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Crescent Point Energy Corp Stock Symbol: CPG-T

Last Price Recorded: $32.1000 on 2015-04-27

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Date Signal Expert Opinion Price
2015-04-27 PAST TOP PICK Peter Brieger

(A Top Pick April 28/14. Up down 22.03%.) He plans on buying when it goes below $30. They have an inventory of about 7500 wells, which will keep them going for quite a while. Most of the wells are eligible for a secondary water flood, which can give the production rate quite a boost. He thinks they will continue to do well and will maintain their dividend.


Price:
$0.000
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2015-04-23 DON'T BUY Greg Newman

At $50 oil this year, he sees 154% payout ratio for 2015. Debt to cash flow is 2.4% this year and widens to 3.2% next year. Still not bad relative to the group.


Price:
$32.290
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Unknown
2015-04-17 COMMENT Norman Levine

Sold his holdings because he was convinced that the price of oil was not going anywhere soon. This one has held up way better and has acted way better than a lot of oil stocks. It has great land positions. Also, management has very prudently hedged about 60% of their production at around $90 a barrel. The dividend is safe under current conditions, but he questions if it is safe next year if oil prices stay at a low level.


Price:
$32.380
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-04-16 COMMENT Kash Pashootan

He has been negative on energy for a while. The only “close to oil/gas” name he owns would be Enbridge (ENB-T). The dividend on this is safe for now, i.e. over the next 6 months. Anything longer than that is really a wildcard. You don’t want to bet the farm on the fact that they are hedged and that the dividend won’t go down.


Price:
$32.370
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
BEARISH
Owned:
No
2015-04-14 HOLD Christine Poole

High quality light crude out of Western Canada. Like all energy companies, they have cut their CapX by 28%, but have maintained their dividend. Yielding around 9%. Have a very strong hedge program in place. She doesn’t think they will cut their dividend unless crude stays down here for a prolonged period of time.


Price:
$31.460
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2015-04-10 PAST TOP PICK David Cockfield

(A Top Pick April 8/14. Down 18.99%.) He still likes this and has added to his position at lower prices. It has been working its way back up. In the Bakken, one of the better areas. Expects they will make some acquisitions that will be very advantageous to them. Feels the dividend is relatively safe.


Price:
$30.760
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
Yes
2015-04-06 WAIT Josef Schachter

Great company. Has a very attractive yield of $.23-$.76 for the year. Stock is trading at $30.80. The low for the stock in December, when people were worried about them cutting their dividend, was $20.87. Balance sheet is in good shape. BV is around $23. Have a good hedging program. They are talking this year of spending $1.45 billion and having average production of 150- 2,500 BOE’s a day and paying that $2.76 dividend. You may want to hold your powder dry for the next 3 months.


Price:
$30.800
Subject:
OIL & GAS
Bias:
CAUTIOUS
Owned:
Unknown
2015-04-02 COMMENT Mason Granger

Financial leverage is about 1.8X debt to cash flow, which is very reasonable. The sustainability ratio, when you account for the dividend reinvestment program, is about 112%. They have a very disciplined three-year rolling hedging program. In 2015 they were about 45% hedged on their oil. In 2016, they’re something like 30%. All of the things are in place to keep it a very stable and sustainable dividend.


Price:
$29.840
Subject:
CANADIAN ENERGY
Bias:
UNKNOWN
Owned:
Yes
2015-03-30 BUY Martin Davies

It is a great strategy.  It started with buying existing oil fields with a very low recovery process.  They are producing at very good levels and the assets have a low decline rate.  This is a big advantage.  They have been very prudent with acquisitions.  They have a very strong hedging book.  65% of this year’s oil is sold forward at over $80 a barrel.


Price:
$28.760
Subject:
CANADIAN OIL & GAS
Bias:
OPTIMISTIC
Owned:
Unknown
2015-03-30 PAST TOP PICK Martin Davies

(Top Pick Jun 25/14, Down 36.76%) They are going out of their south east and south west Alberta asset base.  They are now in Utah.  They can take the technology from one area and apply it to another. 


Price:
$28.760
Subject:
CANADIAN OIL & GAS
Bias:
OPTIMISTIC
Owned:
Yes
2015-03-23 WAIT John Stephenson

This is a name people love to hate.  They are in the right part of the energy chain.  The commodity is under pressure so wait until September or late August to get in.


Price:
$29.110
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
OPTIMISTIC
Owned:
Unknown
2015-03-23 DON'T BUY Brooke Thackray

Stock vs. Stock.  CVE-T vs. CPG-T. He can’t call the bottom.  CPG-T has hedged a lot of its production for this year.  The pattern in the end is the same for both but if he had to choose one it would be CPG-T.


Price:
$29.110
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
CAUTIOUS
Owned:
Yes
2015-03-19 COMMENT Andy Nasr

He likes the name.  The sustainability of the dividend is a call on the price of oil.  They hedged a good chunk of their production for 2015.  The dividend would not be safe if oil hovered around $40.  He thinks oil will go back up to $50-60 by the end of the year.


Price:
$28.210
Subject:
NORTH AMERICAN DIVIDEND & REITs
Bias:
UNKNOWN
Owned:
Yes
2015-03-16 COMMENT Bruce Campbell (1)

Has a really high hedge at $89 for this year with about 33%-40% hedged for 2016 at $84. Good balance sheet and growth in production. They can pay the dividend out of cash flow. If oil is $43 a year from now, this would probably be rethought. You would have to have quite a draconian forecast for oil for them to have to cut.


Price:
$27.050
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2015-03-12 HOLD Christine Poole

Storage of oil is very high and we are going into a season where the inventories would build.  If oil went down to $10 or $20 it would not stay there because no one can produce oil at that price.  CPG-T is re-evaluating their cap x program later this spring and may cut it then.  They will cut cap x before cutting their dividend.


Price:
$28.060
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Yes
2015-03-11 COMMENT Keith Richards

This is a high dividend payer. Had a beautiful support level at $35. Up until the recent crash in the oil sector, you treated the stock by buying at the bottom of its trading range. That was broken through last year. Chart shows it is testing that $35, but failing. His feeling is that this will have a lid of around $35 and move sideways at this point.


Price:
$28.210
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
Unknown
2015-03-10 SELL David Burrows

Change from Crescent Point (CPG-T) to Vermilion Energy (VET-T)? We don’t have the thematic backdrop that is good for energy. Doesn’t think you should be switching horses from one energy stock to another. Thinks you should leave energy and move on to a different sector. Both are going to have difficulty if energy prices move lower. None of these dividends are safe if oil prices go lower.


Price:
$27.710
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US$
Owned:
Unknown
2015-03-10 COMMENT John O'Connell, CFA

This company has done a great job of executing. They keep telling you how many drilling locations they have in inventory, and yet they keep buying things and issuing equity and paying out a big dividend at the same time. You are investing your money in the company, to give it back to you through a dividend and you have to pay tax on it, and then they issue more equity to buy more oil/gas in the ground. Thinks they have saturated the market and are going to have to find new investors. Expects they are going to acquire something in the next 6 months which will put a lid on the stock. He would like them to make the acquisition by cutting their dividend.


Price:
$27.710
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2015-03-09 DON'T BUY John Zechner

His problem with this is that a lot of what is supporting the stock is the dividend. The dividend right now is probably around 130%-140% of what their annual cash flow would be, especially once their hedges start rolling off. Doesn’t know that the dividend is necessarily sustainable at these levels. They have a great stable of properties to drill on.


Price:
$28.070
Subject:
NORTH AMERICAN - LARGE
Bias:
BEAR
Owned:
No
2015-03-09 HOLD Teal Linde

The payout ratio was too high.  Their debt to cash flow is among one of the best.  They are criticized about their issuing of shares to finance acquisitions, and that has preserved the company until today.


Price:
$28.070
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Unknown
2015-03-06 HOLD Jaime Carrasco

His company has a $47 target on this and doesn’t have any concern about the dividend. A very well-managed company. When the time is right, this is one that he would definitely be adding to.


Price:
$28.920
Subject:
RESOURCE, UTILITY & REITs
Bias:
UNKNOWN
Owned:
Yes
2015-03-05 SELL Brian Acker, CA

This has never been one of his favourites.  It has a model price of $4.76 (yes, four dollars).  They pay out too much and are making a lot of capital expenditures.  It had a bounce and looks to be testing his EBV line at $22.60.


Price:
$29.860
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US MARKET
Owned:
Unknown
2015-03-04 COMMENT Bill Harris, CFA

On his list of about 10 things he would like to own, but his strategy has ended up slightly differently. If their hedges roll off and oil is still that $40-$45, the cash flow will be impacted. His hunch is that this company might get away with getting through this. Extremely well-run with very high margins. Great company.


Price:
$30.550
Subject:
RESOURCE
Bias:
UNKNOWN
Owned:
No
2015-03-03 HOLD Dennis Da Silva

One of the granddaddies of the energy sector paying dividends. A core holding for him in any of his income portfolios. In a good position to be opportunistic in this market. There is a lot of talk of them spinning out assets, may be into a merger with a more troubled oil producer, to create a more growth oriented company.


Price:
$30.490
Subject:
CANADIAN RESOURCE
Bias:
OPTIMISTIC on ENERGY
Owned:
Yes
2015-02-26 HOLD Douglas Kee

Likes this company. Pretty conservatively managed in that their balance sheet is not significantly leveraged. As part of their whole corporate thing, they Sell forward. This has hurt in the last couple of years, but is now helping them. Dividend is safe for the next 6-12 months if oil prices remain $50+ going on 12 months.


Price:
$30.990
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Yes
2015-02-24 SELL Barry Schwartz

If he owned this kind of company he would get rid of it in a heartbeat. He doesn’t believe these types of companies’ dividends are sustainable nor that their business plans are sustainable at $50 oil. They have no control over the underlying product they sell.


Price:
$31.870
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2015-02-23 PAST TOP PICK Peter Brieger

(Top Pick Feb 24/14, Down 14.10%) Thinks dividend is going to be maintained, but you have to be ready in case the oil price stays down.  It would still be a great company at a lower dividend.


Price:
$31.230
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2015-02-18 COMMENT David Cockfield

Had been buying more of this at around $25. One of the best oil producers in Canada. They are also in North Dakota. They hedged by selling forward a good part of their 2015 production. It is not without risks. He is concerned and is watching it. If the price of oil continues to hold in the current area, he would become more concerned. If the stock price dipped down a little, he might buy more, but otherwise he would be cautious. If you are going to hold an oil, this is the one to hold. Good dividend.


Price:
$31.980
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2015-02-12 BUY on WEAKNESS Swanzy Quarshie

There has been a big move in the stock and in the energy sector in the last month or so. Relatively speaking, this is the name you want to be in if you want to make an entry into the sector. She feels the dividend is safe. Have done well with cutting their CapX programs to make sure they can pay the dividend. Because they have the dividend reinvestment program, 30% of the dividend is paid for in shares, which gives them the ability to make sure that they have enough cash on the books to pay for the rest of the dividends. Have a very strong balance sheet, relative to the group, and a well regarded management team. If they transact again, they will issue shares, which might be a time to enter.


Price:
$32.500
Subject:
OIL & GAS
Bias:
CAUTIOUS on ENERGY
Owned:
Unknown
2015-02-12 WAIT Lorne Steinberg

He owns none of the Canadian Commodity sector.  Oil stocks are priced as if oil will rebound quickly to the $80-$85 range.  If oil stays below $70 then over time these oil stocks should all come down and that will be a buying opportunity. 


Price:
$32.500
Subject:
Deep Value Global Equities
Bias:
CAUTIOUS
Owned:
Unknown
2015-02-11 BUY John Stephenson

Light oil. Good company. The real issue is the macro issue. This is the de facto Bakken/south east Saskatchewan player. The dividend is fine. It will be under pressure, but overall, this is a buy.


Price:
$31.880
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
BEARISH on ENERGY
Owned:
Unknown
2015-02-09 COMMENT Hap (Robert) Sneddon FCSI

Well-run company. Good dividend coverage. The $35 range is the 1st place where it is going to have a little bit of trouble. Some of the indicators are starting to get overbought on the short term, which means it is probably going to start to test the December low.


Price:
$32.540
Subject:
TECHNICAL ANALYSIS
Bias:
UNKNOWN
Owned:
Unknown
2015-02-05 HOLD Robert Lauzon

Have done lots of equity issues over the last 5 years and a lot of viewers have bought because of this.  Because of their hedges he thinks they will not have to cut their dividend.  They have already had a good move to the upside and there may be names that you could get that would do better in the short term.


Price:
$31.810
Subject:
ENERGY
Bias:
BULLISH on OIL
Owned:
Unknown
2015-02-02 HOLD John Zechner

He is not buying it here.  It is not trading at enough of a discount here.  The balance sheet is not in bad shape and they can grow their dividend in the next couple of years.  They hedged a lot of their production for a year or so.  They will be fine because of their hedging.


Price:
$30.770
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2015-01-30 COMMENT Greg Newman

Have been cutting CapX and stand ready to cut more. In spite of this, they still expect production to grow by about 9% this year. 41% of their 2015 production is hedged. Very sustainable relative to their peers, but even with these hedges, $50 oil and $3 natural gas, he feels the balance sheet will weaken and debt to cash flow will climb to 2.3% and cash flow per share will fall by about 33% and the effective payout ratio will rise to about 158%. The dividend is probably sustainable for this year. The only way he would buy this is if you believe the oil price weakness is temporary and you will have $55-$80 oil within the next 12-20 months.


Price:
$30.200
Subject:
CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias:
CAUTIOUS
Owned:
Unknown
2015-01-29 WAIT Ben Cheng

It has done very well in the last 30 days, outperforming many of the old ex-income trusts in the energy sector.  They will continue to pull back cap-x.  When oil prices go over $65 you will see more invigorated growth.


Price:
$28.830
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Unknown
2015-01-26 WAIT Don Vialoux

Bottoms about now and goes higher right through until the beginning of May.  It has formed a base and broke out last week.  Crude bottoms at the beginning of February and then breaks out.


Price:
$30.930
Subject:
NORTH AMERICAN & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2015-01-23 HOLD Jaime Carrasco

One that has consistently grown and consistently paid a dividend. He is not too concerned about the dividend. They have a good balance sheet. He would wait to buy this, but would definitely not sell it. His company has this in a Sector Outperform with a $47 target.


Price:
$30.460
Subject:
RESOURCE, UTILITY & REITs
Bias:
UNKNOWN
Owned:
Yes
2015-01-22 COMMENT Stan Wong

A higher-quality name. Have announced they are not going to decrease their dividend for the time being. Right now you are getting about a 9.5% dividend.


Price:
$29.100
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
OPTIMISTIC
Owned:
Yes
2015-01-22 HOLD David Cockfield

Company has dug in its heels and said it will maintain its dividend.  A fair amount of this and next year’s production is pre-sold.  If pricing stays where it is for another 3 to 4 months he might start to worry about the dividend.  He is not selling, but watching it closely.  It is one of the best managed oil companies.


Price:
$29.100
Subject:
CANADIAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2015-01-16 WAIT Kash Pashootan

There isn’t any evidence that we have reached any sort of stability in oil prices. There have been a couple of days where there has been less decline, but that sentiment can change very quickly. He has been bearish on energy for 4 years. If looking for an entry point, he would wait. This is one of the higher-quality names. If this energy weakness continues, even names like this will be at risk of cutting their dividends.


Price:
$30.070
Subject:
NORTH AMERICAN - LARGE - DIVIDEND
Bias:
DEFENSIVE
Owned:
No
2015-01-16 COMMENT Ryan Bushell

Has had an interesting record. Coming out of 2008, spot prices got down to the mid-$30 a barrel range, and this company was able to maintain its dividend at that point. Currently they are on track to maintain their dividend through this cycle, but it all depends on how fast the oil price comes back. He feels this company has built itself as good as one can in terms of a conservative balance sheet, good properties and a propensity to work hard at maintaining the dividend. This is about as good as you are going to get in terms of dividend sustainability in a light oil producer in Canada. There might be another buying opportunity for you in the next few months.


Price:
$30.070
Subject:
CANADIAN LARGE (DIVIDENDS)
Bias:
OPTIMISTIC
Owned:
Yes
2015-01-13 COMMENT Christine Poole

Came out last week and cut their CapX spending by 28% and indicated that the dividend was safe. They hadn’t cut their dividend even in the 2008 recession, so they are very cognizant of the fact that they have a shareholder base that needs the income. She expects they will continue to cut CapX to maintain the dividend. Have a very active hedging program in place and about half their 2015 production is hedged at $90 Cdn, which is going to moderate lower spot prices. Unless crude stays at $45-$50 for the balance of the year, she doesn’t anticipate that they will have to touch the dividend.


Price:
$26.940
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2015-01-12 HOLD Norman Levine

He does not think it is the time to buy any oil or gas stock.  He has it in income accounts.  They say their dividend is safe.  They are the most hedged oil and gas company in Canada.  Over half is hedged above $90.  That doesn’t tell him what happens next year.  It is one of the well capitalized names that he would look at it he was going to buy energy.


Price:
$27.230
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH on CANADIAN MARKET
Owned:
Yes
2015-01-09 COMMENT Andy Nasr

Pretty compelling value if you have a longer-term time horizon. Doesn’t think the dividend is necessarily at risk, unless oil stays right where it is. He views the current decline as being somewhat transitory in nature and thinks the commodity price will go back up. Companies like this, that are relatively well capitalized, should benefit as the commodity price rebounds. Operationally, they have done a very good job of diversifying their business. In hindsight, the acquisitions they made were a little bit expensive, but they do have hedges in place that hopefully will stabilize the balance sheet and be able to push them through 2015 until you see the commodity price go up.


Price:
$28.630
Subject:
NORTH AMERICAN DIVIDEND & REITs
Bias:
BULLISH
Owned:
Yes
2015-01-08 WATCH Hap (Robert) Sneddon FCSI

He would have liked to have seen it hold the level at $35. The fact that it didn’t is telling him that it isn’t going to get above that level and will be spending a lot of time doing some basing. His data also indicates that it wants to drop below its low and come back to the $18-$20 range. He would continue to watch it. If it does get above the $35 level, that will become its new support.


Price:
$27.240
Subject:
TECHNICAL ANALYSIS
Bias:
UNKNOWN
Owned:
Unknown
2015-01-07 HOLD Michael Sprung

(He has some positions in some small accounts.) An extremely well-run and well-managed company. The properties they bought give them drilling opportunities going forward for a number of years. With prices coming off as severely as they have recently, they have cut back on their capital expenditure plans from about $2 billion to $1.5 billion. Exited 2014 at about 145,000 barrels a day and are expected to average about that amount this year, which would be an increase over 2014. If the environment is still as bad as it is in 6 months, they would have to take a look at the dividend. If there was a turn around in commodity prices, this company would really benefit.


Price:
$25.940
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2015-01-06 COMMENT Bill Carrigan

Today they announced they are cutting its capital expenditure program, but maintaining its dividend. The key for all names that have high CapX and are returning money to shareholders, is how long that energy stays down. If crude stays down longer than 12 weeks, then we are going to have some problems. If we go into March and we still have these low prices, then we are going to start to have problems. Market is not worried about crude being down now, but for how long it is going to be down. He would be very careful on this.


Price:
$25.130
Subject:
TECHNICAL ANALYSIS
Bias:
BEAR on ENERGY
Owned:
Unknown
2015-01-05 WATCH Larry Berman CFA, CMT, CTA

He likes the energy sector, big picture.  It is a no brainer investment over the next 5 to 10 years.  But it is going to be a tough year until we get stabilization.  He thinks a lot of the bad news is priced in.  He does not think an oil price at $30 is justified.  Supply and demand fundamentals should create a bottom here.  This is where you want to be a buyer, not a seller.  There is some risk, however, that the dividend could get cut.


Price:
$24.860
Subject:
SEASONAL & TECHNICAL
Bias:
UNKNOWN
Owned:
Unknown
2015-01-02 HOLD John Stephenson

Thinks the dividend is okay and sustainable. One of the things this company has done really well is that they have the best properties around. A fantastic management team. The problem they have is that it is a growth and income oriented vehicle. Where is the growth component, is it really going to be there in this low commodity priced environment? 10% yield.


Price:
$27.340
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
BEARISH on RESOURCES
Owned:
Unknown
2014-12-29 TOP PICK Peter Brieger

(A Top Pick Dec 30/13. Down 27.52%.) He wouldn’t buy at this point, but would wait until there was a further decline in oil prices, which he thinks will probably happen. Every growth oriented portfolio should have a position in this company. Feels this is the best run company in this country. Yield of 9.91%.


Price:
$27.840
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2014-12-23 WATCH Brooke Thackray

Oil tends to pick up from a seasonal basis in February. It can bounce around in January. The big worry here is that people are questioning if they are going to cut the dividend. He would be looking at stepping into this when there is a more solid rebound in the energy sector.


Price:
$28.480
Subject:
SEASONAL & TECHNICAL
Bias:
UNKNOWN
Owned:
Unknown
2014-12-22 WAIT Don Vialoux

A typical classic seasonal stock. Canadian energy sector, and particularly this stock, tends to have a lot of problems at this time of year. The period of seasonal strength is from the end of January right through until May of each year. At this time of year, the stock goes down. It had a huge recovery last week. It is going to go sideways with all kinds of volatility, but is going to form a nice little base. Take another look at the stock at around the end of January and add to it.


Price:
$27.750
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2014-12-19 DON'T BUY John Zechner

They haven’t cut the dividend yet, but thinks they are probably going to have to at some point. They were paying out almost 100%, even though they have some hedges on. He is not buying in this sector even though it has come down a lot.


Price:
$28.610
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2014-12-12 HOLD Bruce Tatters

Was a market darling for years and years and has been one of the bigger growth names in Canadian shale oil, as opposed to an oil sands company. Terrific track record of growth. Has never been a particularly big fan of it, principally because their growth rate in production has been overshadowed by their growth rate in shares outstanding. In the last couple of years, they have made acquisitions at pretty rich valuations. Has dropped from the $40 range, down to the low $20s. If you own, he wouldn’t Sell. Not as over levered as some other players. Has about 40% of its production hedged in the $90’s.


Price:
$21.760
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2014-12-10 COMMENT Bruce Campbell (2)

From what he understands, this is hedged at a much higher level, from a total production standpoint, than what most other firms are. He understands it could be north of 50% of their production that is hedged. The obvious issue is that once those hedges roll off, they are going to be realizing lower prices. Everyone is trying to play leapfrog and get ahead of everyone else by selling before those hedges come off and the cash flow drops down. Very well-managed company. Management has said that if lower prices continue, they will protect their balance sheet rather than protect their dividends.


Price:
$22.490
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
No
2014-12-09 HOLD Christine Poole

Company has said they are not going to cut their dividend and she doesn’t think they have to unless energy prices stay below $60 for a number of years. They have hedged out some of their production, about 60% in the 4th quarter, at $92, and 37% of next year’s production at the same price level. They never cut their dividend, even in the recession of 2008. Management is very cognizant that their shareholder base wants that yield. Yielding around 11%, so the market is indicating they believe otherwise.


Price:
$24.940
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US ECONOMY
Owned:
Yes
2014-12-08 HOLD Jeff Young

Near term, the dividend is fairly safe.  They have a decent amount of hedging for next year and the balance sheet is relatively good.


Price:
$25.000
Subject:
CANADIAN DIVIDEND
Bias:
BEAR on ENERGY
Owned:
Unknown
2014-12-05 TOP PICK David Cockfield

Thinks this has gotten beaten up too much. They operate in Saskatchewan and in North Dakota. Super operators. Have been very adamant in the past about protecting their dividend when prices went down. He is betting that you will see the price of oil back into the $75-$80 range within 6 months. Yield of 10.34%.


Price:
$26.690
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
Yes
2014-12-05 HOLD Rick Stuchberry

He owns this for yield, so he is not going to Sell it. This company hedged their forward sales and have 40% of next year’s revenues hedged at much higher prices, over $90 on the crude. Because of this your distribution should be okay, unless something from left field comes in. His view now is to Hold and see what happens. Very good management.


Price:
$26.690
Subject:
CANADIAN LARGE & ADRs
Bias:
BULLISH on INDIA
Owned:
Yes
2014-12-04 BUY on WEAKNESS Norman Levine

Great stock, but terrible recently.  One of the better capitalized and better run companies.  There will be lot of time to pick these up later.


Price:
$27.630
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on FINANCIALS
Owned:
Yes
2014-12-02 BUY Lyle Stein

A well-managed company. They have a good discipline of maintaining capital frugalness. They pay dividends and they make acquisitions and they invest in their own properties. The issue here is, how long will oil prices stay low. He doesn’t think this is a long-term bubble that makes sense.


Price:
$29.000
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2014-12-02 COMMENT Bruce Campbell (1)

A lot of people and the market are forgetting that this company have really good hedges on. 33% is hedged at $93 for next year, about 25% hedged in the $90’s for 2016 and 15% hedged in the $90’s in 2017. Has almost a 10% yield now. His numbers show that oil would have to stay in the low $50’s before the dividend is in jeopardy. 9.5% dividend yield, which he thinks is safe.


Price:
$29.000
Subject:
CANADIAN LARGE
Bias:
BULLISH on NORTH AMERICAN ECONOMY
Owned:
Yes
2014-12-01 PAST TOP PICK Eric Nuttall

(Top Pick Nov 04/13, Down 23.98%) You could see the momentum drying up in this stock just before he sold it.  They disenchanted their major US investor.  The average US investor puts 0 value on their dividend.  They have a pretty good hedge position of 33% for 2015, so the dividend is pretty sustainable through 2015.  As the price of oil falls it is getting more and more tempting.


Price:
$28.590
Subject:
OIL & GAS
Bias:
CAUTIOUS on OIL
Owned:
No
2014-12-01 DON'T BUY Barry Schwartz

He is scared of companies that have high dividends, and where shareholders are dependent on the dividends. When you combine a commodity price, a lot of leverage and a lot of volatility, this is an accident waiting to happen.


Price:
$28.590
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2014-11-28 DON'T BUY Jason Donville

Big strong name. Great assets, but he is not a big fan of senior management. Their stock issuance is junky. They love capital markets, and he thinks the market is getting fed up with them. Wouldn’t own this.


Price:
$29.680
Subject:
GROWTH & FINANCIALS
Bias:
UNKNOWN
Owned:
No
2014-11-27 BUY Martin Davies

Very large company with good balance sheet, making large acquisitions and using equity offerings to finance it.  This is the only issue he has.  The things they have acquired have been very attractive.  There is a great deal of hedging.  He likes the assets and how they are executing.


Price:
$30.700
Subject:
OIL & GAS
Bias:
BULLISH on OIL & GAS
Owned:
Unknown
2014-11-26 COMMENT Greg Newman

A little bit better than its peers because it went into this oil price decline with a very healthy balance sheet, and are 30% hedged at $93 for 2015. Mechanically, the company is doing really well. Have been growing their production and have the Torque asset which continues to add inventory. However, at $75 oil, the payout ratio goes to 154% and their cash flow per share declined by 18% in 2015 over 2014. Not a low-risk story any more. He owns a little bit.


Price:
$34.000
Subject:
CANADIAN LARGE & HEDGING
Bias:
CAUTIOUS
Owned:
Yes
2014-11-24 BUY Peter Brieger

One of his favourites.  He has owned it forever.  One of the premier oil companies in Canada.  They have been skillful in buying acreage that they think is highly prospective and it has turned out to be just that.  They have looked for companies that have similar acreage to acquire.  They are looking at 7600 wells to be recovered through water flood.  The incremental cash flow is attractive.


Price:
$36.040
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-11-21 BUY Michael Sprung

Has reached a valuation where he has started to nibble at it.  Has a very good distribution. Used to depend a lot on their dividend reinvestment plan to finance it, but much less now with their production increasing. They have so much good land position where their future drilling opportunities are quite numerous, and have been very good at executing their strategies. Thinks they will continue to exploit their opportunities in the Bakken and Shaunavon areas. At these levels it is becoming a compelling price for a longer-term investor.


Price:
$36.670
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-11-19 COMMENT John O'Connell, CFA

He is quite optimistic on the energy space in general, but you always need to be picking good quality companies. Forgetting about the dividend, he likes this company’s growth profile. They have done an extremely good job of executing and growing production, maintaining their costs well, consolidating large areas. They made a very good purchase in the Utica Basin in the US, which a lot of people were very suspicious of, and they proved the critics wrong. His only complaint is that they are serial acquirers of assets. Not necessarily a bad thing, but if they continue to tap the investing landscape in Canada to finance that growth, they have tapped the retail investor one too many times. They need to go down to the US investment bankers and sell their stock to Americans.


Price:
$35.300
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2014-11-18 HOLD Michael Bowman

None of us really expected oil to go from $115 down to $74-$75. 5 year chart is showing that it has support. Is almost at the low of 2013 and below 2010. This also has a great yield.


Price:
$35.690
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
BULLISH
Owned:
Yes
2014-11-14 COMMENT Jaime Carrasco

Like this company and is one of his key holdings. It is important to pick the companies that have good balance sheets, good hedging positions and where the dividend is safe. This is probably one of the 1st ones he would add if he sees an appreciation in the price of oil.


Price:
$36.140
Subject:
RESOURCE, UTILITY & REITs
Bias:
UNKNOWN
Owned:
Yes
2014-11-12 COMMENT Brendan Caldwell

Historically they have had to spend money on growing its asset base, property, plant and equipment and sustaining a pretty robust dividend. This decline in energy prices is going to test its ability to do both things. They have been able to do this by issuing new equity into the market. He questions if this is going to still be doable with the low energy prices. Consider looking for yield in other areas.


Price:
$36.350
Subject:
CANADIAN VALUE
Bias:
UNKNOWN
Owned:
Unknown
2014-11-11 WAIT Christine Poole

Feels the dividend is safe. They tend to hedge out part of their production to ensure that they can pay the dividend as well as fund their CapX. She is not actively looking to add to energy right now. She'd like to see crude oil prices stabilize. There are a few events happening at the end of this month, which will give her an idea of what OPEC tends to do. Also, there will start to be some draw downs in inventories when refineries come back up for the winter season. Also, believes Libya is ramping down somewhat.


Price:
$36.380
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2014-11-07 TOP PICK Michael Decter

Outstanding CEO. Likes the management team. Just reported and they are through 140,000 barrels a day. Dividend of 7.46%, which he believes is sustainable. Have done a lot of tuck-under acquisitions and thinks they will do more organic growth. Have pretty good core areas. They own their own infrastructure, so they own rail terminals and are shipping more than half of the oil they produce by rail to very specific refineries, where they get a good price.


Price:
$36.810
Subject:
CANADIAN
Bias:
BULLISH
Owned:
Yes
2014-11-06 COMMENT Mason Granger

Baytex (BTE-T) or Crescent Point (CPG-T)? He owns both considers both of them as core holdings. This is a light oil producer with a huge depth of inventory. This is a company that just never misses its numbers.


Price:
$36.100
Subject:
CANADIAN ENERGY
Bias:
UNKNOWN
Owned:
Yes
2014-11-04 BUY on WEAKNESS Prakash Hariharan

One of the pioneers in horizontal drilling and multiple fracing, and were one of the biggest players. If oil continues to stay weak, below $80, a lot of companies will be looking at cutting their distributions by 15%-20%. Thinks the dividend yield for this company is sustainable. Would buy any time the price is below $35.


Price:
$35.330
Subject:
GLOBAL DIVIDEND
Bias:
UNKNOWN
Owned:
Unknown
2014-11-03 BUY on WEAKNESS Norman Levine

Owns it for income.  It has good quality assets. Dividend is well covered by cash flow even at current oil prices.  There is no rush to buy a new position until oil prices go up again.


Price:
$36.440
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-10-29 COMMENT John Stephenson

Baytex (BTE-T) or Crescent Point (CPG-T).  Given his belief that oil is going to be in the middling range, you can probably put off your decision to Buy energy stocks for a few months. There is no urgency. If you are looking at a short-term horizon, 6 months or so, Baytex is probably the better one, because it is the heavy oil story. If looking at the balance sheet, debt to cash flow metrics, this one does stand up better. If he had to make a call, he would say Baytex because it has been less disappointing.


Price:
$37.010
Subject:
NORTH AMERICAN - LARGE & RESOURCE
Bias:
BULLISH
Owned:
No
2014-10-29 BUY Don Lato

A great oil/gas company. This would be in the basket of high quality companies that you would want to gravitate back to. Have had tremendous success. Sort of stalled in the last year or so. Pays a nice dividend. Has some great exploration projects. A little more highly skewed to oil than what he would like.


Price:
$37.010
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
No
2014-10-28 COMMENT Brooke Thackray

Suncor (SU-T) or Crescent Point (CPG-T)? Two totally different stocks. We might still see oil production pushing down here a little bit, but that will take a little while for it to roll through. He looks at this from a seasonal perspective. If the oil sector really starts to ramp up here, you are going to get more bang for your buck out of Crescent Point. Because the energy sector is out of its seasonal period, he would be going with a more defensive oil play, which is Suncor.


Price:
$37.680
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
OPTIMISTIC
Owned:
Unknown
2014-10-27 BUY on WEAKNESS Larry Berman CFA, CMT, CTA

People are selling because they worry about sustainability of the dividend.  But you should be buying these when they are weak.  You should be more defensive when things are looking good.  You need to re-frame your thinking since that is not the case.  Oil will be volatile for the next year.


Price:
$37.100
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2014-10-27 PAST TOP PICK Peter Brieger

(A Top Pick Oct 21/13. Down 2.31%.) This is a company where you really have to have a 5-10 year view because, in their thinking, they want to be a very major player. They're looking at 150,000-160,000 barrels of oil a day. He thinks it can go to 200,000+. They do this by having a huge inventory of wells that can be drilled for not only primary purposes, but also where they can apply secondary recovery methods. Yield of over 7%.


Price:
$37.100
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2014-10-23 COMMENT Greg Newman

If WTI is at $80 and natural gas is at $3.50, he is modeling a debt to cash flow of 1.1X on 2015 estimates, which is very reasonable compared to the group at that level at 3X. A 2015 estimated payout ratio, so their dividend sustainability would be 114%, which is not bad. The valuation they would trade at would be 7.4X enterprise value to cash flow. You want to be closer to buying at these levels then to selling.


Price:
$38.070
Subject:
CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias:
CAUTIOUS
Owned:
Yes
2014-10-22 COMMENT Bruce Campbell (2)

Feels the dividend, even at current oil prices, is fairly sustainable. Their all-in production costs and payout ratio is probably just slightly over 100% at this level. Hasn’t owned this for a while because he prefers other dividend stocks such as Surge (SGY-T) and Cardinal Energy (CJ-T). Crescent Point seems to be continually issuing stock as they buy more companies.


Price:
$37.110
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-10-20 BUY Larry Berman CFA, CMT, CTA

He turned negative 4-6 months ago.  Now he bought it at $36-$37 and it is neutral to up a little right now.  You don’t need to rush into it as you will see a lot of up and down in this sector.  Wait for the Russia/Ukraine situation to be resolved. 


Price:
$38.100
Subject:
TECHNICAL ANALYSIS & ETF's
Bias:
UNKNOWN
Owned:
Yes
2014-10-20 DON'T BUY David Baskin

Cash flow per share is the more important metric.  Don’t get fussed about the high PE ratio.  The cash flow has to pay the big dividend and replace assets as they deplete.  He has never been bullish on CPG-T because their payout seems overly optimistic.  The payout ratio is unsustainable if oil prices stay low for any period of time.  If they cut the dividend then the stock will fall like a rock.  He only has SU-T and CNQ-T.


Price:
$38.100
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2014-10-17 HOLD Eric Nuttall

120% payout ratio with low oil prices.  But their cash flow sensitivity is not that related to the oil price.  The dividend is safe. 


Price:
$37.680
Subject:
OIL & GAS
Bias:
BULLISH on OIL
Owned:
Unknown
2014-10-17 DON'T BUY James Hodgins

Dividend stability depends on the price of oil.  If oil falls, he thinks either cap X or the dividend will have to be cut.  Does not like names with relatively high debt that attract investors with the yield.


Price:
$37.680
Subject:
MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias:
UNKNOWN
Owned:
Unknown
2014-10-16 HOLD Stan Wong

You do not want to sell these names at this point. This one is giving you a 7.5% yield. In fact he has been looking at buying some of these names.


Price:
$36.800
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
OPTIMISTIC
Owned:
Yes
2014-10-14 COMMENT Brian Acker, CA

Recently did a stock issue, so his figures do not include this. He would like to see the new balance sheet when it comes in. Not a fan of this. This is the 1st time in 4-5 years that it is actually trading below his model price calculation. Thinks this is on its way down to $32.


Price:
$35.010
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-10-14 COMMENT Bruce Tatters

For a very long time, this company had a higher multiple and used its paper to issue, acquire and grow. It is a very large company now. Has been a good operator. Doesn’t have an enormous amount of debt and pays a very, very high yield. The question is how long does oil stay down. In really low oil prices, these shale oil plays are not the ones to look at for a safe haven in dividends. It is the bigger names that don’t have decline rates and have better balance sheets.


Price:
$35.010
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2014-10-10 PAST TOP PICK David Cockfield

(A Top Pick Oct 22/13. Down 3.82%.) Down, but this is just a measure of the panic in the market. This is one of his favourite stocks. Pays an excellent dividend of well over 7%. Have an excellent production record. $81 US for Bakken oil now. A fantastic operator and they have years of drilling to do.


Price:
$36.820
Subject:
CANADIAN
Bias:
BULLISH
Owned:
Yes
2014-10-09 SELL David Burrows

(Market Call Minute) Great company, but wrong sector.  He came out of this one some time ago.


Price:
$37.040
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US MARKET
Owned:
No
2014-10-08 BUY Michael Sprung

Very well managed company. Have built up an inventory for which they are going to be able to drill into and increase production. With this correction, he would certainly be looking at buying this.


Price:
$38.120
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2014-10-07 COMMENT Christine Poole

The drop in the large-cap energy producers has really been predicated by the drop in crude oil prices. Even though WTI is around $88, the spread that the producers are getting has been narrowing, which is positive. Also, the Cdn$ has been weaker and crude is paid in US$, which dampens the price drop somewhat. Doesn’t think there is a lot of downside left in crude prices. This company has a very attractive dividend and very high quality light oil crude. Net backs are very high and she feels the dividend is safe. You could start picking at it, but you might want to wait until the crude price stabilizes.


Price:
$38.590
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2014-10-06 COMMENT Zachary Curry

Feels that the dividend is safe. Made a great acquisition about a year ago in Utah that has worked out quite well, US$ denominated and close to refining. The biggest issue against them is that they are serial issuers. Every deal they do, they issue more equity. Management has grown the company well. He is positive on this name.


Price:
$39.170
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2014-10-03 BUY Bill Bonner

Dividends are healthy and it is one of the most sustainable dividend models he follows.  Criticized for constantly issuing equity.  They do so because they can.  That takes the buying wind out of their sails.


Price:
$39.620
Subject:
CANADIAN ENERGY
Bias:
OPTIMISTIC
Owned:
Unknown
2014-10-03 BUY Bruce Campbell (1)

Dividend is very safe.  Based on cash flow it is well covered.  You will not see an increase for a while.  He would buy with new money here today.


Price:
$39.620
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2014-10-02 PAST TOP PICK Ryan Bushell

(Top Pick Sep 23/13, Up 8.72%) He continues to be impressed with the discipline in their business model.  Not every oil and gas company runs their company in a sustainable long term time horizon.  They continue to accumulate assets in areas they are already in to have better production from their wells longer term.  Hold it as a core holding and collect the 7% yield and see where you are at 10 years from now.


Price:
$39.250
Subject:
CANADIAN LARGE (DIVIDENDS)
Bias:
OPTIMISTIC
Owned:
Yes
2014-10-01 WAIT Don Vialoux

It is having a difficult time.  On a seasonal basis, it is performing well.  It performs well from Jan-May of each year.  It is now in a downward, trend, underperforming the market and below its 20 day moving average.  Take a look in January.


Price:
$39.540
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-29 BUY on WEAKNESS Larry Berman CFA, CMT, CTA

Fine company and good dividend payer.  We had this correction.  You have a head and shoulders developing right now.  He thinks it might go a dollar lower before turning around. 


Price:
$40.340
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2014-09-29 HOLD Norman Levine

Holds it for income clients.  The dividend is healthy and safe.  The price of oil is vulnerable so it is just a hold here.  He is not a fan of the fact that they are a serial acquirer and issuer of stock.  They took a break in that and so now feels better about it.


Price:
$40.340
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH
Owned:
Yes
2014-09-26 BUY Michael Bowman

He has a real problem with oil sands oil.  The world is really down on it.  CPG is a premier company in a fantastic field.  It is light oil. 


Price:
$40.110
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
BULLISH on OIL SERVICES COMPANIES
Owned:
Yes
2014-09-25 BUY Michele Robitaille

Equity issue hides the actual operating results.  You could see a little bit more sell off here.  The market is overdue for a consolidation, however.  If you can get in here it has good fundamentals.


Price:
$39.280
Subject:
HIGH YIELD EQUITIES & REITS
Bias:
CAUTIOUS
Owned:
Unknown
2014-09-25 BUY Genevieve Roch-Decter

Just did an $800Million equity issue.  All the deals recently in the energy space are under water.  This is a long term hold.  She thinks the management is outstanding.  They are ahead of the curve in crude by rail and get the highest net backs.  Canadians can sell their oil anywhere, unlike the US.  She would buy it here as it is a bargain.


Price:
$39.280
Subject:
NORTH AMERICAN ENERGY INFRASTRUCTURE
Bias:
CAUTIOUS
Owned:
Yes
2014-09-23 HOLD Ross Healy

Doesn’t think the current setback is anything serious.


Price:
$40.000
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2014-09-23 COMMENT Rick Stuchberry

In big pools of oil and they know where the oil is. It’s all about keeping costs down, which they are very good at. Has dropped a bit in the last little while because the price of crude went from $107 to $91. They are hedged for part of their production, so the dividend is safe. Every time they drill a well, it costs them $3-$5 million so they have to be financed. Just did an issue. That, plus the weakness in the oil market, caused the stock to come off a little.


Price:
$40.000
Subject:
CANADIAN LARGE & ADRs
Bias:
BULLISH
Owned:
Yes
2014-09-22 TOP PICK Peter Brieger

Oil has stopped going down.  They have already drilled 700 wells and secondary recovery techniques can be applied to half of those.  They have an inventory of 7,600 wells to which the same technique can be applied.


Price:
$40.360
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2014-09-17 COMMENT Brian Acker, CA

The issue here is that it is now an $18 billion company, but the stock price hasn’t moved. They issue capital basically to keep the dividend out. They do acquisitions. Now in the US because they have probably dried up all the capital in Canada for a company of this size. His model price is $38.33, a 10% discount. If you are looking for appreciation, you are not going to get it here.


Price:
$42.100
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US$
Owned:
Unknown
2014-09-16 COMMENT John O'Connell, CFA

They have done a great job of executing. They have sold so much equity and it is owned by so many retail investors and portfolio managers that they need to go and find some new investors. They also need to say to Canadian dealers who have made a killing selling new issues for them, “We’re going to the US and hire Merrill Lynch and find some new investors.”. These deals are just too big. Company has done a great job of executing, but it is strictly a case of flow of funds, too many shares in too few accounts.


Price:
$42.360
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2014-09-12 BUY Bruce Campbell (1)

Just acquired Lightstream Resources and issued shares for $750 million. This will be about 3% accretive to cash flow per share. This is contiguous land and makes a lot of sense. He bought more shares when it pulled back from $42. 7% yield. Cheap valuation. Thinks this will be fine going forward.


Price:
$41.990
Subject:
CANADIAN LARGE
Bias:
BULLISH
Owned:
Yes
2014-09-11 HOLD Teal Linde

They had a great year.  They have had success with their completion process.  Water flood techniques are being put into a fuller scale.  The recent acquisition will be very accretive. 


Price:
$42.340
Subject:
NORTH AMERICAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Unknown
2014-09-10 BUY Alex Ruus

Just did a big equity issue, and is under water from that. This is a good Buying opportunity. Pays a nice dividend. Executing really, really well. Great positions in the Bakken and Three Forks. This year we are going to start to see some really interesting results coming out of Utah.


Price:
$42.420
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-09 BUY David Burrows

(Market Call Minute.) This is at risk to the energy prices, but they have a shareholder base who bought this for the distributions and dividends. This will pay you along the way so if you want energy exposure, this is a good one to own. Good defensive play.


Price:
$42.630
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL
Owned:
Yes
2014-09-09 BUY Christine Poole

Their acquisitions have generated criticism in the last couple of years. Stopped doing that for a while and focused on internal development. Have just acquired a land package which is expanding their holdings in their core area. This is positive. Has pulled back a little so it is an attractive time to Buy or to build a position. Very nice yield of over 6% which she feels can be fully supported.


Price:
$42.630
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2014-09-05 WATCH Norman Levine

Acquired an asset of Lightstream Resources.  They issued lots of shares to grow the company in the past and held back over the last couple of years and that has helped the share price.  Now they are doing it again and the question is if this will hurt shareholders.  He does not mind this latest deal.


Price:
$43.040
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on GLOBAL STOCKS
Owned:
Yes
2014-09-04 TOP PICK Douglas Kee

6.41% sustainable dividend yield. Payout ratio of 140% which is expected to drop to 105% next year, so he feels the dividend is safe. Growth is through acquisitions, but just as importantly, they grow through increasing production. They buy a lot of raw land and explore it.


Price:
$43.090
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Yes
2014-09-03 BUY Philippe Capelle

They do a lot of deals and this is probably a good entry point because they probably won’t do another deal for 6 months. The dividend is safe.


Price:
$43.170
Subject:
CANADIAN LARGE (RESOURCE)
Bias:
BULLISH on ENERGY
Owned:
Yes
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1 Comment

mylund

December 19th 2013 at 12:44pm

Who would be railing their crude in North America?


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