market is that it is going to be tough sledding for 6 months to a year so you want to be defensive and in cash and regulated utilities. Extremely well managed. | 2008-02-08 | |
| BUY | 39.340 | Alex Ruus | A good, solid blue-chip stock. Kind of an indirect frontier oil/gas play. If the McKenzie goes ahead, it will probably be the primary pipeline operator. | 2008-02-04 | |
| BUY | 38.880 | Norman Levine | Very pleased with their earnings and with the dividend increase. Loves companies that raise dividends on a regular basis. The perfect type of stock to own in this kind of environment. Will benefit from dropping interest rates. Not economically sensitive. | 2008-01-29 | |
| BUY | 38.000 | David Burrows | If you are going to own equities through a difficult economy and market, yield is something you should look at. There are a bunch of companies in the Canadian market that have hung on pretty well. Look at TransCanada (TRP-T), Transalta (TA-T), Fortis (FTS-T) or an Enbridge (ENB). | 2008-01-28 | |
| TOP PICK | 39.960 | David Baskin | This company has paid a rising dividend steadily. $10 billion in revenues. The Alaskan pipeline gives it some growth potential. No exposure to the US. Limited exposure to volatile segments. | 2008-01-14 | |
| TOP PICK | 39.900 | Laura Wallace | 3.4% dividend. Looks like they may get the Alaskan pipeline, which means there is guaranteed growth out for many years. In a difficult market environment, this is a great company to own. Trades at 18, 19 times earnings, which is high on a historical basis but cheap relative to where it has been in the last couple of years. | 2008-01-11 | |
| BUY | 40.300 | Norman Levine | Has been a great performer in a poor market and thinks it will continue to be. It combines the safety of having regulated assets with probably the best growth potential of utility stocks in Canada. Participating in a number of projects in the US and Canada. | 2008-01-07 | |
| BUY | 40.300 | Michael Decter | At the moment, they are the only certified applicant to build the Alaskan pipeline. He thinks the Alaskan pipeline is large and a bit of a political quagmire so wouldn't buy it for this but would buy it for a number of other reasons. | 2008-01-07 | |
| BUY | 40.070 | David Driscoll | Made a US acquisition, which he likes. Any good quality stock in Canada like this one and is yielding 3% or greater, when you gross up the dividend you'll end up earning more on a current cash basis in 1 year than you would on T-bills or 10-year government bonds. | 2007-12-06 | |
| BUY | 39.540 | Norman Levine | A nice safe stock to own. Decent dividend and good growth rates. Very capable management. Run conservatively and raises its dividend regularly. It's the type of stock money will flow into as markets weaken. | 2007-12-03 | |
| BUY on WEAKNESS | 39.930 | Michael Decter | Fully priced for the moment. If you have a 5-year perspective, it's probably a good Buy. Try being very patient and you may get it at around $38, but the current price is fine. | 2007-11-12 | |
| DON'T BUY | 40.510 | Don Lato | Has done well of late and a little bit of that is because of a flight to quality. Good yield. Pretty rich at about 18X next year’s earnings for a very limited growth. | 2007-11-08 | |
| BUY | 40.180 | Peter Brieger | Suffered because of higher rates earlier in the year. Overpriced in relation to the historical price/earnings ratio. However on a cash/price flow basis it is one of the cheapest. On his radar screen to Buy for his Income Accounts because of the good yield. Would be a long term Buyer here. | 2007-11-06 | |
| TOP PICK | 40.060 | Patrick Kim | This is going to be a great industry to be in. Investors will value stability a lot more going forward. There will be a sector rotation eventually into the ultra defensive names. | 2007-11-02 | |
| HOLD | 38.240 | Michael Sprung | Good holding for a 2 year outlook. The royalties issue will have little affect on the pipelines themselves. Fairly good yield, very well run company. | 2007-10-26 | |
| BUY | 38.210 | Robert Floyd | A decent play with a decent yield and showing modest growth. If you have an income portfolio, this should be part of the package. | 2007-10-12 | |
| BUY | 37.120 | Paul Gardner, CFA | Utilities really haven't done much over the last 3 or 4 months. In the volatile situations, people tend to go to utilities, so it is a safe haven. Consistent dividends and have lowered their costs. | 2007-10-03 | |
| BUY | 36.750 | Norman Levine | Hasn't done much for a while. Canadian pipelines/utilities have come off and really haven't responded. In the US, they have come back up. A good place to earn a rate of return on the dividend, but longer term, the growth is at the top end of Canadian pipe/utilities sector. | 2007-10-02 | |
| DON'T BUY | 36.470 | David Cockfield | Has been taking a rest. Prefers to buy it in the $33 range. Nice dividend. Good potential down the road, but not a huge amount of growth in the next little while. Earnings will probably pick up in 08 and 09. | 2007-09-28 | |
| TOP PICK | 36.000 | Patrick Kim | A great blue chip name. Worries about the US economy, slowdowns and lower interest rates, drives the flight of money to quality. Good growth. 3.8% yield. | 2007-09-21 | |
| TOP PICK | 36.680 | Norman Levine | Pipeline company with electric generation as well. Very stable and very secure earnings growth. Diversifying into US pipelines. | 2007-08-29 | |
| TOP PICK | 36.590 | John O'Connell, CFA | Stable income. Attractive dividend income. Trades at reasonable valuations. Acquisition from last year will become accretive very soon. | 2007-08-27 | |
| BUY | 36.210 | John Stephenson | Going forward, this is a name you will want to hold. Prefers over Enbridge (ENB-T). There will be more visible growth in this one over the next 12 months. After that, Enbridge would be the one to hold because of it's a better growth. | 2007-08-21 | |
| BUY | 36.510 | Norman Levine | Mostly utility owned pipelines. It is a growth utility by expanding its own network and making acquisitions. Quality company. Attractive dividend yield at 3.73%. | 2007-08-15 | |
| PAST TOP PICK | 38.200 | Laura Wallace | (A Top Pick Aug 21/06. Up 9%.) Still likes. Came off its recent highs as interest rates rose. High dividend yield. Thinks the whole power infrastructure area is very interesting. | 2007-08-02 | |
| HOLD | 37.770 | Veronika Hirsch | High dividend yield. Likes it better than the banks right now. | 2007-08-01 | |
| TOP PICK | 38.500 | John O'Connell, CFA | Well run. Great dividend yield. Reasonable valuation. Earnings growth likely be around 10%. Acquired another pipeline asset about a year ago and those earnings will be coming on side. Under pressure because of concerns of interest rates. He does not believe interest rates will rise much more. | 2007-07-31 | |
| BUY | 38.980 | Ian Nakamoto | 3.5% yield. Hasn't done a lot in the last year, but thinks there is more upside. | 2007-07-24 | |
| BUY | 38.520 | Norman Levine | Good long-term outlook. In the near term, it has suffered as interest rates have moved up. Yield of 3.6%. For a long-term investor, he would recommend a Buy. | 2007-07-18 | |
| PARTIAL BUY | 36.670 | David Driscoll | Interest-rate sensitive, so the stock has been dropping. As yields have been rising on the 10 yr governments, you start losing some of the benefit of the dividend yield. This is a very good time to start picking away at this stock. | 2007-06-22 | |
| TOP PICK | 37.230 | John O'Connell, CFA | A chicken way of playing the energy sector. Nice dividend yield. He is not concerned about interest rates going significantly higher. Recent pullback has provided a good entry point. There should be some decent dividend and earnings growth over time. | 2007-06-19 | |
| HOLD | 36.800 | Norman Levine | Company is executing very well.
Might have some more downside because of Interest rates, but long term is worth it. | 2007-06-12 | |
| DON'T BUY | 37.130 | Brian Acker, CA | -7% differential.
Utilities, telephone companies, high dividend paying equities in terms of Canada, are very expensive.
Interest rates scare will cause these types of companies problems. | 2007-06-07 | |
| BUY | 37.750 | John Stephenson | Has been a historically natural gas, but is now is doing more oil, has a stake of Ontario Power in the Kincardine area. Where there is a chronic shortage.
Huge amount of value that's not built into the stock. | 2007-06-06 | |
| WAIT | 38.350 | Bruce Campbell | Possible pull back, interest rate related. Might see a chance to buy this at under $38 in the next few months. | 2007-06-05 | |
| BUY | 39.530 | Norman Levine | Outlook continues to be good. Likes the growth that it has in front of it. Expects the dividend will continue to grow. | 2007-05-30 | |
| Comment | 39.790 | Laura Wallace | Thinks that the power generation infrastructure spending is a really great place to be on and is a decade long play. Excellent dividend yield. Trading at the top of its multiple range | 2007-05-23 | |
| TOP PICK | 39.760 | Patrick Kim | For a yield investor that has a diversified portfolio of dividend paying stocks, this should be one of your holdings. One of the best-positioned utilities. | 2007-05-14 | |
| BUY | 39.570 | Bruce Campbell | Boring pipeline company. Pays a 3%-4% dividend and grows 6 to 8%. In this kind of market, that’s not bad. Good defensive play. | 2007-05-09 | |
| PAST TOP PICK | 39.710 | David Baskin | (A Top Pick May 25/06. Up 22%.) Have good opportunities in both the pipeline and power generation businesses. Attractive dividend. Still a Buy. | 2007-05-08 | |
| TOP PICK | 39.570 | John Stephenson | An interest rate play plus it is a cash flow generating machine with its main-line pipeline system. Also into storage of natural gas. Has a big stake in the Bruce Nuclear facility. | 2007-04-30 | |
| HOLD | 40.140 | John Zechner | Probably have a little bit more growth than some of their competitors. A lot of the valuation of utilities and pipeline companies are pretty seriously high level. Owns a little for the yield and defensive capabilities. | 2007-04-25 | |
| Comment | 39.280 | Ben Stadelmann | A real bedrock value type of stock. Pays a good dividend. | 2007-04-20 | |
| BUY | 38.030 | Norman Levine | Likes its expansion in the US. A defensive company with growth characteristics. Likes the dividend yield and it will be growing. | 2007-04-16 | |
| BUY | 38.000 | Michael Sprung | In the longer term, there will be some expansion of pipeline assets, etc. and they will benefit. Stable cash flow and earnings. Good yield. | 2007-04-11 | |
| WEAK BUY | 38.410 | Stephen Carlin | Has some reasonable growth. 3.5% dividend yield. Earnings growth is flattish. Prefers banks which give you a similar dividend yield, better earnings growth, 5 multiple points less and much stronger ROE. | 2007-04-05 | |
| BUY | 38.600 | John Zechner | Likes it because of its defensive characteristics. One of the few companies in this area that is showing some growth. Valuation is that the high end. Decent dividend. | 2007-04-02 | |
| BUY | 38.350 | John O'Connell, CFA | A quasi-utility play. Yield is in the 4% area. Well-run company. Has defensive pipeline attributes to it. Also has a uranium play through power generation. | 2007-03-30 | |
| TOP PICK | 39.070 | John Stephenson | Growth story, plus an interest-rate story. Clean balance sheet. Experienced management. Defensive. | 2007-03-27 | |
| HOLD | 39.500 | Peter Brieger | Pipelines generically are one of the great growth stories. As a North American demand for safe energy increases and the increased production in the oil sands, there will be more and more traffic. | 2007-03-21 | |
| BUY | 38.380 | Laura Wallace | Fairly defensive due to its dividend and its record of increasing dividends. Trading at the higher and of its multiple range. Believes the energy infrastructure structure will be very strong over the next decade. | 2007-03-14 | |
| Comment | 38.090 | Bruce Campbell | Prefers Enbridge (ENB-T) because it has 1% to 3% higher earnings growth over the next 5 years. This one is not bad. It has a dividend and is a safe place to be. | 2007-03-06 | |
| BUY | 37.690 | Norman Levine | Made a major US acquisition in the pipeline area. Pay for it with a share issue. That brought the price of the stock down. This gives you an opportunity to buy. | 2007-02-27 | |
| Comment | 38.150 | Michael Sprung | Would lean more towards Enbridge (ENB-T) for growth. | 2007-02-20 | |
| TOP PICK | 38.010 | David Baskin | A very solid company with a predictable dividend of 3.5%. Core holding for all of his clients. | 2007-02-13 | |
| BUY | 38.030 | Norman Levine | Recently issued new stocks. If you don't own shares, this would be a good time to buy. | 2007-02-12 | |
| BUY | 38.140 | Veronika Hirsch | Proposing to issue new shares at $38 a share, to acquire a major pipeline in the US. This is not a cheap stock, but has a fairly good yield of about 3.5%. These stocks do fairly well as so many people are looking for these yields. | 2007-02-07 | |
| BUY | 39.030 | Laura Wallace | A great long-term investment. 2nd time in 12 months they have increased the dividends. With no changes coming in income trusts, companies with high dividend stocks and able to increase them consistently will be where investors go. | 2007-01-31 | |
| HOLD | 39.030 | Norman Levine | Have made some major acquisitions and need to raise money. Good yield. Getting pretty fully priced here. If it goes up anymore, he might consider letting some of his goal. | 2007-01-31 | |
| BUY | 38.720 | David Baskin | Still buying for new clients. With the demise of the income trust sector, people are looking for nice safe places to get a yield. | 2007-01-10 | |
| TOP PICK | 40.710 | Gavin Graham | A great play on virtually anything to do with energy, such as power stations in Alberta, power lines. 3.2% dividend. Just bought El Paso’s pipelines which means they have a means of shipping oil from the oil sands to the US south. Have :LNG in Quebec. | 2006-12-28 | |
| DON'T BUY | 40.770 | Bruce Campbell | Owns Enbridge (ENB-T), but they can be viewed pretty similarly. After the trust scenario, a lot of money moved into companies like this and banks, so it’s moved up. From here, the multiples are kind of high. Expect it will go basically sideways. | 2006-12-21 | |
| SELL | 38.970 | Peter Brieger | Although the street has a love affair with Transcanada (TRP-T) and Enbridge (ENB-T), P/E ratios and yield for these 2 are ridiculous compared to pipeline trusts. Would move his money. | 2006-11-29 | |
| BUY | 36.900 | Ian Nakamoto | Good high paying dividend. Expects the Bank of Canada will reduce interest rates next year and high dividend stocks will be in demand. | 2006-11-07 | |
| PAST TOP PICK | 36.340 | Norman Levine | (A Top Pick July 11/06. Up 10.4%.) 3.5% dividend. Interest sensitive and has growth as well. Would still buy at this price. | 2006-10-31 | |
| TOP PICK | 34.960 | David Driscoll | Very interest rate sensitive. Besides shipping natural gas, they also have investments in alternative energy. Yields 3.7%. | 2006-10-20 | |
| DON'T BUY | 34.430 | Brian Acker, CA | Has never liked TransCanada (TRP-T) Enbridge (ENB-T) or Transalta (TA-T). His model price is $31.71, a -9% differential. Finding more value elsewhere. | 2006-10-17 | |
| BUY | 34.240 | Gordon Higgins, CA, MBA, CFA | Trading around 16 X earnings. There is a regulated side, but they have a lot of unregulated where you are getting the growth. Long-term, they are the ones hoping to build the McKenzie Delta pipeline. Good yield and reasonable price. | 2006-10-12 | |
| BUY | 35.050 | David Cockfield | Good, long-term growth prospects. They will be in an expansion phase for decades. Pays a reasonable dividend. Won't be hit by various cycles. Prefers to buy at $33. | 2006-10-05 | |
| TOP PICK | 35.650 | John O'Connell, CFA | A defensive play. Yields about 3.6%. Trades at a reasonable market multiple. Very solid, disciplined business. | 2006-10-03 | |
| PAST TOP PICK | 35.210 | Norman Levine | It has increased since he picked this stock. Good yield, growth prospect and a good place to be. He continues to own. | 2006-09-27 | |
| BUY | 34.650 | Bruce Campbell | Prefers Enbridge (ENB-T) because the growth is a little bit better but this is the same with a 3 % or 4% dividend and not growth oriented, but a safer way to have exposure to long-term growth in Mackenzie Valley. | 2006-09-11 | |
| BUY | 34.980 | Glenn MacNeill, P.Eng. | Expects pipelines to do reasonably well over the next little while. This is a conservative stock that doesn't move very quickly. As this is an interest sensitive stock it should get a lift as interest rates have pretty well peaked out. Has a good shot at operating the Mackenzie Delta pipeline. | 2006-09-08 | |
| BUY | 35.380 | Paul Gardner, CFA | In a low interest rate environment, utility stocks outperform. This company is the largest gas transmission business in Canada. The Mackenzie Delta and the Alaskan pipeline are going to consume a lot of their capital expenditures. They are seeing a lot of competition from Alliance partners coming into Chicago. | 2006-09-05 | |
| WEAK BUY | 35.770 | Martin Hubbes, CFA | Trading at a P/E multiple above its historic range. Good company, but not cheap. | 2006-09-01 | |
| BUY | 36.350 | David Cockfield | The general belief is that the pipeline business is going to boom for years and years. A US pipeline, Kinder Morgan, is going private so investors that want to stay in a pipeline will have to look at this one. 3% yield. | 2006-08-30 | |
| TOP PICK | 35.080 | Laura Wallace | Power generation is going to continue to be one of the key areas for the balance of the decade. This company is very well positioned on a North American basis. Good dividend yield at 3.7%. A good defensive part of the portfolio. | 2006-08-21 | |
| HOLD | 34.910 | Robert Floyd | Has popped up a little bit over the last month or so. Offers a decent yield. Modest growth. | 2006-08-18 | |
| BUY on WEAKNESS | 34.890 | David Cockfield | Likes to buy this one under $33. Multiple is not bad and it has a reasonable yield. Prospects for the pipeline industry in general are excellent. | 2006-08-16 | |
| DON'T BUY | 35.350 | Brian Acker, CA | Model price is $30, a -14.5% differential. His model price continues to erode. | 2006-08-02 | |
| PAST TOP PICK | 34.200 | David Baskin | (A Top Pick May 25/06. Up 6%.) Like it for the yield and that they keep increasing the dividend. Likes their growth prospects with the Mackenzie Valley and with increasing production of petroleum products in western Canada. | 2006-07-27 | |
| BUY | 33.520 | Norman Levine | An interest sensitive stock because of their dividend yield and they work on a rate of return basis on many other pipelines. Now that interest rates look like they are flattening out, it should do well. | 2006-07-25 | |
| DON'T BUY | 33.810 | Larry Berman CFA, CMT, CTA | In the longer term, you want exposure in pipelines. Pretty much defining a trading range between $31.50 and $34. Not an ideal time to buy. | 2006-07-24 | |
Experts that have talked about Trans Canada Corp
