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| David Cockfield of MacNicol & Associates |
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| BUY | Goldcorp Inc | G-T | 39.390 | Believes anywhere up to 10% in gold in a portfolio. This one has come off quite nicely and you could add at this time. | 2010-01-21 | ||
| HOLD | Suncor Energy Inc | SU-T | 35.770 | Has 20% or more of energy stocks but a chunk of that is oil income trusts. 7%-9% of regular energy stocks. Waiting to see how things work out with the Petrocan merger. Also a little less positive on the tar sands side of the business. | 2010-01-21 | ||
| Comment | Cenovus Energy | CVE-T | 25.440 | One of the better producers per barrel in the oil sands. Not a bad one if you like heavy oil. He is not a fan of heavy oil. | 2010-01-21 | ||
| HOLD | Toronto Dominion | TD-T | 62.110 | One of his favourite banks. Recently took some profits because of his bank weightings and concerns about the US holdings. | 2010-01-21 | ||
| DON'T BUY | Brookfield Properties | BPO-T | 12.870 | A little concerned about their commercial properties. There are probably safer sectors in real estate. | 2010-01-21 | ||
| Comment | Bombardier Inc (B) | BBD.B-T | 5.100 | Takeover target? Dual class shares so doesn't see a takeover. Has recently been looking at this. Owns the preferreds. If he saw the airline side starting to perk up, he would be more interested. | 2010-01-21 | ||
| HOLD | Penn West Energy Trust | PWT.UN-T | 18.230 | Had been a huge disappointment as it had come down significantly from its highs. Have recently added to his position. Have fantastic landholdings. Has a number of “heritage” landholdings which can be subject to improve recovery techniques. | 2010-01-21 | ||
| TOP PICK | NAL Oil & Gas Trust | NAE.UN-T | 13.890 | Very well managed. Great arrangements with Manulife (MFC-T), which allows them to get into larger deals. Have a lot of “heritage” fields that will be able to use improved recovery techniques. New good drilling going on. | 2010-01-21 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 39.040 | Very well managed. Into the Bakken fields, an area that is really opening up because of the new technology, multiple frac and good quality oil. | 2010-01-21 | ||
| TOP PICK | A Comment -- General Comments From an Expert | A Commentary | 0.020 | BMG Bullion Fund. Open ended mutual fund. Unique in that it is not only gold but is gold, silver and platinum, one-third each. | 2010-01-21 | ||
| PAST TOP PICK | BCE Inc. | BCE-T | 27.540 | (A Top Pick Jan 23/09. Up 18.34%.) | 2010-01-21 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 20.240 | (A Top Pick Jan 23/09. Up 39.86%.) Still buys on weakness. | 2010-01-21 | ||
| PAST TOP PICK | Husky Energy | HSE-T | 27.840 | (A Top Pick Jan 23/09. Up 1.73%.) | 2010-01-21 | ||
| TOP PICK | Goldcorp Inc | G-T | 40.520 | Every portfolio should have a gold stock as a little bit of insurance. This one has 14 producing or near producing mines. Looking at substantial growth over the next 5 years. Well run. | 2009-12-21 | ||
| TOP PICK | BCE Inc. | BCE-T | 28.130 | Good dividend paying stock. Largest telco in Canada. Could make further acquisitions. New management is pointed in the right direction. Likes the yield, which has just been increased and is safe. | 2009-12-21 | ||
| TOP PICK | NAL Oil & Gas Trust | NAE.UN-T | 13.640 | Closely associated with ManuLife (MFC-T) through partnerships. Excellent yield of almost 8%. 5 year drilling inventory. Have some older assets that could really benefit from new technology. | 2009-12-21 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 20.280 | (A Top Pick Dec 5/08. Up 32.98% plus distributions.) Too much gas. He is negative on the gas side but this is one of the better operators. Still a Hold. | 2009-12-21 | ||
| PAST TOP PICK | Husky Energy | HSE-T | 29.220 | (A Top Pick Dec 5/08. Up 5.7% plus dividends.) Some of the recent results have been disappointing. Having a hard time holding their production level and things seem to have gone quiet in there far Eastern drilling. | 2009-12-21 | ||
| PAST TOP PICK | Manitoba Telecom Services | MBT-T | 33.690 | (A Top Pick Dec 5/08. Down 13.9% excluding dividends.) Likes it because of the dividend. Still a Buy. | 2009-12-21 | ||
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| BUY | Crescent Point Energy Corp | CPG-T | 39.500 | Was an income trust but 7% yield has been maintained. Extremely active in acquiring Saskatchewan land and developing the Bakken plays. New drilling techniques are helping and he can see quite a good growth. Right now stock seems to be caught in the $39-$40 range and may rest here for a while. Will move higher on a long-term basis. | 2009-12-21 | ||
| HOLD | Sherritt International Corp. | S-T | 6.160 | Good company but they have a huge Madagascar nickel project where the politics are questionable and he would like to see more clarity on this. Also nickel prices have slackened. Also have a huge coal aspect, which he likes. | 2009-12-21 | ||
| BUY | PetroBakken Energy | PBN-T | 32.310 | Have interests in the Bakken play in Saskatchewan. Should do quite well. Prefers Crescent Point (CPG-T) because of the dividend. Using new drilling techniques, which are very successful. | 2009-12-21 | ||
| BUY on WEAKNESS | Hudbay Minerals Inc. | HBM-T | 12.560 | The recent drop-off could be attributed to tax loss selling and it could take a nice jump. Came up with some new drill results in Manitoba and looks like they have a mineable deposit. Have a lot of cash. He would consider buying more if there is more tax loss selling. | 2009-12-21 | ||
| WATCH | Manulife Financial | MFC-T | 18.950 | The problem he has is an investment manager is that the company blindsided him on 2 occasions. They are sitting on a lot of money. If they moved out and made a good acquisition then he would look more kindly on them. | 2009-12-21 | ||
| HOLD | Cott Corp | BCB-T | 9.000 | The business they are in is extremely competitive and they have shown themselves, at various times, to be able to handle this. Canadian retail area is improving. | 2009-12-21 | ||
| HOLD | MagIndustries Corp. | MAA-T | 0.460 | Huge potash deposits in the Congo (not the DRC) that they are in the process of trying to develop. Got caught just as financial markets fell apart so the shares suffered significantly. Chinese have been talking to them since April. | 2009-12-21 | ||
| Comment | Penn West Energy Trust | PWT.UN-T | 18.660 | Has been a disappointment. The positive is their huge oil/gas land position. Unless they raise more capital or sell more assets, they are a little tight and he is concerned about distributions. | 2009-12-21 | ||
| DON'T BUY | Claymore Natural Gas Commodity ETF | GAS-T | 5.640 | Natural gas ETF. Unless you are extremely nimble, such as a day trader, this is a hard way to make money as an investor. | 2009-12-21 | ||
| BUY on WEAKNESS | Yamana Gold Inc. | YRI-T | 11.920 | A very volatile stock. If it sold off much more from here he would probably add to his holdings. If you like gold, this is a stock that will move. Good company. | 2009-12-21 | ||
| HOLD | Teck Resources Ltd. (B) | TCK.B-T | 39.480 | He took some profits on the way up but is holding his position. Great assets. In the long run, the coal assets are going to pay off. Also have sync. Tidied up their portfolio. Finances looked solid. Have a relationship with China, which should pay off. | 2009-12-21 | ||
| HOLD | Freehold Royalty Trust | FRU.UN-T | 14.970 | Not a typical income trust in that they are being paid to hold particular properties. The whole idea is to farm out as much as they can. Overall assets are good. Probably in better shape than other income trusts regarding conversion. | 2009-12-21 | ||
| DON'T BUY | Consumers Waterheater Fund | CWI.UN-T | 4.030 | Not his favourite. European technology of coiled heated water has eliminated water heaters in Europe. It's only a matter of time before Canadians start converting. Long-term prospects are in question. | 2009-12-21 | ||
| Comment | Bank of Nova Scotia | BNS-T | 48.170 | Bank of Montreal (BMO-T) versus Bank of Nova Scotia (BNS-T)? He would rank Scotia above BMO because it has better growth prospects. Have operations in Canada, Central America and South America. | 2009-12-21 | ||
| Comment | Bank of Montreal | BMO-T | 54.170 | Bank of Montreal (BMO-T) versus Bank of Nova Scotia (BNS-T)? He would rank Scotia above BMO because it has better growth prospects. However, this is one of the most improved banks in Canada. Excellent dividend. | 2009-12-21 | ||
| Comment | Shoppers Drug Mart Corp | SC-T | 43.750 | Had long-term concerns about some US drug chains coming into Canada. Extremely well run. Excellent penetration in the pharmaceutical area. Have cosmetics. Excellent locations and stay open late. Concerns about pressure from the Ontario government on the prescription side. If you want growth, consider selling. | 2009-12-21 | ||
| TOP PICK | Goldcorp Inc | G-T | 39.780 | Low-cost producer at $365 an ounce. Big growth potential. In geographically safe areas. | 2009-10-30 | ||
| TOP PICK | BCE Inc. | BCE-T | 25.890 | Good dividend of which he thinks will be maintained regardless. More aggressive management. | 2009-10-30 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 36.800 | 7.5% dividend. Excellent management. Had no trouble raising $500 million through an equity issue. | 2009-10-30 | ||
| DON'T BUY | Canadian Oil Sands Trust | COS.UN-T | 29.180 | Not a super fan of this one. Vulnerable when the market starts to sell off. US legislation poses a potential problem for any oil sands producer. | 2009-10-30 | ||
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| BUY on WEAKNESS | Trinidad Drilling | TDG-T | 7.070 | Going to survive. All the drillers are going through rough times. This one has the most up-to-date, modern fleet. Will be up and running on the next up cycle. 2.8% yield. Try to buy at $6.50 or closer to $6. | 2009-10-30 | ||
| DON'T BUY | Loblaw Companies Ltd | L-T | 29.860 | Dividend is well covered. Stock price has been trending down. | 2009-10-30 | ||
| Comment | Shaw Communication (B) | SJR.B-T | 19.250 | Pretty good yield of 4.3%. Like the job they do in the West where they're very popular. Hoped they would get into wireless. Bought the licenses but looks like they may just be holding them to sell to someone else. | 2009-10-30 | ||
| BUY on WEAKNESS | Agrium | AGU-T | 50.340 | Potash prices have been volatile. Problems with Chinese not signing contracts and Russians selling cheap to India. This one has a broader product base than potash. Next 2 years, fertilizer sales will be significantly up. Would add to it under $50 and in the high $40s. | 2009-10-30 | ||
| SELL | Bank of Montreal | BMO-T | 50.060 | All of the Canadian banks are looking tired. Had a big run up off the bottom. He has been taking profits. | 2009-10-30 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 19.510 | (A Top Pick Oct 31/08. Up 17%.) Good management. Still likes. A little big gassy. | 2009-10-30 | ||
| PAST TOP PICK | Manitoba Telecom Services | MBT-T | 31.410 | (A Top Pick Oct 31/08. Down 20%.) 8.3% yield. Company came out with a little concern about future earnings. | 2009-10-30 | ||
| PAST TOP PICK | Husky Energy | HSE-T | 28.500 | (A Top Pick Oct 31/08. Down 21.9%.) Becoming an under performer. Having a hard look at this one. | 2009-10-30 | ||
| DON'T BUY | Breakwater Resources | BWR-T | 0.385 | Zinc area has improved. This stock got carried away in the past and he doesn't think it will get to its old highs. Would rather own Teck Resources (TCK.B-T). | 2009-10-30 | ||
| WATCH | Shoppers Drug Mart Corp | SC-T | 42.990 | Runs a great operation. Some doubt has crept in to some people’s minds. Noises from provincial government about cutting back margins. This Christmas will be a good test of their new strategies. | 2009-10-30 | ||
| Comment | Teck Resources Ltd. (B) | TCK.B-T | 31.410 | Good commodity diversification. Has been lightening up positions as it moved up through the mid-$20 and into the low $30’s. Could correct down another 5 points or so and then he would buy it back. | 2009-10-30 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 14.010 | Came up with some significant new discoveries in Manitoba. Could be a takeout. Well run and has a lot of money in the bank. | 2009-10-30 | ||
| PARTIAL SELL | Manulife Financial | MFC-T | 20.300 | Problem with the lifecos in that they have a fair amount of business being done in the equity market through mutual fund sales. If equity markets come under pressure this will hit their earnings. He is lessening his holdings. | 2009-10-30 | ||
| Comment | Canadian National R.R. | CNR-T | 52.300 | Management is talking about increasing dividends or doing a share buyback. Either one of these would be positive for the stock. Railroads are economy stocks and will go the same as the economy and he doesn't think we are totally out of the woods. Extremely well managed railroad. | 2009-10-30 | ||
| DON'T BUY | Denison Mines Corp | DML-T | 1.650 | Significant speculation about uranium prices a year or so ago and price dropped since then. Now seem to have turned a corner but is still early in the game. Price needs to be in the $80-$90 range. | 2009-10-30 | ||
| DON'T BUY | Research In Motion | RIM-T | 63.820 | Multiple is down to 15 times and is looking more attractive. Unique product. There is a lot of new competition with iPhones but none of them quite meet RIM’s standards. Technically has just broken down so not a stock that you want to jump into. | 2009-10-30 | ||
| SELL | Agnico-Eagle Mines | AEM-T | 57.600 | (Market Call Minute.) Recent numbers were not good. | 2009-10-30 | ||
| BUY | Progress Energy Inc. | PGN-N | 37.530 | (Market Call Minute.) If you like gas, it is a Buy. | 2009-10-30 | ||
| WAIT | Encana Corp | ECA-T | 60.000 | (Market Call Minute.) Wait until after the company splits. | 2009-10-30 | ||
| BUY | Iamgold Corp | IMG-T | 14.350 | (Market Call Minute.) Likes all of the golds. | 2009-10-30 | ||
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| DON'T BUY | Uranium One Inc. | UUU-T | 3.070 | (Market Call Minute.) He owns the debentures but wouldn't buy the stock. | 2009-10-30 | ||
| DON'T BUY | L-3 Communications Holdings | LLL-N | 72.290 | (Market Call Minute.) Huge multiple at 46X. Americans love it but looks expensive and he wouldn't buy into a retailer in the US. | 2009-10-30 | ||
| TOP PICK | Goldcorp Inc | G-T | 43.720 | If gold builds a little base he can see it continuing to $1200. He sees the US$ weakening, which will strengthen gold. This could give this stock a 20% bounce. | 2009-09-23 | ||
| TOP PICK | BCE Inc. | BCE-T | 26.360 | New management issuing some intelligence. Over 6% yield, which is safe. Good place to park your money. Doesn't see a huge amount of earnings growth potential, he is more interested in the dividend. | 2009-09-23 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 36.950 | Very aggressive dynamic management. Converted from a trust but still pays 7.5%. About 75%-80% oil. Did a big issue of shares and had a couple of takeovers. Into the Bakken play. | 2009-09-23 | ||
| PAST TOP PICK | Husky Energy | HSE-T | 30.820 | (A Top Pick Sept 26/08. Down 30.32%.) | 2009-09-23 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 18.570 | (A Top Pick Sept 26/08. Down 16.96%.) | 2009-09-23 | ||
| PAST TOP PICK | Trinidad Drilling | TDG-T | 6.710 | (A Top Pick Sept 26/08. Down 28.59%.) | 2009-09-23 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 11.340 | Hasn't seen the news on their new discovery. Had a little pop, which may fade out. Good company. One of the few large copper/zinc producers in Canada. Well managed and making money. Could be a takeover. | 2009-09-23 | ||
| BUY | Research In Motion | RIM-T | 92.410 | Likes the company. Continues to add to its users. Getting competition but is still a pretty unique product. Good operators. Hold and maybe even an add-to. | 2009-09-23 | ||
| BUY | Manitoba Telecom Services | MBT-T | 32.730 | Great stock. Yield is good and dividend looks safe for the next couple of years. Good place to hide in these kind of markets. (See Top Picks.) | 2009-09-23 | ||
| HOLD | Bell Aliant | BA.UN-T | 27.040 | The wire line business of Bell (BCE-T). One of the better trusts to hold going into the 2011 period where trusts will have to convert. Excellent yield. | 2009-09-23 | ||
| DON'T BUY | Claymore Natural Gas Commodity ETF | GAS-T | 5.730 | Natural Gas Commodity ETF. A lot of people have lost a lot of money on ETFs. There has been a bounce in natural gas so we have probably seen the bottom but we are still not out of the shoulder season yet. If you like natural gas, consider going into a senior producer like Encana (ECA-T). | 2009-09-23 | ||
| BUY | Kinross Gold | K-T | 23.450 | Bullish on the whole gold area mainly because of the situation with the US$. Good operating gold company. Increased their dividend recently. Near its all-time high. (See Top Picks.) | 2009-09-23 | ||
| BUY | Power Financial Corp | PWF-T | 31.390 | Good yield. Likes the mix of assets that it has. Good management. | 2009-09-23 | ||
| BUY | Suncor Energy Inc | SU-T | 38.200 | Merged with PetroCanada. Hadn't been happy with the 2 individual companies but as a merged company it has the right combination of downstream gas stations and assets and there will be economy of scale as they move along. Strong presence in the tar sands. | 2009-09-23 | ||
| DON'T BUY | Iteration Energy | ITX-T | 1.300 | Small, well run gas company. Didn't hedge. Excellent positions in the Montney but is getting squeezed on the capital side. No cash flow because of low gas prices. Caught between a rock and a hard place. A gas price bounce to $6 will give them some lease in life but meantime production is probably going to fall. He is hoping for a takeover. | 2009-09-23 | ||
| SELL | Yellow Pages Income Fund | YLO.UN-T | 5.640 | You have to judge if the concept they have is going to survive. Thinks they will be under continuing pressure from the Internet. | 2009-09-23 | ||
| BUY | Barrick Gold | ABX-T | 37.620 | Everybody should have at least 10% of their portfolios in gold or gold stocks. Looks like gold is ready to break out. Likes Barrick (ABX-T), Goldcorp (G-T) and Yamana (YRI-T). | 2009-08-07 | ||
| BUY | Goldcorp Inc | G-T | 40.320 | Everybody should have at least 10% of their portfolios in gold or gold stocks. Looks like gold is ready to break out. Likes Barrick (ABX-T), Goldcorp (G-T) and Yamana (YRI-T). | 2009-08-07 | ||
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| BUY | Yamana Gold Inc. | YRI-T | 9.950 | Everybody should have at least 10% of their portfolios in gold or gold stocks. Looks like gold is ready to break out. Likes Barrick (ABX-T), Goldcorp (G-T) and Yamana (YRI-T). | 2009-08-07 | ||
| DON'T BUY | Claymore Natural Gas Commodity ETF | GAS-T | 6.040 | Natural gas ETF. This is not a Buy on a long Put on gas, but a short one. This has led to some real problems in that you can guess right but still not make any money. His views on natural gas are negative. | 2009-08-07 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 105.200 | Thinks the bad news is already out on this stock. This is the kind of stock that long-term investors like to park their money in. Everybody he talks to are convinced that sales will improve because of food shortages on the horizon. | 2009-08-07 | ||
| BUY | Mobile Telesystems OJSC | MBT-N | 43.320 | Great dividend play, especially for taxable accounts. Manitoba has not been affected much by the economy turndown. 7.68% yield. | 2009-08-07 | ||
| BUY | TriStar Oil & Gas | TOG-T | 13.740 | Acquiring Petrobank Energy (PBG-T). Petrobank will roll out a new company called Petrobakken Energy. Shareholders will receive $3.45 in cash and about 4/10ths of a share of the new company. Numbers and technology in the Bakkens keeps getting better. | 2009-08-07 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 8.400 | Zinc and copper. Not a bad bet. | 2009-08-07 | ||
| BUY | Teck Resources Ltd. (B) | TCK.B-T | 28.980 | Largest mining company in Canada. Coal and zinc. Bought some at around $6 but has been letting some go in the last little while. Looks a little rich. | 2009-08-07 | ||
| Comment | Research In Motion | RIM-T | 83.610 | Attempting to get some of the Nortel assets. There is enough national interest in this that they will probably reopen the deal and this company will get some of the patents and they will be better for this. | 2009-08-07 | ||
| TOP PICK | BCE Inc. | BCE-T | 25.460 | Bought this one for the 6.36% yield. Came out with some pretty reasonable numbers and pretty reasonable forecast. Good company and management. | 2009-08-07 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 37.210 | Multinational with the ability to work outside of North America because North America is going to have a tough time. It won't get much better until the US sorts itself out. From a technical standpoint it just broke out. | 2009-08-07 | ||
| TOP PICK | Husky Energy | HSE-T | 31.270 | (A Top Pick Aug 1/08. Down 32.2%.) Integrated and it is big. Relatively oily. Have offshore assets. Good management. 3.8% yield. When the earnings come back you'll see the dividend come back. | 2009-08-07 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 17.880 | (A Top Pick Aug 1/08. Down 37.9%.) Gassy but still likes. | 2009-08-07 | ||
| Comment | MagIndustries Corp. | MAA-T | 0.470 | In the small Congo, not the bad Congo. Chinese are in the process of making an offer. If they Buy, the stock will move higher, if not there’s a problem.. | 2009-08-07 | ||
| PAST TOP PICK | Iteration Energy | ITX-T | 1.110 | (A Top Pick Aug 1/08. Down 84.2%.) Gassy. | 2009-08-07 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 34.500 | Reuters people in England have continued to sell the stock and that has been a real drag. Earnings and dividends are okay. He considers this a multinational stock and the world needs the kind of information systems they have. 3.7% yield. | 2009-06-05 | ||
| TOP PICK | BCE Inc. | BCE-T | 24.860 | Likes it under $25. New management. Good yield of about 6%. | 2009-06-05 | ||
| TOP PICK | Husky Energy | HSE-T | 34.450 | Looking for $85 oil by the end of the year. This one is always a little bit under the radar. Doesn't think they are getting the benefit of their Southeast Asia operations. Good yield of 3.5%. | 2009-06-05 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 18.550 | (A Top Pick June 20/08. Down 34.23%.) Good recovery going on. A player in the Montney and he still likes it. Good management. Have hedged so distributions should be okay. | 2009-06-05 | ||
| PAST TOP PICK | Iteration Energy | ITX-T | 1.370 | (A Top Pick June 20/08. Down 84.41%.) Small gas play. Have land in the Montney. Good management. Doesn't have the cash flow to do what they want to do. He is hoping someone will buy the assets or the company. | 2009-06-05 | ||
| PAST TOP PICK | Sherritt International Corp. | S-T | 4.920 | (A Top Pick June 20/08. Down 69.63%.) Went down with all the other mining stocks but the Madagascar political situation is muddier. Likes their situation in Cuba. | 2009-06-05 | ||
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| BUY | Suncor Energy Inc | SU-T | 38.470 | Likes this company especially after their merger with PetroCan (PCA-T). A favourite in the US and if they get back on the roll it will surely drive the stock up. | 2009-06-05 |