STOCKCHASE

There may be some short-term weakness as production and reserves may be flat in the oncoming quarter but current price is great value. In time, people will realize how oily, versus gaseous, this company is. Very conservative payout ratio. Just did a tuck-in acquisition in France, which will be a wonderful pay back.

2011-12-20

BUY

49.800

Stock is done well and it has a decent yield. In the right space. Have potential in the North Sea off of Ireland.

2011-11-07

STRONG BUY

42.000

Greg Newman

Weakness is about oil and gas stocks coming down. 46% of revenues are tied to Brent. West Texas is trading at a discount to Brent by about $25. They believe that over the next 4 years they can grow to 50,000 barrels. 5.6% yield.

2011-09-22

BUY on WEAKNESS

40.850

Held for a long time. Will have to write off shale in France but it is priced in. Not a bad time to add this one on this pullback.

2011-09-12

Comment

43.540

Has some of this in private clients’ portfolios, but not a major holding. Well managed. Has a gas project coming on in the North sea, which is based on oil prices, not gas. Has no problems with this one.

2011-08-29

PAST TOP PICK

50.800

Jaime Carrasco

(A Top Pick April 14/10 Up 50.81%.) Had a good growth portfolio on the ground and through exploration. With this you get the price of oil plus exploration growth. Still a Hold.

2011-04-29

BUY

49.380

Jaime Carrasco

Starting to move more money into the energy side. Has noticed a lot of companies haven’t moved although the price of oil has moved up. This one is outperforming.

2011-02-18

PAST TOP PICK

45.970

David Burrows

(Top Pick Jan 7/10, Up 44.82% Total Return) Continues to be one of his core positions. They have done a nice job of building the reserves.

2011-01-25

PARTIAL SELL

45.750

Bill Carrigan

Currently at the top of the growth channel. About 5% yield. If you own, reduce.

2010-12-20

HOLD

45.370

Rick Stuchberry

Great performer this year. At these prices it is pretty fully priced. Might trip some and replace in the next pull back.

2010-12-16

Comment

39.870

Have gas in Canada, but the real upside is in the Irish Sea. Having some problems getting the gas on shore. Good company and well managed.

2010-10-25

HOLD

36.830

Low payout ratio. Were paying foreign taxes on their holdings in France, Netherlands and Australia. Good growth projects in the Irish North Sea.

2010-09-10

Comment

36.310

Well managed and not a bad yield. The bet on this is what happens in the Irish Sea. Resource is there and they are building the pipes. Not his favourite. Converting and maintaining their distributions.

2010-09-09

HOLD

36.750

Norman Levine

This is the exception to the rule and not going sideways. Geographically diversified. Good exploration profile.

2010-09-07

BUY on WEAKNESS

35.670

You have to wait on the commodity boom story. Conversion issue is behind you because their income is international.

2010-08-31

HOLD

34.080

Thinks it is a very good company – well managed, well diversified. A good company. The problem is that they are expensive. He has never been able to step up to the plate.

2010-08-25

BUY

34.400

Announced they will convert in late November. Made a number of acquisitions so are international including assets in Alberta, Australia Netherlands and France. Recent gas acquisition in Ireland, which may increase the payout ratio. Great trust.

2010-07-07

TOP PICK

34.810

Rick Stuchberry

Diversified energy trust with properties in Canada, Europe and Australia. They get a premium for gas in Europe. When it converts to a corporation, a lot of its income is overseas and they already pay tax on it. Very good long-term prospects.

2010-05-14

TOP PICK

35.660

Jaime Carrasco

In the Cardium area of Alberta where they are uncovering quite a lot of resources. Dividend is sustainable and continues to increase, Continue to grow their earnings.

2010-04-14

BUY

35.020

One of the premier managed trusts. Internationally diversified. Has pulled back which could be an opportunity.

2010-03-17

BUY

34.820

Attractive name. Most of business is outside of Canada so not affected by the 2011 event.

2010-03-05

PAST TOP PICK

34.820

Prakash Hariharan

(Top Pick Sep 29/09, Up 15.4%) Likes this name for a while because it never cut distribution costs. Internationally diversified. Safe payout ratio and little or no debt.

2010-03-01

BUY

33.650

(Market Call Minute) Already paying tax on international operations.

2010-02-23

TOP PICK

33.820

David Burrows

Had quite a few investments in the Cardium play in the Pembina where they are using horizontal drilling. This company bought a lot of land in an area where there has been some recent finds and acquisitions. Have great gas positions in Ireland and France. Generating a lot of cash. Very strong balance sheet.

2010-01-07

PAST TOP PICK

33.690

(A Top Pick March 2/09. Up 47.7% plus yield.) Oil weighted and internationally diversified. Should have no problems continuing to pay its yield after converting to a corp.

2010-01-06

TOP PICK

33.690

About 70% or revenue is weighted toward oil. 65% of assets are outside of Canada, so already subject to tax in those countries. Conversion to corporation should be a non-issue and expects them to maintain current distribution as a dividend and this should cause an increase in stock price

2010-01-05

PAST TOP PICK

33.690

(Top Pick Sep 24/09, Up 6.8%) Is a top pick this show.

2010-01-05

BUY

30.300

One of the better names in its space. Good geographic diversity including France, Netherlands, Australia and Libya. The latter has been its problem lately.

2009-12-11

TOP PICK

30.750

Hasn't moved like its peers. Number of disappointments including sale of Verenex (VNX-T) and its Libyan assets. Also a small problem in the Irish Sea, which they will remedy. Undervalued.

2009-12-07

BUY

30.510

Fairly significant international portfolio so distributions are not affected by conversion. Oil/gas exposure is 50/50 that their oil is priced more favourably. Very low pay out ratio. Recently made an acquisition offshore Ireland, which is a very good investment and will begin to yield dividends over the next couple of years. 7.5% yield.

2009-11-25

PAST TOP PICK

29.400

(A Top Pick Sept 24/09. Down 4%.) Strong balance sheet. Just completed $250 million finance. 18.5% non-working interest in an Irish offshore gas project. 70% of revenue generated is outside of Canada so when they change to a corporate in 2011 they should be able to maintain the current distribution as a dividend. Looking for $30-$35 depending on commodity prices.

2009-11-03

BUY

30.920

(Market Call Minute.) You can consider this as a core holding. Extremely well managed and internationally diversified. One of the best in the group.

2009-10-14

PAST TOP PICK

30.330

(A Top Pick March 2/09. Up 40%.) Good diversification with production from France, Netherlands and Australia. Distribution will probably be maintained because they are paying taxes outside of North America.

2009-10-05

BUY

29.580

Laura Lau

With this one you don't have to worry about 2011 because most of their properties are outside of Canada. Their property in Ireland should be on in 2011 at 10,000 barrels. Thinks 7.6% distribution is safe.

2009-09-30

TOP PICK

30.060

Prakash Hariharan

Never cut distributions when oil pulled back. Their asset base is diversified and they just made an interesting acquisition in Ireland in nat. gas. Management team is solid. Payout ratio is reasonably good. They make acquisitions at the right time in the market.

2009-09-29

TOP PICK

30.460

Very oil weighted. Likes the balance sheet and has a diversified portfolio of international assets. About 70% of the cash flow is generated from outside of Canada. Low payout and expects the distribution to be very solid and will continue after 2011. With the sale of Verenex (VNX-T) there are some good opportunities looking forward.

2009-09-24

BUY

30.580

Jennifer Stevenson

(Market Call Minute) It’s inexpensive because it was weighed down by a sale.

2009-09-22

TOP PICK

29.070

Mainly oil but some gas exposure in the Netherlands, which is priced as a function of oil so it gets full value. Hasn't gone up as much as some of its peers. Some difficulty with sale of a Libyan subsidiary, which appears to be stalled out for a while but will create some value down the road. Well run. 7.7% distribution is sustainable.

2009-09-18

TOP PICK

29.190

Focused more internationally including Australia, Netherlands and most recently Ireland. Planning on converting in Sept/10 and maintaining the same level of distribution. Sale of Libyan assets fell through and the market overreacted. 7.8% yield.

2009-09-11

HOLD

30.460

Norman Levine

Oil/gas trust. Most of its assets are outside of Canada and he likes the geographic diversity. Quality company that has made some very good acquisitions and discoveries. Good long-term hold.

2009-08-24

Comment

30.040

Joseph Schachter

Good management. Trying to sell their Libyan assets.

2009-08-21

TOP PICK

30.370

Oil/gas. Results just came out and were very good. Internationally oriented with properties in Paris, Netherlands and most recently in Ireland. Very well managed. Trying to sell a Libyan property, which will reduce their debt to very low levels. Good distribution.

2009-08-11

PAST TOP PICK

29.030

(A Top Pick Aug 18/08. Down 21%.) Still likes.

2009-07-20

BUY

29.390

Karl Berger

This is one of the only trusts that he looks at in this space. Good history of distributions and reasonable certainty that they will hold. You also don't need as robust an outlook on the underlying commodity price. Have a nice balance between oil and gas. 7.9% distribution. Excellent balance sheet.

2009-07-14

PAST TOP PICK

28.730

(A Top Pick May 14/08. Down 27.76%.) 55% oil/45% natural gas. Still likes. Good balance sheets. Never had to raise equity. Recently announced selling their Libyan assets but not sure when this will be completed. Acquiring an 18% interest in a North Sea project but won't be operator. Low pay out ratio. Well managed. No problem changing to a corp in 2011. Currently Buying.

2009-07-06

TOP PICK

28.740

3 picks are based on income and he has avoided the more volatile juniors. Mainly an oil producer with assets in France, Netherlands, offshore Australia and Canada. Selling its ownership in Verenex (VNX-T), which will pay off its debt. Good financial strength giving it the ability to acquire.

2009-06-29

BUY

29.000

(Market Call Minute.) Very well run energy trust with international assets. Distribution is fairly sound.

2009-06-26

BUY

28.780

(Market Call Minute.) Lowest debt of any royalty trust. Diversified in international projects.

2009-06-24

BUY on WEAKNESS

30.580

Oil weighted. Likes this one but probably a little bit expensive on a price to NAV. Looking for a pullback and would step in on a 10% decline.

2009-05-22

Comment

27.990

Veronika Hirsch

(Market Call Minute.) Oily so a buy if you think oil is going higher.

2009-04-02

PAST TOP PICK

27.940

(A Top Pick May 14/08. Down 29.3%.) Good balance sheet so will be able to buy assets very cheaply. Operations in Canada, Australia, Netherlands and France. Low payout ratio. Will transition to a corporation very easily. A Buy.

2009-03-25

HOLD

23.630

David Cockfield

Only 36% of their assets are in Canada. Very stable payout, which they recently raised to $.19. Probably less affected by 2011 because of their tax situation.

2009-03-09

TOP PICK

22.680

Oil focused with some gas. Just agreed to sell 50% stake in Verenex Energy (VNX-T) last week. This will give them about $190 million making them debt free. 9%-10% yield with substantial upside on his forecast of a doubling of oil prices in the next 12 months.

2009-03-02

BUY

24.480

Kevin Hall BComm, CFA

Verenex Energy (VNX-T) just announced a deal to sell their company to China National Oil Corp for $10 per share, a very good price. This company owns a big chunk of Verenex and are likely to get back $200 million in cash, which will clear their debt allowing them to make a very accretive acquisition.

2009-02-27

PAST TOP PICK

24.800

(A Top Pick Jan 29/08. Down 21.8%.) Very well run. Most of its assets and production are offshore and will come in tax-free. Great core holding in the portfolio. A Buy right now.

2009-02-06

BUY

25.680

One of the better-managed trusts. Have been prudent with distributions with relatively low payout. Good balance sheet and click properties. Bit of international exposure.

2009-02-02

BUY

26.830

Likes the conventional (not oil sands) plays in this environment.

2009-01-28

BUY

23.650

A good buy at this price.

2008-12-08

BUY

25.510

Peter Brieger

If you're looking at trusts generally, take a very hard look at what happens to the cash flow per unit if oil stays at $50 as well as what happens to distributions in 2011. The 2 that come out the best are Crescent Point (CPG.UN-T) and Vermilion Energy (VET.UN-T).

2008-12-01

PAST TOP PICK

29.500

(A Top Pick Jan 29/08. Down 15%.) Good solid company. Sold off simply because of the rush to liquidation. Not only able to pay the dividend, but also its cap X program. Over 50% production is from overseas so very little risk to any distribution cut when trusts become taxable. A Buy.

2008-11-13

HOLD

28.700

Some of the better quality royalty trusts that he would continue to hold include Crescent Point (CPG.UN-T), Vermilion (VET.UN-T) and Baytex (BTE.UN-T).

2008-10-22

BUY

36.070

(Market Call Minute.) Very good operator outside of Canada.

2008-09-24

TOP PICK

36.500

(See comments Under Verenex (VNX-T).

2008-09-23

TOP PICK

36.750

Favourite energy trust. Lowest payout ratio in the industry. 6.2% yield. Own half of Verinex, which has huge drilling success in Libya. Thinks it will be sold. Believes the market has not given them credit for this. A lot of production in France and Netherlands so won’t get hit as hard in 2011.

2008-08-18

PAST TOP PICK

44.750

(A Top Pick Aug 8/07. Up 24%.) No longer has a position. A Hold at the current time.

2008-06-16

TOP PICK

42.120

Canadian-based but have operations in the Netherlands, France and Australia. Q1 basic payout ratio was about 36% so there is significant room to either increase distributions or to make a large acquisition. Undervalued at about 5X cash flow.

2008-05-14

TOP PICK

34.600

Has production in France, Netherlands and Australia where it is producing much more economically than in Canada. Lowest payout ratio in the sector.

2008-01-29

PAST TOP PICK

40.310

(A Top Pick Nov 1/06. Up 20%.) Gas. Has outperformed a lot of the trusts. International assets, so not focused in Alberta.

2007-11-02

PAST TOP PICK

37.300

(A top pick Nov 1/06, up 20.5%) best oil/gas royalty trust performer in 2007. unique portfolio, a lot of assets outside of Canada. A bit riskier.

2007-09-21

TOP PICK

35.950

Fairly oil weighted. International with properties in France, Netherlands and Australia. Has a stake in Verenex Energy (VNX-T), which is exploring in Libya.

2007-08-21

BUY

37.200

Sandy McIntyre

Allocates about 40% of their cash flow to distribution and about 50% to maintain and grow production with the balance going towards debt repayment.

2007-08-13

TOP PICK

37.700

A defensive holding. 5.4% yield. Its properties are in France, the Netherlands and Australia. Has an interest in a company that is producing out of Libya. Risk/reward is very good.

2007-08-08

PAST TOP PICK

34.510

Oct 6 2006 Then $33.20 There is a continuity of management. Still likes them.

2007-06-14

TOP PICK

34.510

Alan Blake

A very strong management team. They've grown their business offshore, they've gone into France and Australia, and are adding barrels at half the cost of adding barrels in Canada.

2007-06-14

WATCH

35.600

Kenneth P. Norquay, CMT

Had a good run, and now is going sideways. If it goes below around 29.7 sell, it goes above around 36.8 with volume then buy..

2007-06-01

BUY

35.950

Good long-term hold. Well-managed company. Potential for good gain.

2007-05-28

PAST TOP PICK

36.750

(A Top Pick Nov 1/06. Up 11%.) This is a core holding that you should look at. A lot of their assets are outside of Canada. Great diversified portfolio.

2007-05-14

BUY

35.350

Internationally oriented. Very well run trust. Good capital appreciation. Only pays about 5%-6% on its cash to cash return on its distribution. Market is looking for a lot of growth.

2007-05-09

TOP PICK

32.400

Very significant international operations. Evenly balanced between oil & gas. Strong management team. Payout ratio is about 45% of their CapX. Won't be impacted by the governments tax legislation. Strong balance sheet. Trading at about net asset value.

2007-03-23

BUY

31.770

One of his favourites. Strong management team. Have a significant amount of assets outside of Canada. The legislative changes in trusts should have very little effect on this one.

2007-03-02

PAST TOP PICK

32.070

(A Top Pick Nov 1/06. Down 2.3%.) There is a lot of pessimism in terms of energy. This one is held in relatively well compared to other royalty trusts.

2007-02-22

TOP PICK

32.450

Only oil/gas trust with significant international operations. 40% of operations are in Canada and the rest being in France, Netherlands and Australia. Strong management. High-quality asset base. Payout ratio of about 40%. A leader in adding production and reserves. Very strong balance sheet.

2007-02-02

BUY

32.060

Bill Carrigan

Slightly higher bottom in January than what it had in November. A slightly higher low is probably a good sign.

2007-02-01

BUY

31.520

Of the oil/gas trusts, Penn West (PWT.UN-T) and Vermilion (VET.UN-T) are his 2 favourites at this point. Looking for them to be much stronger in the 2nd half of the year.

2007-01-18

BUY

31.550

Did well last year and thinks it will do well going forward. International and very little of its production comes from Canada. Because it is paying taxes elsewhere, the ruling on trusts is not as much of an issue.

2007-01-05

BUY

33.640

Will be a survivor when it becomes taxable in 2011.

2006-12-01

PAST TOP PICK

32.160

(A Top Pick Oct 20/05. Up 39%.) Has production in France and Netherlands, so tax in Canada is somewhat sheltered. Still likes.

2006-11-10

PAST TOP PICK

33.250

Ian Nakamoto

(A Top Pick Nov 2/05. Up 29%.) The whole income trust sector is under a little bit of a cloud now.

2006-11-07

TOP PICK

33.250

(A Top Pick Nov 4/05. Up 22%.) Has benefited from the increase in oil prices. Likes their international diversification, which won't be as affected by the new tax rules.

2006-11-01

DON'T BUY

37.300

Robert Toole

The most conservative trust out there. Low payout ratio. A low 5%-6% yield. Not a lot of upside.

2006-10-27

BUY

33.720

Stands apart from the rest of the trusts because it is international.

2006-10-12

TOP PICK

33.200

Has about 60% of its business offshore. 40% payout ratio. Well positioned from a downside perspective. There will be a lot of growth, particularly outside of Canada.

2006-10-06

PAST TOP PICK

34.000

Ian Nakamoto

(A Top Pick Nov 2/05. Up 31%.) An international energy company. Still likes.

2006-09-11

PAST TOP PICK

34.080

(A Top Pick Oct 20/05. Up 23% plus distributions.) Have a good slate of properties. Good, solid operators and excellent management.

2006-09-08

PAST TOP PICK

36.190

Ian Nakamoto

(A Top Pick Jan 31/06. Up 43%.) Very strong fundamentals.

2006-08-03

TOP PICK

32.710

Yield of about 6%. Low payout ratio of about 42%. Conservatively managed. Low debt. Has an attractive group of international assets.

2006-07-19

BUY

32.250

Good quality holding. They have been effectively able to grow their asset base on an accretive basis. Off shore oil and gas. You could see a distribution increase later this year.

2006-06-23

PAST TOP PICK

30.970

Neil Wickham

(A Top Pick May 30/05. Up 34%.) One of his best oil/gas trusts. Has got a little more expensive. One of the few oil/gas trusts with activities outside of Canada. Low payout ratio.

2006-06-20

TOP PICK

32.800