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| Dean Orrico of Middlefield Capital Corp. |
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| TOP PICK | Nuvista Energy Ltd | NVA-T | 11.640 | 28,000 BOE a day, almost 75% gas of which about half is coming out of the deep basin. Good production growth. Just initiated a 1.7% dividend, which could be increased if gas prices go where he thinks they can go, | 2010-06-17 | ||
| TOP PICK | Arc Energy Trust | AET.UN-T | 21.600 | About 55% gas, which will go to about 65% as a result of an acquisition of Storm Exploration (SEO-T). One of the first players to move into the Montney Shale formation. 5.5% yield that he expects will not change when they convert to a Corp. | 2010-06-17 | ||
| TOP PICK | Bonavista Energy Trust | BNP.UN-T | 25.550 | As a result of acquisitions in the last few years are increasing their gas exposure. Production growth will be very significant. Management owns 15%. 7.8% distribution. | 2010-06-17 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 28.780 | (A Top Pick July 23/09. Up 10.44%.) Great company to own. | 2010-06-17 | ||
| PAST TOP PICK | Bonterra Energy Corp | BNE-T | 34.780 | (A Top Pick July 23/09. Up 67.48%.) Great company to own. | 2010-06-17 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 35.610 | (A Top Pick July 23/09. Up 14.82%.) Great company to own. | 2010-06-17 | ||
| BUY | Daylight Resources Trust | DAY-T | 10.170 | At this price range, you are getting a very competitive distribution. He is forecasting a strengthening in gas prices over the next 6-12 months and the stock should perform fairly well. Has some exposure to Cardium oil. | 2010-06-17 | ||
| BUY | NAL Oil & Gas Trust | NAE.UN-T | 11.400 | Mid-tier, mid-quality trust. In partnership with ManuLife (MFC-T) and feels this relationship will continue. Stock had a lift recently because of the Cardium light oil play, but this is still a “show me” situation on how the drilling technology plays out. Well run and conservatively managed. 9.6% yield will probably have a modest cut. | 2010-06-17 | ||
| DON'T BUY | Connacher Oil and Gas | CLL-T | 1.420 | Basically heavy oil. Production is looking to be ramping up but would prefer other names. Have had challenges. | 2010-06-17 | ||
| DON'T BUY | Bird Construction Income Fund | BDT.UN-T | 32.090 | Has been either side of $30 for the last 6-9 months. Exposure to a pretty cyclical industry but are a major player out West. Given the build out in infrastructure in Western Canada, they're well positioned but a lot of this is priced into the stock. Distribution is relatively safe but doesn't see much upside. | 2010-06-17 | ||
| BUY | Mullen Group Ltd | MTL-T | 14.920 | Trucking and well completion services. Pre-eminent logistics player on oil sands. Expected them to make acquisitions by this time. Long-term, great company to own. 3.4% yield. | 2010-06-17 | ||
| Comment | Horizon North Logistics | HNL-T | 1.650 | Well pad and living services for remote locations that are focused on oil sands operations. Longer term, this will be a great business but has had challenges shorter-term. | 2010-06-17 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural gas. Feels prices will go substantially higher. Headlines would indicate that we have a natural abundance from shale as far as the eye can see. However looking at the supply of gas today, particularly US, only 13% comes from shale and over half is from the Barnett shale, which saw peak production about a year ago. Only 6% of the 13% is actually growing, nowhere near enough to offset the declines from the other 87%. Questions if the EIA is supplying accurate data on supply. Looking for $8 gas over the next 6-12 months. | 2010-06-17 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil. World is operating in 80 million barrels a day of production. Gulf spill of 60,000 barrels a day doesn't move the needle too much as far as what the price should be. Expect it will become much more costly to drill offshore and that will position Canada very well because we have the 2nd highest reserves globally, in the tar sands. | 2010-06-17 | ||
| SELL | Penn West Energy Trust | PWT.UN-T | 21.330 | China Investment Corp. made an investment, spending over $300 million in Peace River Arch area to bring it into production for 45% of production. (Penn West gets 55% at no cost.) Also, CIC has bought a 5% interest in Penn West. Thinks this will be a long-term trend. Putting disparate pieces together in their more conventional assets has been a challenge. Just announced a cut in distributions. If you own for income, there are better opportunities. | 2010-06-17 | ||
| DON'T BUY | Boralex Power Income Fund | BPT.UN-T | 4.630 | A power trust, basically biomass and Hydro. Hasn't been that keen on power trusts because it has been very difficult for them to grow through acquisitions. Feedstock from Quebec sawmills for the biomass has been a lot less in the last few years because of the economy. | 2010-06-17 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Alberta oil sands. Medium to long-term, a very attractive area to invest in. 180 billion barrels of proven reserves, 2nd only to Saudi Arabia. Most production currently is from Suncor (SU-T) and Syncrude but there are some emerging players like Cenovus (CVE-T) that are bringing some SAGD technology and this is where real production growth is going to come from. | 2010-06-17 | ||
| TOP PICK | Encana Corp | ECA-T | 31.470 | (A Top Pick July 234/09.) Gas. If you are going to be in a commodity that is under priced and is going to have a big move, you want to be in ones that are big and liquid. Reasonable valuation. | 2010-04-16 | ||
| TOP PICK | Arc Energy Trust | AET.UN-T | 21.470 | One of the best management teams in the energy sector. Only about 50% gas but will be closer to 60% in 12 months. Attractive valuation. | 2010-04-16 | ||
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| TOP PICK | Nuvista Energy Ltd | NVA-T | 12.340 | 70%+ gas. Trading around 5X cash flow. Cash flow is using about a $5-$5.50 gas price. Very well run. | 2010-04-16 | ||
| PAST TOP PICK | Bonterra Energy Corp | BNE-T | 38.180 | (A Top Pick July 23/09. Up 73.22%.) | 2010-04-16 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 30.280 | (A Top Pick July 23/09. Up 10.9% excluding distributions.) | 2010-04-16 | ||
| STRONG BUY | Athabaska Oil Sands Corp | ATH-T | 13.850 | An IPO that has been mismanaged by the investment bankers. Good company. Undervalued. | 2010-04-16 | ||
| BUY | Cenovus Energy | CVE-T | 29.160 | Very high quality company. | 2010-04-16 | ||
| BUY on WEAKNESS | PetroBakken Energy | PBN-T | 26.740 | Dominant position in the Bakken light oil play in Saskatchewan. His preference in this area would be Crescent Point (CPG-T). Both companies are fully valued but growth prospects and track record for Crescent Point is better as well as getting a yield. | 2010-04-16 | ||
| Comment | Crescent Point Energy Corp | CPG-T | 39.980 | Trades at a premium valuation. He would like to see them back fill that valuation by proving out the reserves that they have acquired. Dominant position in the Bakken and now in the lower Shaunavon and the Viking. | 2010-04-16 | ||
| STRONG BUY | Bonavista Energy Trust | BNP.UN-T | 23.770 | Very well run. Management owns almost 20%. Made a major acquisition from Talisman (TLM-T) that will really position them to grow. Gas weighted. | 2010-04-16 | ||
| Comment | Yellow Pages Income Fund | YLO.UN-T | 6.450 | Looking at converting to a corporation. Successfully refinanced some of its debt. People are using less and less telephone directories and the jury is still out on how well they transition to digital. Reasonably priced and getting pretty good yield. | 2010-04-16 | ||
| HOLD | NAL Oil & Gas Trust | NAE.UN-T | 12.700 | Good, mid tier, steady player. With a resurgence of the Cardium/Pembina light oil play, they have a strong position. | 2010-04-16 | ||
| DON'T BUY | Fairborne Energy Ltd. | FEL-T | 4.110 | Has been disappointing over time. Management has made promises that they couldn't keep. If you want exposure to natural gas, there are better ways to do it. | 2010-04-16 | ||
| TOP PICK | Bonavista Energy Trust | BNP.UN-T | 23.850 | About 60% gas. Made a large acquisition last year. Management owns about 15%. Relatively low costs. 7%-8% yield plus growth. Also have exposure to the cardium play in Alberta. Should see some real growth over time. | 2010-01-20 | ||
| TOP PICK | Mullen Group Ltd | MTL-T | 16.610 | Dominant player in the oil field services in Alberta. A lot of oil sands infrastructure projects getting back on the rails is a plus for them. | 2010-01-20 | ||
| TOP PICK | Just Energy Income Fund | JE.UN-T | 14.050 | Expanded into the US, which he thinks will be successful. Expects distributions will be maintained and once they convert to a corp, US investors will start looking more closely at it. | 2010-01-20 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 21.650 | (A Top Pick Feb 6/09. Up 9.47%.) Still a buy. | 2010-01-20 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 35.390 | (A Top Pick Feb 6/09. Up 20.7%.) Still a buy. | 2010-01-20 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 29.480 | (A Top Pick Feb 6/09. Up 42.78%.) Still a buy. | 2010-01-20 | ||
| HOLD | NAL Oil & Gas Trust | NAE.UN-T | 14.280 | A good “steady Eddie” type of name and has good backing by ManuLife (MFC-T). 8%-9% yield. Reasonable valuation. There may be some reduction in distributions in 2011 but it will be modest. Significant position in the Cardium formation in central Alberta. | 2010-01-20 | ||
| HOLD | Penn West Energy Trust | PWT.UN-T | 18.960 | Hasn't participated in oil/gas trust prices like its peers. Consolidation story, which you have to be sceptical about because of the integration of assets that are needed. Still a “show me” story. | 2010-01-20 | ||
| DON'T BUY | Rogers Sugar Income Fund | RSI.UN-T | 4.960 | Volatility in distributions through the years. Great performer in the last year because sugar prices have doubled. If you want a holding that gives steady income with some growth there are better places to be. | 2010-01-20 | ||
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| BUY | Labrador Iron Ore | LIF.UN-T | 48.500 | Great company because it truly is a royalty play. Has exposure to Iron Ore Company with both an equity and royalty interest. He believes iron ore prices are going to be strong. Just a matter of time before Rio Tinto (RTP-N) takes them out. | 2010-01-20 | ||
| BUY | Nuvista Energy Ltd | NVA-T | 11.970 | Gas weighted. Fairly well run. You own this one for growth, not income. | 2010-01-20 | ||
| BUY on WEAKNESS | Fort Chicago Energy Partners | FCE.UN-T | 10.250 | Energy infrastructure. Has interest in Alliance Pipeline, which ships gas from Western Canada. Also has a natural gas liquids extraction facility. Yields about 9%. Fully valued. Try to buy in the $9 range. | 2010-01-20 | ||
| BUY | Yellow Pages Income Fund | YLO.UN-T | 5.340 | Sentiment is a big headwind for this company because of fewer people using Yellow Pages. Healthy 15% yield that he thinks can be maintained for 2010 giving you a good cushion against any downward move in the price. Trades in a range of $5 to a little over $6 so treat as a trading stock. | 2010-01-20 | ||
| HOLD | Crescent Point Energy Corp | CPG-T | 39.450 | Has gained a dominant position in the late oil in the Bakkens. Fully valued. Would like to see it grow into its valuation by proving out its assets that it acquired. Competent in management's ability. | 2010-01-20 | ||
| TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 27.390 | Most of their CapX is behind them. Have unhedged exposure to higher oil prices. Management announced costs per barrel are going to be higher. When they report July 27 should be a really good entry point. | 2009-07-23 | ||
| TOP PICK | Bonterra Energy Corp | BNE-T | 21.880 | About 68% oil. Very solid dividend. Management owns a lot of the stock. Low payout ratio. Good balance sheet. | 2009-07-23 | ||
| TOP PICK | Encana Corp | ECA-T | 59.080 | 80% natural gas. This is a name to own for exposure to natural gas. Have done a good job reducing costs. | 2009-07-23 | ||
| PAST TOP PICK | Canadian Natural Rsrcs | CNQ-T | 63.680 | (A Top Pick Nov 13/08. Up 24.58%.) Successful in bringing their Horizon project online. A lot of gas exposure has been holding it back. Still a Buy. | 2009-07-23 | ||
| PAST TOP PICK | Crescent Point Energy Corp | CPG-T | 35.490 | (A Top Pick Nov 13/08. Up 44.66%.) Just converted to a corporation but with no change in dividend. Should be a core name in your portfolio but wait for a pullback before Buying. | 2009-07-23 | ||
| PAST TOP PICK | Arc Energy Trust | AET.UN-T | 17.400 | (A Top Pick Nov 13/08. Down 7.22%.) About 50% gas. One of the leading players in the Montney shale in northeast BC. Good pipeline of drilling opportunities. Buy. | 2009-07-23 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil: Looking for oil to reach $80-$85 by the end of the year. Doesn't think that equity prices are discounting higher oil prices. | 2009-07-23 | ||
| WEAK BUY | Penn West Energy Trust | PWT.UN-T | 14.450 | Has been very acquisitive over the last few years and are still having some challenges integrating. Very large company to be able to make any growth through a specific play. If looking to participate in higher oil/gas prices, there are better names for greater leverage. 12.5% yield could possibly be cut. | 2009-07-23 | ||
| STRONG BUY | Bonavista Energy Trust | BNP.UN-T | 17.290 | One of the top management teams. Recently acquired $700 million of primarily gas assets from Encana (ECA-T), which will really propel them into a new direction. | 2009-07-23 | ||
| STRONG BUY | Suncor Energy Inc | SU-T | 36.700 | Just reported and showed higher costs in production. With the acquisition of PetroCanada (PCA-T) and their oil sands assets and the unused upgrading capacity this is going to be a great place to be in the long-term. | 2009-07-23 | ||
| PARTIAL BUY | Perpetual Energy | PMT-T | 4.300 | Gas weighted. Well run. Short reserve life is a bit of an issue. Well capitalized. 13.9% distribution is in good shape. Has been slowly adding this one to his portfolio. | 2009-07-23 | ||
| BUY | Baytex Energy Trust | BTE.UN-T | 21.650 | Heavy oil weighted. Differentials have coming in nicely over the last little while and are close to 15%-20%. | 2009-07-23 | ||
| BUY | TriStar Oil & Gas | TOG-T | 11.720 | In the Bakken play in Saskatchewan. This area could see some consolidations. Good leverage to oil. | 2009-07-23 | ||
| WAIT | Cathedral Energy Services Income Trust | CET-T | 3.620 | Drilling business in Canada is very correlated with where natural gas prices are. Given that gas prices are likely to pick up late this year and into next year, the best way to play this is by owning gas producers rather than the drillers. Good name. | 2009-07-23 | ||
| HOLD | NAL Oil & Gas Trust | NAE.UN-T | 9.540 | Mid-tier, kind of Steady Eddie type of player. There will be huge catalysts to drive it a lot higher but conservatively run and strong relationship with ManuLife (MFC-T) doing a lot of joint ventures on a lot of asset packages. 11.3% yield. | 2009-07-23 | ||
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| BUY | Parkland Income Fund | PKI.UN-T | 10.170 | Major asset position in service stations in Alberta. If you’re looking for names to provide you with steady income this would be one. If you're looking for growth this wouldn't be a first choice. | 2009-07-23 | ||
| Comment | Talisman Energy | TLM-T | 17.240 | Has been undergoing a transition under new management. Disposing of some questionable assets globally and focusing more on the unconventional side. Some concerns on them getting into some of their unconventional plays at the top of the market. | 2009-07-23 | ||
| WEAK BUY | Pengrowth Energy Trust | PGF.UN-T | 25.300 | Have been transitioning to be more operationally/technically focused. Has helped them in growing production and allowed them to avoid making an acquisition just for the sake of making inaccurate edition. Wouldn't be one of his top holdings. | 2009-07-23 | ||
| HOLD | Daylight Resources Trust | DAY-T | 8.050 | Gas weighted. Shorter reserve life but very good balance sheet. Very low payout ratio so distribution should be sustainable. Good prospects to grow production. 11.9% distribution. | 2009-07-23 | ||
| TOP PICK | Arc Energy Trust | AET.UN-T | 16.020 | Recently raised $250 million to shore up its balance sheet. Dominant player in the Montney greater Dawson area. Cut distributions a number of times over the last 4 or 5 months. There is probably a good base of distributions. | 2009-02-06 | ||
| TOP PICK | Encana Corp | ECA-T | 56.310 | Dominant player in the unconventional gas area. Has a good footprint in the Canadian oil sands. Low steam/oil ratios expected. Relatively low operating costs. | 2009-02-06 | ||
| TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 21.010 | Cut distributions recently by about 80% so this should position it very well to take advantage of a doubling of oil prices this year. | 2009-02-06 | ||
| PAST TOP PICK | Crescent Point Energy Corp | CPG-T | 23.000 | (A Top Pick Jan 29/08. Up 3.6%.) Dominant player in the light oil Bakken Bock and play in south-east Saskatchewan. Management feels they can maintain distribution at these prices. Active hedgers. Relatively low debt to cash flow. | 2009-02-06 | ||
| PAST TOP PICK | Vermilion Energy Trust | VET.UN-T | 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 | ||
| PAST TOP PICK | Zargon Energy Trust | ZAR.UN-T | 15.570 | (A Top Pick Jan 29/08. Down 12.6%.) Will probably see a relatively stable level of distributions. Assuming there is an improvement in the capital/credit markets; you could see a take-out at a 25%-30% premium. | 2009-02-06 | ||
| HOLD | NAL Oil & Gas Trust | NAE.UN-T | 7.900 | Mid-tier average quality name. Cut distributions earlier this year. Fairly good shape and provides a pretty good up front yield. Have a very strong partnership with ManuLife (MFC-T) for me king acquisitions. 17% yield. | 2009-02-06 | ||
| Comment | Noranda Income Fund | NIF.UN-T | 4.690 | Zinc processor. Yield of about 22% and he is currently assessing this. | 2009-02-06 | ||
| Comment | Trans Canada Corp | TRP-T | 33.820 | Historically viewed as a defensive stock. As being a bit more growth oriented recently. Expanding organically through the Keystone Pipeline. May eventually see the McKenzie Valley pipeline being built. Just increased dividends. | 2009-02-06 | ||
| Comment | Talisman Energy | TLM-T | 12.810 | For years it has been a “show me” story. Company continues to be transitioning under new management. Trying to become an unconventional gas play. | 2009-02-06 | ||
| DON'T BUY | Penn West Energy Trust | PWT.UN-T | 13.940 | Think they are going to have headwinds on both short-term and long-term aspects. Recently raised some money but not all that issue has he sold. Very few institutions participated. Struggling to replace production. Distributions are too high. | 2009-02-06 | ||
| Comment | HBP NYMEX Oil Bull+ E.T.F. | HOU-T | 7.110 | ETF that provides twice on the upside (and downside!) and will give you a lot more torque. Depends on how much risk you really want to take. Would prefer an oil company. | 2009-02-06 | ||
| DON'T BUY | Harvest Energy Trust | HTE.UN-T | 9.420 | 38.8% yield, which he expects will be cut. Not only a producer but bought a refinery, which is probably one of the worst businesses you could get into. | 2009-02-06 | ||
| HOLD | H&R Real Estate Inv Trust | HR.UN-T | 8.010 | (Market Call Minute.) Recently cut distributions. Has a big project in Calgary that it should be able to handle. | 2009-02-06 | ||
| BUY | TriStar Oil & Gas | TOG-T | 10.800 | (Market Call Minute.) Looks like good value with good exposure to Bakken oil. | 2009-02-06 | ||
| BUY | Bonavista Energy Trust | BNP.UN-T | 16.720 | (Market Call Minute.) Looks like good value at this price. Very shrewd management. | 2009-02-06 | ||
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| HOLD | Nexen Inc | NXY-T | 18.450 | (Market Call Minute.) Recently increased position in Long Lake and good upside through its oil sands. | 2009-02-06 | ||
| SELL | Bellatrix Exploration Ltd. | BXE-T | 0.950 | (Market Call Minute.) Not one of his favourites. Too small and has a short reserve life. | 2009-02-06 | ||
| Comment | Provident Energy Trust | PVE.UN-T | 5.600 | (Market Call Minute.) Wouldn't own this, as it is both a producer and midstream. He prefers pure plays. | 2009-02-06 | ||
| BUY | Enerplus Resources Fund | ERF.UN-T | 25.740 | (Market Call Minute.) Very well run. Pretty safe yield at these levels. | 2009-02-06 | ||
| BUY | Cathedral Energy Services Income Trust | CET-T | 4.080 | (Market Call Minute.) Service energy area is generally out of favour but this would probably be the one name he would Buy. | 2009-02-06 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 25.700 | (A Top Pick Jan 29/08. Up 11%.) Dominant player in the Bakkens in Saskatchewan. Has aggregated core land position in that area. Using multi-frac technology to enhance recovery. Now tapping into another zone that looks very promising. Relatively low debt at about 1 X 2009 cash flow on conservative commodity prices. Looking for enormous increase on the unit price. | 2008-11-13 | ||
| TOP PICK | Canadian Natural Rsrcs | CNQ-T | 50.340 | A leading Canadian oil/gas producers. International footprint. Relatively low operating costs. Just released Q3 results and it is in good shape to produce from its oil sands in 09. | 2008-11-13 | ||
| TOP PICK | Arc Energy Trust | AET.UN-T | 19.860 | Increased distributions as commodity prices increased and have now brought them back down again. When it announced distribution decrease, it also announced an increase in its reserves. One of the dominant players in the Montney formation in northeast BC. Very disciplined management. | 2008-11-13 | ||
| PAST TOP PICK | Vermilion Energy Trust | VET.UN-T | 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 | ||
| PAST TOP PICK | Zargon Energy Trust | ZAR.UN-T | 14.490 | (A Top Pick Jan 29/08. Down 22%.) Producing less than 10,000 BOE's a day. Management owns 10%. Very conservatively run. Low payout ratio. Did not cut their dividend. Debt to cash flow is less than 1 X. | 2008-11-13 | ||
| BUY | Viterra Inc | VT-T | 8.280 | A play on the growing sector. The one concern was that it raised about $400 million in order to make some acquisitions. He is having a second look on how management is going to handle that strategy. Overall, a good stock. Not as volatile as some others. If you believe in the longer-term story of agriculture, a good holding. | 2008-11-13 | ||
| Comment | Westshore Terminals Inc. | WTE.UN-T | 9.750 | Coal prices are starting to come down, which is a factor because they have a portion of cash flows and override based on coal prices. They are the key coal terminal in Western Canada so it is a key infrastructure asset that a number of global investors would like to get their hands on. Longer-term, a good holding. | 2008-11-13 | ||
| BUY | NAL Oil & Gas Trust | NAE.UN-T | 9.250 | This would be among his core holdings in the energy trust space. Has held in fairly well on a relative basis. Q3 results were quite in line with his expectations. Thinks the distribution is safe. | 2008-11-13 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Dividends: In an economy like this they are becoming more relevant. The issue is, especially around the energy trusts, where are the dividends going. Feels energy trusts have displayed a prudent amount of discipline by increasing or decreasing dividends at the appropriate times. | 2008-11-13 | ||
| BUY | Suncor Energy Inc | SU-T | 24.190 | Oil sands costs are among the lowest. Stock will sell off in sentiment with crude prices. Expects that average crude prices will migrate up and this represents a great entry point. Long-term hold. | 2008-11-13 | ||
| Comment | Canadian Oil Sands Trust | COS.UN-T | 27.140 | Great company. Cash generating machine with very low cost per barrel. Steady play with a pretty good dividend. Will benefit from higher crude oil prices. | 2008-11-13 | ||
| Comment | H&R Real Estate Inv Trust | HR.UN-T | 7.700 | 18.8% yield. Stock is down significantly and he is currently doing a lot of work on this. Big problem is that it committed to building an office tower in Calgary for Encana (ECA-T). Quality tenant but they have not been able to lock down construction costs. Need about $800 million in debt financing, which is not going to be easy. Thinks the market has factored in a distribution cut. | 2008-11-13 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 23.960 | About 35% of its production comes from a relatively new but promising Bakken field in southeast Saskatchewan. Good growth profile. | 2008-01-29 | ||
| TOP PICK | Vermilion Energy Trust | VET.UN-T | 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 | ||
| TOP PICK | Zargon Energy Trust | ZAR.UN-T | 19.990 | Gas weighted. Relatively small but very conservative management team. Acquired Rival Energy last year. Low payout ratio. | 2008-01-29 | ||
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| PAST TOP PICK | Mullen Group Ltd | MTL-T | 15.510 | (A Top Pick Nov 10/06. Down 10% including distributions.) Still likes. Generally avoids transportation, but this company does it well. Well positioned to take advantage of a huge and continued expenditure in Alberta, building out the oil sands assets and infrastructure. Thinks 12% distribution for 08 will remain intact. | 2008-01-29 |
