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Bill Harris, CFA , Portfolio Manager

Avenue Investment Management

Date Signal Symbol Company Opinion Price
2013-05-10 N/A A Commentary A Comment -- General Comments From an Expert

Markets. Slow growth economy is good for corporate profits.  Any incremental growth goes to the bottom line.  Now there is no alternative.  Everyone has thrown in the towel and is into equities.  You have to own the profitable companies.  Resource stocks don’t fall into that category.  Resources are cheap now but you have to do something defensive.  There is a ton of oil going into the US hub and that is the problem. 

 Price:
$0.020
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
_N/A
2013-05-10 PAST TOP PICK CNQ-T Canadian Natural Rsrcs

(Top Pick May 10/12, Down 3.31%) Sold into the fall.  He was worried about the western Canadian oil price.  He almost bought back in.

 Price:
$29.910
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
No
2013-05-10 TOP PICK CVE-T Cenovus Energy

Low cost producer.  Has refining also.  Most sensible, conservative way he can own oil in Western Canada.  It is 3% position for him.

 Price:
$30.270
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Yes
2013-05-10 DON'T BUY ECA-T Encana Corp

Needs $6 per MCF to get a good economic return.  Prefers TOU-T.  ECA’s hedging contracts are running out.  Higher cost producer.

 Price:
$19.320
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Unknown
2013-05-10 PAST TOP PICK KEY-T Keyera Corp

(Top Pick May 10/12, Up 53.53%)

Price:
$61.640
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Yes
2013-05-10 WATCH POT-T Potash Corp of Saskatchewan

There are a couple of problems.  You have planted this year’s crop right to the fence post and we are expecting record crops, which will push prices down including potash.  There is a large supply of potash and the price may not stay up here.  Nat gas prices are going higher so increased input costs.  Entry point is low 80s. 

 Price:
$43.790
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Unknown
2013-05-10 DON'T BUY PPL-T Pembina Pipeline Corp

He owns IPL.  PPL has historically had a little more debt.  The multiple is really high.  You can’t go much higher. 

 Price:
$34.360
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
No
2013-05-10 SELL RPL-X Renegade Petroleum Ltd.

Likes it.  At this oil price the dividend is not sustainable.  They addressed operational issues.  If they cut the distribution he thinks the market would agree.

 Price:
$1.230
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Unknown
2013-05-10 TOP PICK S-T Sherritt International Corp.

Just sold his Sherritt bonds because they may restructure the company in a way that is not good for the bonds but is good for the stock.  The stock itself with almost 4% yield should give him 10% return. 

 Price:
$4.870
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Yes
2013-05-10 WAIT SLW-T Silver Wheaton

Seems it is waiting until June or July to buy these things.  Buy on weakness in the summer. 

 Price:
$24.590
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Unknown
2013-05-10 DON'T BUY SU-T Suncor Energy Inc

It is just not that cheap (on operating costs).  He owns CVE-T. 

 Price:
$32.040
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
No
2013-05-10 WATCH TBE-T Twin Butte Energy

There are a handful of these companies that say they want to be dividend payers.  They hit a hiccup.  We have to see if they can execute the plan.  See if they address their operational issues.  They have a sustainable business.

 Price:
$2.140
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Unknown
2013-05-10 TOP PICK YRI-T Yamana Gold Inc.

(Top Pick May 10/12, Down 12.86%) He has added back the half he sold earlier in the year.  It is now actually expensive.  It may go a little lower into the summer.  It has a growth profile going forward.

 Price:
$12.160
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Yes
2013-03-05 N/A A Commentary A Comment -- General Comments From an Expert

Resources. We are starting to see a washout, especially in Junior mining names. For the rest of 2013, he feels they are looking for survival. There was destruction in gas 3 years ago and now you have seen that flow into small-cap and mid-cap  oil companies. It’s a lack of investment dollars. Big-cap dividend paying stocks that were felt to be expensive are still going up and the money is just washing out of the resource sector.

 Price:
$0.020
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
_N/A
2013-03-05 N/A A Commentary A Comment -- General Comments From an Expert

What are some of the constraints on opening mines in northern Canada? We have had the permitting issues as well as the native issues. Federal government has now said they are going to try to have one permitting process instead of a provincial as well as a federal permit, which should simplify things very much. Now the challenge is money.

 Price:
$0.020
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
_N/A
Showing 1 to 15 of 1,045 entries
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