| BUY | | Oilexco Inc | OIL-T | 16.690 | Just started buying. Increase in production over the next 12 months will be substantial. Stock hasn't done much, but think it is ready to move along. | 2008-08-01 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil Income Trusts: Revenues have picked up substantially and they have increased payouts. On a long-term basis, he likes Baytex Energy (BTE.UN-T), Freehold Royalty (FRU.UN-T), NAL Oil & Gas (NAE.UN-T). Arc Energy (AET.UN-T) is a little expensive but has one of the best managements. In both the Montney and Bakken areas. | 2008-08-01 | |
| BUY on WEAKNESS | | Baytex Energy Trust | BTE.UN-T | 31.520 | He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize. | 2008-08-01 | |
| BUY on WEAKNESS | | Freehold Royalty Trust | FRU.UN-T | 22.350 | He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize. | 2008-08-01 | |
| BUY on WEAKNESS | | NAL Oil & Gas Trust | NAE.UN-T | 15.230 | He is picking away at trusts he likes and tries to Buy on weakness. Buying for yield. Thinks oil and gas will stabilize. | 2008-08-01 | |
| TOP PICK | | Arc Energy Trust | AET.UN-T | 28.770 | Like sit under $30. Thinks oil and gas will stabilize. This one is in both the Montney and Bakken areas. 11% yield. | 2008-08-01 | |
| DON'T BUY | | Enerplus Resources Fund | ERF.UN-T | 42.460 | He is picking away at trusts he likes and tries to Buy on weakness but would stay away from this one. | 2008-08-01 | |
| HOLD | | Precision Drilling Corp. | PD.UN-T | 23.000 | Has been disappointing. Last year, gas prices went down so drilling slowed. This spring started off slowly and earnings started picking up. Will do well with their bigger rigs on the deep drilling. | 2008-08-01 | |
| DON'T BUY | | Penn West Energy Trust | PWT.UN-T | 30.500 | Not particularly good operators. Ton of undeveloped land. Keeps expecting them to do better. Yield is excellent because of lower stock price, which reflects general disappointment of investors. | 2008-08-01 | |
| BUY | | Barrick Gold | ABX-T | 41.570 | Thinks every portfolio should have 7% to 10% in gold as an offset to declines in the US$. This is an excellent operator. Lots of projects coming on. Good profit margins. | 2008-08-01 | |
| DON'T BUY | | Royal Bank | RY-T | 46.720 | (Preferred Shares) Not have fan of preferred shares. Most of them are perpetual is meaning that once you buy them you are stuck with them. He sees higher interest rate potential down the road. | 2008-08-01 | |
| DON'T BUY | | Ensign Resource Service Group | ESI-T | 21.030 | Had a poor spring. Earnings seemed to be coming along. They are more active in the US. Thinks the royalty increase in Alberta hurt them. Still sitting with a lot of rigs on the shelf. | 2008-08-01 | |
| Comment | | SNC-Lavalin Group Inc. | SNC-T | 55.020 | Excellent stock. Long-term growth situation. There is a need for big projects globally, which these guys are good at. Is hoping to buy at around $50. | 2008-08-01 | |
| BUY on WEAKNESS | | Power Corp | POW-T | 31.430 | Used to be one of his favourites. Got caught in the tremendous downdraft with the rest of the financials. Long-term history is excellent. | 2008-08-01 | |
| TOP PICK | | Husky Energy | HSE-T | 46.120 | 4% yield. Will be debt free by the 3rd quarter and will probably pay a special dividend. Did a deal with BP on refineries, which is accretive. | 2008-08-01 | |
| TOP PICK | | Iteration Energy | ITX-T | 7.010 | Experienced management. 164 sections in the Montne. Have 650,000 undeveloped acres. If production increases come through in 09, they will be about 25%-30%. Speculative. | 2008-08-01 | |
| SELL | | Loblaws | L-T | 28.990 | Still doesn't like this one. Fighting with Wal-Mart. It will be a long turn around. | 2008-08-01 | |
| DON'T BUY | | Western Canadian Coal Corp. | WTN-T | 10.800 | Company is up for sale and expects it will get taken out. Very volatile situation. If you own, you could hang around and hope to get a better price. | 2008-06-20 | |
| BUY | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 88.790 | Just increased their payout. Yields about 11%. Should have more upside. | 2008-06-20 | |
| SELL | | Suncor Energy Inc | SU-T | 61.820 | Not a super fan of this one, but still represents good value. Got a little bit chased by US investors. You can get other Canadian oil companies cheaper and he would be tempted to switch. This is purely oil and he likes something with a bit of a mix of oil and gas. | 2008-06-20 | |
| BUY | | Husky Energy | HSE-T | 47.610 | Integrated. Pretty good yield at 3%. A good buy under $50. No one pays attention to their Chinese assets in the China Sea where they has some excellent drilling prospects. | 2008-06-20 | |
| BUY | | Potash Corp of Saskatchewan | POT-T | 233.650 | Have significant resources. Expect they will make huge amounts of money if potash prices continue strong. Floods in the US have washed away existing potash so they will have to add more. | 2008-06-20 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 39.850 | One of the largest Bakken players. Experienced management. | 2008-06-20 | |
| BUY | | Oilexco Inc | OIL-T | 17.650 | A North Sea play. Have some real talent in terms of lining up their drilling. Production went flat and the stock has sort of gone flat itself. Thinks it is probably ready to take another run. | 2008-06-20 | |
| WATCH | | Hudbay Minerals Inc. | HBM-T | 14.790 | Major zinc producer but also produce lots of copper. Zinc prices have gone down the tube. Feels the price of zinc will come back. Very low multiple. If it bounces off its previous low, take a run at it. Have significant reserves. Perfect takeover for someone. | 2008-06-20 | |
| DON'T BUY | | General Motors Corporation | GM-N | 13.790 | Dividends of over 7% but you have to be very careful about it. He doesn't see the earnings come along and the dividend could be cut. Not a fan of the North American auto industry. | 2008-06-20 | |
| TOP PICK | | Arc Energy Trust | AET.UN-T | 31.000 | Distribution of over 9%. Gas people are just making money hand over fist. This company is one of the best in the industry. Also have 140 sections in the Montney, which gives them some long-term hits. Expect distributions will be increased. | 2008-06-20 | |
| TOP PICK | | Iteration Energy | ITX-T | 8.850 | 21,000 barrels a day. Good management. 650,000 undeveloped acres and 164 sections in the Montney. | 2008-06-20 | |
| TOP PICK | | Sherrit | S-T | 16.600 | Produce 30,000 barrels a day in Cuba. Crappy oil but there is tremendous potential. Expects the new Democratic government in the US could ease restrictions. Largest producer of thermal coal in Canada. Low multiple. | 2008-06-20 | |
| BUY | | Talisman Energy | TLM-T | 22.280 | Under new management. New strategy of unconventional production and are into the eastern shales in Quebec. Cheap. | 2008-06-20 | |
| TOP PICK | | Husky Energy | HSE-T | 44.800 | For people who want to own a large integrated, this is probably the best of the lot at the moment. Trades at a lower multiple than either Imperial Oil (IMO-T) or Suncor (SU-T). Good set of diversified assets. 3.5% yield. | 2008-04-24 | |
| TOP PICK | | Power Financial Corp | PWF-T | 36.620 | A multiplicity of assets. Sold off with the rest of the financials. Good European exposure. 3.5% yield. Recent of all PE at around 13X. | 2008-04-24 | |
| TOP PICK | | Iteration Energy | ITX-T | 6.940 | Acquired Cyries Energy and a lot of these people have come across. Stock has had a good bounce recently. 650 net acres of undeveloped land. | 2008-04-24 | |
| PAST TOP PICK | | Cyries Energy Inc | CYS-T | 9.680 | (A Top Pick Mar 3/07. Down 8%.) Got caught in the decline of gas last year. Has been acquired by Iteration Energy (ITX-T). | 2008-04-24 | |
| PAST TOP PICK | | Encana Corp | ECA-T | 81.260 | (A Top Pick Mar 3/07. Up 53%.) Has had a heck of a run and he has been taking some profits. PE multiples have got a little high. Great company and well managed. | 2008-04-24 | |
| PAST TOP PICK | | Talisman Energy | TLM-T | 20.440 | (A Top Pick Mar 3/07. Up 14%.) Well run company. Good diversification of assets. Still under priced. | 2008-04-24 | |
| SELL | | Paramount Resources | POU-T | 18.250 | This has not been one of his favourites. This company has had mixed results over time. Their asset base looks good, but the actual carrying on to fruition on some projects has been pretty spotty. There are better places to go. | 2008-04-24 | |
| DON'T BUY | | Falcon Oil & Gas | FO-X | 1.130 | A very risky stock. Anytime you get into the political never-never land, you want to go elsewhere. | 2008-04-24 | |
| BUY | | Connacher Oil and Gas | CLL-T | 3.900 | Had a very good run. Managed to get into the tar sands and have good prospects there. Probably in a buying range. Good management. | 2008-04-24 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 44.290 | Good long-term holding. Continues to increase payouts and production. Good assets and good management. | 2008-04-24 | |
| HOLD | | UTS Energy | UTS-T | 5.260 | This is the tar sands stock. Likes it. Quite volatile. A little bit over the horizon in terms of earnings flow but every month that goes by they are getting closer. A good Hold and in the dips down under $5, it is definitely a buy. | 2008-04-24 | |
| DON'T BUY | | Suncor Energy | SU-N | 112.770 | Basically a tar sands company. However, it is an integrated and does have gas stations. Americans really like it but he finds it expensive at 18X. Would consider buying at under $100. | 2008-04-24 | |
| PARTIAL SELL | | Petro-Can | PCA-T | 49.460 | Looking at a year coming up where production will probably be down. Excellent assets. Had a good bounce recently and you could probably lighten up on the stock at around this price. Production is not growing. | 2008-04-24 | |
| BUY | | Agnico-Eagle Mines | AEM-T | 62.260 | Copper price doesn't have a huge amount of downside right now and at levels that is making excellent margins. Really hard to find a pure copper play these days. This one almost trades like a gold play because of its big gold content. | 2008-04-24 | |
| Comment | | Hudbay Minerals Inc. | HBM-T | 19.350 | Copper price doesn't have a huge amount of downside right now and at levels that is making excellent margins. You could go into this one for the copper, but it is mainly into zinc. Very hard to find a pure copper play these days. | 2008-04-24 | |
| HOLD | | BCE Inc. | BCE-T | 37.570 | Had his doubts about this one, but the cards keep falling in order and they seem to have got past the various hurdles. One concern he still has is the credit situation and whether they are going to get the money out of their US partners or not. | 2008-04-24 | |
| BUY | | Precision Drilling Corp. | PD.UN-T | 24.370 | Well run company and lots of assets. Wouldn't be surprised if they convert back to a corporation. There is significant turnaround in the fortunes of the oil/gas drillers out west as gas prices have come up. The companies that have the equipment to do the deep drilling are going to do very well. | 2008-04-24 | |
| BUY | | Opti Canada Inc. | OPC-T | 19.410 | Tar sands extraction. Well run company. Good equipment. A nice hold for the next couple of years. | 2008-04-24 | |
| BUY | | Duvernay Oil Corp | DDV-T | 46.970 | Very gassy with a good record. A little expensive now but could run. Into the shale gas in a new area of Montne B.C. | 2008-04-24 | |
| SELL | | Bombardier Inc (B) | BBD.B-T | 6.510 | This is probably a trading stock. You might consider selling it at its current price and try to buy it back closer to $5. Good company with lots of clients and lots of business in the train area but the margins are whisker thin. The plane area is sort of perking up. | 2008-04-24 | |
| BUY | | Canadian Natural Rsrcs | CNQ-T | 83.250 | Has been looking at this one recently. Trading at a big discount to its peers. Had a big bounce, but it is still cheaper than a number of the other majors. Looking for a big increase in production particularly as you get closer to 2010. | 2008-04-24 | |
| HOLD | | Petrobank Energy and Resources | PBG-T | 48.580 | Have some excellent properties in Colombia that gave the stock a boost. He is always a little dubious about offshore stuff. They do have some assets in the Bakken play in Saskatchewan, which is looking very successful as well as Montana and Wyoming. Also have the White Sands, which is heavy oil. | 2008-04-24 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 30.690 | Recently made some good acquisitions. His big disappointment with this one is that they have about 5 million acres of undeveloped land and never seemed to be that good at finding oil. Pays a good return of about 12%. | 2008-04-24 | |
| BUY | | Exxon Mobil | XOM-N | 92.600 | (Market Call Minute.) Recent results where excellent. | 2008-04-24 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 47.180 | (Market Call Minute.) Doesn't think we are going to have the decline in zinc and copper prices that the market has built in. | 2008-04-24 | |
| HOLD | | Arc Energy Trust | AET.UN-T | 26.150 | (Market Call Minute.) Likes the stock. Has had a pretty good run. | 2008-04-24 | |
| HOLD | | Enbridge | ENB-T | 42.400 | (Market Call Minute.) Looks a little expensive here. | 2008-04-24 | |
| HOLD | | Pearl Exploration and Production | PXX-X | 1.850 | (Market Call Minute.) He is having another hard look at the stock but for the moment he is continuing to Hold. | 2008-04-24 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil Shell Extraction: Oil shells are prevalent throughout North America. These are about as tight a formation as you can get. Have now developed a new technique, part of which is horizontal drilling and major fraqing. | 2008-02-08 | |
| DON'T BUY | | Petro-Can | PCA-T | 44.260 | A lot of the oil stocks deserve higher multiples than the market is giving them. This one is not his favourite. He didn't like their most recent numbers. | 2008-02-08 | |
| HOLD | | Talisman Energy | TLM-T | 15.540 | 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 | |
| TOP PICK | | Husky Energy | HSE-T | 39.870 | Didn't like some of the numbers that recently came out, but does like the 3% dividend. Over the last 5 years they have had the best performance on a per-share basis of the any of the integrated companies. | 2008-02-08 | |
| BUY on WEAKNESS | | UTS Energy | UTS-T | 5.670 | Anytime it gets under $5, you can load up on this stock. He might revise this upwards in the next few months, as they are getting closer to the payoff time. Great properties and good partners. Good long-term investment. | 2008-02-08 | |
| BUY | | Corridor Resources Inc | CDH-T | 5.930 | A junior oil and are doing very well. They are tied into a pipeline and producing gas. Have some extremely good shale property in New Brunswick. | 2008-02-08 | |
| DON'T BUY | | Canadian Imperial Bank of Commerce | CM-T | 67.470 | If you are going to buy a bank, there are better choices. Wouldn't be surprised to see this one go lower. Still some potential problems. | 2008-02-08 | |
| TOP PICK | | Teck Cominco Ltd. (B) | TCK.B-T | 34.730 | The largest Canadian base metals mining company. Has copper, lead, zinc and coal. Trading at a multiple of 6.7X and pays a dividend. As lots of cash. | 2008-02-08 | |
| TOP PICK | | Barrick Gold | ABX-T | 49.840 | Biggest gold company in the world. Have lots of mines globally. Getting into a part of the cycle where their production is in a pretty good upswing. Gold is a good place to have some investments. | 2008-02-08 | |
| HOLD | | Cyries Energy Inc | CYS-T | 8.450 | Merging with Iteration Energy (ITX-T), which is a good move. The new company is a better one than the 2 parts. Solves a bit of the debt problem. | 2008-02-08 | |
| BUY on WEAKNESS | | Calvalley Petroleum Inc (A) | CVI.A-T | 4.400 | Have some good oil properties in Yemen. He sees no reason why it should have sold off recently. They are working on their pipeline. Everything is slow because of bureaucracy. Definitely a buy under the $4.25 range. | 2008-02-08 | |
| TOP PICK | | Husky Energy | HSE-T | 43.610 | Likes the recent partnership deal with BP of sharing oil sands in exchange for refinery capacity in Toledo. Also have some good prospects in southeast Asia. Has a good yield. | 2007-12-21 | |
| TOP PICK | | Fortis Inc. | FTS-T | 28.950 | One of the best utility managements in Canada. Has the feeling that they are just about set to roll again. Yield of 3.5% is not bad. | 2007-12-21 | |
| TOP PICK | | Goldcorp Inc | G-T | 32.080 | Things are starting to pay off. Have increases in production. Unhedged. Have a lot of good assets. | 2007-12-21 | |
| PAST TOP PICK | | Petro-Can | PCA-T | 51.620 | (A Past Top Pick Dec 27/06. Up 6.9%.) Not as enthused as he was last year. 08 looks more like a “ho hum” kind of year. Took some profits and switched to integrateds, Husky Energy (HSE-T). | 2007-12-21 | |
| PAST TOP PICK | | SNC-Lavalin Group Inc. | SNC-T | 48.690 | (A Past Top Pick Dec 27/06. Up 52.1%.) Multiples got a little bit high so he took some profits. Still likes the area but the stock is a little bit expensive. | 2007-12-21 | |
| PAST TOP PICK | | Cyries Energy Inc | CYS-T | 6.010 | (A Past Top Pick Dec 27/06. Down 53.7%.) A well run small cap, but gassy. Hasn't sold any of his shares. Still has the potential to recover. | 2007-12-21 | |
| WAIT | | Canadian National R.R. | CNR-T | 46.640 | Canadian National (CNR-T) and Canadian Pacific (CP-T) are economy stocks. People are worried about the economic progress in 08 and into 09. This one is probably more exposed because they are more south of the border. Could drop further, closer to $40. | 2007-12-21 | |
| WAIT | | Canadian Pacific Rail | CP-T | 64.020 | Canadian National (CNR-T) and Canadian Pacific (CP-T) are economy stocks. People are worried about the economic progress in 08 and into 09. | 2007-12-21 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: - Problems for the financials are still not over. The shoes keep dropping. There's more bad news coming. Might be better in 6 months. | 2007-12-21 | |
| BUY | | CHC Helicopters (A) | FLY.A-T | 24.000 | An international stock. A lot of their business is related to oil. Recent numbers have shown an improvement. A well-run company and a great reputation. | 2007-12-21 | |
| Comment | | Encana Corp | ECA-T | 67.570 | Is finally giving some positive returns. Has always been positive on this company. Fairly gassy. Drilling in the US with some good results. Reasonably priced. Anything over $68 and he might do some profit taking. | 2007-12-21 | |
| HOLD | | Mullen Group Income Fund | MTL.UN-T | 16.470 | Got hit in October/07 with the government changes and then got hit with a pullback in the oil services side. We are probably at the worst part of the servicing cycle. A well-run company. 11% distribution, which is safe. | 2007-12-21 | |
| WAIT | | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 69.090 | Technically, it looks like it has a pretty well established downtrend. Would wait until it hits bottom. | 2007-12-21 | |
| BUY on WEAKNESS | | Tim Hortons | THI-T | 37.500 | Likes what they're doing in the US. Earnings continue to grow. Relatively low yield, so consider it as a more aggressive stock, but on a long-term basis it is certainly a Hold. | 2007-12-21 | |
| Comment | | Canadian Imperial Bank of Commerce | CM-T | 71.350 | Have also had problems in the past, which indicates the need to look at what a company has done in the past and what its record has been. | 2007-12-21 | |
| HOLD | | Harvest Energy Trust | HTE.UN-T | 20.400 | Market is beating up on the units because it is anticipating a cut in distribution. Likes their refinery, which is their major asset in the Maritimes. Recently, spreads on refining have narrowed significantly but he thinks they are going to open up again. There is a shortage of refining space in North America and this is strategically placed. 18% yield. | 2007-12-21 | |
| Comment | | Precision Drilling Corp. | PD.UN-T | 15.100 | The extra $.40 they paid was a surprise. On a cash flow basis they are in good shape. Has dropped because of tax loss selling. Looking pretty good at this point in time. | 2007-12-21 | |
| SELL | | Nexen Inc | NXY-T | 31.970 | Not one of his favourites. He would be inclined to do a switch. Doesn't see a lot of excitement in 08 on the production side. | 2007-12-21 | |
| BUY | | Barrick Gold | ABX-T | 38.620 | Sees gold going higher and could be $900. Partially due to a weak US$ and partially because of the potential for inflation. Well-run company. | 2007-12-21 | |
| BUY | | Sherrit | S-T | 12.850 | Has come down quite sharply and is in a Buy zone. Well-run company. A commodity company so has suffered with some of the sell off. | 2007-12-21 | |
| BUY | | Manulife Financial | MFC-T | 39.970 | Did very well but got ahead of itself. Now back into a Buying range. Well-run company. Making great strides in the Far East. | 2007-12-21 | |
| SELL | | Bank of Montreal | BMO-T | 55.690 | (Market Call Minute.) Not sure what they may have in their back pocket. | 2007-12-21 | |
| BUY | | Hudbay Minerals Inc. | HBM-T | 19.380 | (Market Call Minute.) Doesn't believe the commodities are out of the picture yet. | 2007-12-21 | |
| BUY | | Talisman Energy | TLM-T | 18.020 | (Market Call Minute.) Thinks this company could disappear into BP in the next year and a half. | 2007-12-21 | |
| BUY | | Manitoba Telecom Services | MBT-T | 46.300 | (Market Call Minute.) Safe. | 2007-12-21 | |
| BUY | | Bombardier Inc (B) | BBD.B-T | 6.020 | (Market Call Minute.) More on the Buy side than on the Sell side. | 2007-12-21 | |
| DON'T BUY | | Duvernay Oil Corp | DDV-T | 28.110 | (Market Call Minute.) He is staying away from the small caps until the dust settles. | 2007-12-21 | |
| DON'T BUY | | Nexen Inc | NXY-T | 29.080 | Not his favourite at the moment. Have cut way back on their capX. Their production in Yemen and the North Sea backed off last year. In a relatively low growth period. You would be better with Canadian Natural Resources (CNQ-T) or if you feel positive about natural gas, look at one of the big gas producers. | 2007-12-07 | |
| Comment | | Canetic Resources Trust | CNE.UN-T | 13.860 | Merging with Penn West Energy (PWT.UN-T). Penn West is one of the better companies and has a huge supply of undeveloped land. These mergers are very positive, as there is economy of scale. | 2007-12-07 | |
| BUY | | Husky Energy | HSE-T | 42.470 | Has swapped half of its oil sands project for British Petroleum's Toledo refinery. Thinks this was a brilliant move. Thinks they will get immediate cash flow out of the refinery. Dividend of more than 3%. | 2007-12-07 | |
| SELL | | Nortel | NT-T | 16.990 | Still doesn't see the company having the wherewithal to climb back into the position it once was. Doesn't think they have the research capability to match the demands that are coming out of the industry. A no growth situation. | 2007-12-07 | |
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