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Compiling comments that experts make about stocks while on public TV.

Recent Opinions

Date Signal Company Expert Opinion Price
2014-07-25 COMMENT Hutchison Whampoa
13 - HK
Darren Sissons

A great company, but it hasn’t really done a whole lot since 2004. The only really bright spot is that they paid a substantial special dividend in 2013. Because Hong Kong realty rules are such that any export earnings outside of Hong Kong can be effectively repatriated tax-free, a lot of companies are housed there that have operations outside of Hong Kong. Doesn’t think the growth is actually showing up in the numbers.


Price: $0.000
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Oil. There has been a pullback and he sees this as an opportunity. Had felt the energy sector had gotten a little too frothy in April-May, so had taken the cash in his fund up to 34% and was adding some large caps, not the market he usually focuses on. Now deploying cash and is down to 10%, and has been selling his large caps. Oil price is high and the differential between Canadian oil and light oil has been shrinking. Also, the loonie has been falling. Canada is adding “take away capacity” via rail to the US. All of the major issues that investors had challenges with, and the reason they were not investing in energy stocks, have now disappeared. As a consequence there were a bunch of stocks trading at really cheap values. Fundamentals today are the best they have been in 4-5 years. Stocks have had too good of a run. We’ve had a pullback and now is the time to be adding. He is a long-term believer in a high oil price, $100-$110. Many of his Top names that he would hold can grow production by about 20% a year spending 1X cash flow or grow at 10% and pay a 5%-10% dividend yield.


Price: $0.020
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: _N/A
2014-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Natural gas. Not as bullish on natural gas as there is a ton of low-cost supply. We have gone from a very bullish to a very bearish scenario in a month. At $4 there is enough plentiful supply in Canada and the US. Areas like the Marcellus shale have grown anywhere from 4 BCF a day to as high as 15-16 PCF, that is the equivalent of being the cheapest in 4 years. That 15 PCF is heading to 30 in the next 4-5 years. When he looks at natural gas names, they have to be very low-cost and preferably have liquids associated with the gas stream because that is where the majority of the economics are derived from.


Price: $0.020
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: _N/A
2014-07-25 N/A A Comment -- General Comments From an Expert
A Commentary
Darren Sissons

Markets. He is a Value Investor so is having some trouble finding value in this market. Asia is really the only place where there is value and he probably has allocation for only one more Asian stock. The US, given 1% growth, is very expensive. Europe has recovered and valuations are somewhat ahead of themselves. Feels the China slowdown story is a little overdone. Starting to see some come back on the currencies in Europe, and if that happens, there might be some opportunities in Europe as well. In Canada, oil prices are high, and obviously a lot of the energy companies have picked up and done quite well this year. However, there is still the delivery problem. How do you get the oil from the middle of Canada out to the West Coast? Rail is a challenge and there isn’t a pipeline. Although values have risen on the back of higher prices, he still wonders if those values are sustainable. As interest rates start to move north, that will be a change for a lot of sectors.


Price: $0.020
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-07-25 COMMENT Advantage Oil & Gas Ltd
AAV-T
Eric Nuttall

Has recently been buying this at around $5.50 because had felt it had gone too negative. Won’t be holding it for very long. For a longer-term investor, this is doing just fine. Their production comes on in lumps, so you can wait a quarter or 2 before there is really much to talk about. They should have some exploration down to the southeast of where their properties are now. Have been increasing the productivity of their wells along with all the other Montney producers.


Price: $5.910
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 TOP PICK American Financial Group Inc.
AFG-N
Darren Sissons

Slow and steady. Not a sexy company. They insure horses, speedboats, commercial car fleets. Because they dominate small niches, they just tend to slowly move along and slowly increase the dividend. Good corporate governance and good risk management.


Price: $58.020
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-25 PAST TOP PICK Athabaska Oil Sands Corp
ATH-T
Eric Nuttall

(A Top Pick July 30/13. Down 1.79%.) Had been on the verge of getting $1.3 billion from a Chinese company, and this is still dragging on. The $1.3 billion is now going to be $1.23 billion. There have also been recent headlines that some Chinese executives that were involved have been arrested. He would rather invest in others. If you own, you could get a gap up if they eventually get the proceeds, which he thinks they will. Continue to Hold.


Price: $6.880
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 TOP PICK BankUnited, Inc
BKU-N
Darren Sissons

(A Top Pick July 25/13. Up 10.77%.) This is post the global financial crisis and a bank that was effectively re-launched. Q1 capital ratio was around 30%. Exposed to the Florida and US market. Interest rates will take this higher and will be a tuck-in candidate at some point.


Price: $32.280
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-25 BUY Danone
BN-FP
Darren Sissons

Ran into a few sharp objects. Got embroiled in China regarding a product. Also, had some operational issues in Europe. Great company and is exposed to some decent markets.


Price: $0.010
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-07-25 DON'T BUY Bonavista Energy Corp
BNP-T
Eric Nuttall

(Market Call Minute.) Would hold off on this. They have limited exposure to any upside in natural gas. Have been doing a good job of turning things around, but there are other names he likes better.


Price: $14.480
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-07-25 DON'T BUY BRF Brasil Foods SA
BRFS-N
Darren Sissons

What worries him is that commodity companies in general tend to be highly cyclical. Things that will affect the sector is the grain trade that is starting to unwind in the US and will bring down input costs as well as issues around safety. Good company, but it’s not something that really excites him. You buy a commodity story when it is really weak and buy it on the recovery.


Price: $25.760
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-07-25 COMMENT Baytex Energy Corp
BTE-T
Eric Nuttall

Thinks they raised money at $39.50 to buy Aurora in Texas. In retrospect it was a pretty good transaction. It took a little while for the street to appreciate how much free cash flow that asset will contribute over time. They have to spend a certain amount to maintain production and grow it a little, and all of the excess cash flow from Baytex can either be used to repay debt, which they don’t have a lot of, or they can use it to increase their dividend, or buy other acreage. Sold his holdings because it had regained the multiple it had. There is a new team, so there is a little bit of proving they have to do to the street. Trading at a multiple where people are already baking in extremely good operational success. On a relative valuation basis, he would prefer other names. If you own, it is a steady Eddie name, and you are looking at roughly 10%-12% total return.


Price: $48.590
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 COMMENT Bellatrix Exploration Ltd.
BXE-T
Eric Nuttall

Had been mildly critical of this when the stock was mid-$9’s and they came to market to try and raise about $250 million. Due to the share price dropping off, they clarified that they had wanted to buy out one of their partners on some other acreage. There has been a knock on people’s perception of the company, and it takes a very long time to regain the multiple. While it is cheap, he thinks it is going to stay cheap for a period of time. If you are a long-term investor and don’t want to realize capital gains, you can stick around.


Price: $8.620
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 DON'T BUY Cardinal Energy Ltd
CJ-T
Eric Nuttall

This is more of a yield play. They IPO’d in Dec/13 at $10.50. Sold his holdings in the mid-$15-$16, feeling that the easy money had been made. They are now essentially a pure play on the Glock where they have drilled 2 wells. Three wells will be released the next time they come out with results in about 3 week’s time. The real upside is that they are under leveraged, and given the real low decline rate of their assets, they are generating a lot of excess free cash flow, which they don’t necessarily want to deploy into their existing play. They are looking at other plays. They have been targeting a 2000 barrels a day acquisition for many, many months. It seems they may be getting closer to achieving that. Given that they are trading at around 7.5-7.8 times enterprise value to cash flow, they’ll likely be able to make an accretive acquisition and have the stock go up. There are other names he would prefer right now.


Price: $18.800
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 COMMENT Crescent Point Energy Corp
CPG-T
Eric Nuttall

(Market Call Minute.) This is a core holding. He typically sells in the high $40’s and buys in the low $40’s. This will be $50 stock in 3-4 years.


Price: $45.220
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 DON'T BUY Cequence Energy Ltd.
CQE-T
Eric Nuttall

He has been using $4 natural gas for 2015 for his own modeling, which is proving to be where the futures price is coming down to. This one screens out as a very cheap stock, but unfortunately is somewhat cheap for a reason. Had an asset in the Wilrich, which they sold to Bonavista (BTE-T), and they took the cash and de-levered the balance sheet, which was fine. They were also ramping up CapX very meaningfully. However, when they came out with their pro forma guidance in terms of production, relevant to the increase in CapX, it was overwhelmingly disappointing. Also, there has been a massive turnover in sentiment with respect to natural gas.


Price: $2.280
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 HOLD Delphi Energy Corp.
DEE-T
Eric Nuttall

Not the top 1, 2 or 3 in natural gas names, but if you own he thinks you will do fine. They put out an operations update with one really good well. Also, had another that was crappy in terms of liquids yield. He is focusing more on the crummy well because of the variability in geology. Have been deleveraging given the ramp in their cash flows. Part of that was contingent on high natural gas prices, and as gas has sold off, he thinks this thesis is somewhat challenged. Have an offer for their Wapiti asset which would serve to deleverage the balance sheet. There are names he likes better, but sentiment has overshot to the negative.


Price: $3.850
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-07-25 BUY Encana Corp
ECA-T
Eric Nuttall

Has been buying, thinking that their quarter is going to be good. It is down, where most large caps are up this month. He has never been a big fan of this company, but it is really turning around. Doesn’t think people are appreciating some of the upside in their assets. Shed a lot of their non-core assets. Have been able to double the productivity out of their Montney with a small incremental cost. Upside in their Duvernay is enormous with 10 wells coming on averaging 100 BOE’s per day. If they got rid of their PrairieSky (PSK-T) holdings, it would clean up the corporate structure. Trading at a very cheap level.


Price: $23.840
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 COMMENT Enerplus Corp
ERF-T
Eric Nuttall

This is a solid name. Management has done an awesome job of deleveraging over the past couple of years and refocusing their drilling efforts. Likes that 50% of their production is US, Bakken and then Marcellus. Marcellus rates have been getting better over time, just as a lot of operators have. Do have some pricing risks, which they have been open about. Thinks that 30%-40% of their gas is exposed to the blowout in the basis differential. He saw the upside in their Bakken acreage. Stock has been trading at it really big discount, but over time that differential has narrowed. Feels the real easy money has been made. As a long-term investor looking for yield, it is a very solid name.


Price: $25.630
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-07-25 COMMENT Facebook
FB-Q
Darren Sissons

Twitter (TWTR-N) or Facebook (FB-Q)? All of these properties have not really demonstrated how to make sustainable money. His sense is that this one will ultimately be acquired by someone and will have to come up with an engine of sustainable growth. Feels that Twitter has value. It’s a community, but how do you monetize a community? This is not a long-term hold. Here today and gone tomorrow.


Price: $75.190
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 COMMENT First Republic Bank
FRC-N
Darren Sissons

He favours the regional banks right now, because from a regulatory point of view, the glare from Washington is directly on the money centered banks. That’s a negative pressure which is actually bringing down the earnings. This is not a bad bank, but he favours others. 


Price: $47.320
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 PAST TOP PICK Fonterra Cooperatives Group Ltd
FSF-NZ
Darren Sissons

(A Top Pick July 25/13. Down 14.88%.) There were 2 shareholder classes and the company paid the dominating share class a substantial increase in earnings, but cut the dividend for the other class of shareholders by 70%. Soon as that happened, he dropped his holdings.


Price: $0.000
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 PAST TOP PICK HSBC Holdings
HSBA-LSE
Darren Sissons

(A Top Pick July 25/13. Down 10.76%.) Earnings are 50% Europe and 50% Hong Kong. This is a “show me” story around the interest rate movement. When there is an interest-rate hike, you will see the stock.


Price: $0.000
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-25 COMMENT Bank of Ireland (Gov & Co)
IRE-N
Darren Sissons

The issue with the banking sector is that the damaged ones needed to be re-capitalized with fresh capital. This one got real capital put into it and the Irish economy is starting to grow quite well. Doesn’t think this is for his clients, but there is definitely upside here. As interest rates climb to higher levels, this will be driven to higher levels also. There has been a definite drop in relative performance because they sold off assets. A decent bank and a good option to look at.


Price: $14.500
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 TOP PICK Keppel Corp Ltd.
KEP-SP
Darren Sissons

The leader in the offshore oil rig market. The current big driver is going to be the ultra-deepwater market. Have a $14 billion backlog that gives them visibility up to 2019. Have increased the dividend for 23 consecutive years. Also, have a small property business that builds apartments across Southeast Asia. Good balance sheet and very good management.


Price: $0.000
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-25 DON'T BUY KKR & Co. LP
KKR-N
Darren Sissons

The issue he has is that the public has been lured into a sense that these are steady growth stories. The 2% income that comes from managing money will be steady and will cause these businesses to appreciate over time. The 2% money is locked up for only 12 years and thereafter they have to continue to raise capital. If the funds have not performed, the capital will fall off the docks and the 2% income stream will be impaired. On the 20% profit sharing, first the house has to be paid. High-quality company and best in breed in terms of the buyout funds but he wouldn’t own it. Be careful.


Price: $24.780
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 BUY on WEAKNESS Legacy Oil and Gas Inc.
LEG-T
Eric Nuttall

Have done a great job of deleveraging. He would be a buyer in the low $8’s. It has regained some of its lost multiple. Thinks that in 2015 they will outspend cash flow to increase their production growth to around 20%, versus their historical 12%-13%.


Price: $8.780
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-07-25 COMMENT Long Run Exploration
LRE-T
Eric Nuttall

(Market Call Minute.) Not a name he would have in his top 10. There are more exciting names, but in terms of a dividend payer it is fine.


Price: $5.780
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 BUY Lloyds TSB Group PLC
LYG-N
Darren Sissons

There was such a huge run-up last year for the European banks, on expectations they were going to do exactly what the US banks had done. However, there is a timing difference. The US went into the abyss earlier and its banks were re-capitalized earlier. Next was the UK. Feels the European trade got a little ahead of itself. The fundamental driver is going to be higher interest rates. As we start to see higher interest rates, there will be a catalyst for the whole banking sector. It will start in the US and then we transition to the UK. When that happens, the banks will start to move substantially higher. This bank needs to introduce a dividend that will give it some foundation.


Price: $5.170
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-07-25 COMMENT Medtronic Inc
MDT-N
Darren Sissons

Used to be a dividend aristocrat in that it paid an increasing dividend every single year, for a long period of time. Good balance sheet, leveraged to the tool market in the medical space. Somewhat slower growth during the recession. They are acquiring Covidien (COV-N) and will re-base in Ireland giving them lower taxes. This will accelerate their growth. Longer-term, if you buy the story, you’ll be okay, but it is a multi-year story. A slow growth story.


Price: $62.900
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-07-25 COMMENT National Bank of Canada
NA-T
Darren Sissons

Switched his holdings to Bank of Nova Scotia (BNS-T) about a year ago because he wanted exposure outside of Canada. Corporate governance has held up fine, but he wonders how much more growth is ahead of us. The story for all Canadian banks is generally about how much leverage the average Canadian has. It is starting to approach nosebleed level. Any growth is going to be driven off higher interest rates so he would consider European and US banks, which are cheaper.


Price: $48.430
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 COMMENT National Bank of Greece SA
NBG-N
Darren Sissons

What you’ll probably find is that the US banks will move first, but a little slower. UK banks will be next and then Continental banks will be 3rd. Biggest upside is obviously going to come from the banks that have risen in the economies that have been most damaged. Greece is a definite example of this. You have to really look at the balance sheet and how much capital has gone into this and that Greece exporting is going to be able to perform. He is not so sure on the last point, but does think there is some upside here. A little more risky than what he would tend to do.


Price: $3.490
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 HOLD Precision Drilling
PD-T
Eric Nuttall

Drillers tend to be more volatile than producers. People have been buying service companies as a leveraged way to play the increase in natural gas pricing. His concern is that, as natural gas prices have fallen, service names will be weak. Just announced pretty good results. He can see the stock price at $16-$17. He owns some of the smaller companies because they are trading at slightly lower multiples, and can grow a little faster. If you own, Hold into the fall, when it will be very strong for the energy complex in general.


Price: $15.040
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 HOLD Philip Morris International
PM-N
Darren Sissons

Likes the sin stocks and tobacco has been a great investment longer-term. Prefers British American Tobacco (BTI-A) because it doesn’t have the same level of liability risk. Indonesia and Vietnam are big growth drivers for them. Longer-term you should be fine.


Price: $84.850
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-07-25 BUY on WEAKNESS Perpetual Energy
PMT-T
Eric Nuttall

Have done a really great job of deleveraging. They took advantage of the frothiness in the royalty companies, so they sold some royalty acreage to Freehold (FRU-T) at an eye-popping level. Thinks their debt to cash flow is now sub3X. If he were more bullish on natural gas, he would have bought this. If it were to pull back to $1.70-$1.80 level he would probably buy.


Price: $2.150
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 COMMENT Pine Cliff Energy
PNE-X
Eric Nuttall

Dry natural gas. Sold his holdings last week, based on their announcement that they had purchased assets for $100 million. Thinks people were getting agitated that management was taking so long to make an acquisition. Feels the biggest risk is equity financing coming in. The manager is very conservative. Given that they have a debt to cash flow of around 1.5-1.6 times, he would think the manager would be uncomfortable at that level. If you own and are mildly bullish on natural gas, they have a fairly low cost structure, so hold onto it.


Price: $1.860
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 COMMENT Painted Pony Petroleum
PPY-T
Eric Nuttall

(Market Call Minute.) Trading at a premium multiple. They divested their oil assets to step on the accelerator in their Montney results, which are getting better and better. Prefers others.


Price: $11.870
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 COMMENT Panterra Resource
PRC-X
Eric Nuttall

Repurchased assets in the Foothills. Stock was a little rich because of the very good management premium. Have been trading at around 7.5X forward cash flow. The long term optimality of a team that is one of the few people left in the country that have experience in driving these types of wells in virgin territory in the foothills, has a strong likelihood of doing well next year. A little expensive. If you are a long-term investor, you can be comfortable in owning this.


Price: $0.530
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 DON'T BUY Penn West Petroleum
PWT-T
Eric Nuttall

Wouldn’t touch this. Thinks there are long term ongoing issues. Deleveraging by selling off assets. Last quarter was pretty good in terms of capital efficiencies, but when he can invest in so many other names, he doesn’t find this overly compelling.


Price: $9.860
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 DON'T BUY BlackPearl Resources Inc
PXX-T
Eric Nuttall

Sees no reason to own this for at least another 6 to 9 months. At one point, they were the most esteemed management team when it came to heavy the oil, and the stock was as high as $7-$8. They had the ability to fund at the time, because they had 2 projects that required massive, massive funding given their oil sands developments in situ, but they chose not to for reasons that were beyond him. They are now in a situation where they have to sell funds, and that takes longer. Have 3 primary properties. One is flat lining in terms of production so it is difficult to get excited about. The next is Onion Lake where they will have results in the 2nd half of 2015. On the 3rd one, they need external funding. Trading at roughly 6.3-6.4 times next year’s cash flow, similar to Spartan (SPE-T), which is actually growing production, internally funded with better economics and balance sheet as well as higher inside ownership.


Price: $2.160
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 DON'T BUY Banco Santander SA
SAN-N
Darren Sissons

Going to buy one of Brazilian’s assets, but questions if it will really go through and if it does what will the combined entity look like. The combination will be a very good powerful entity. If you are going to invest in the emerging markets, now is a pretty good time to do it. Portuguese market is still struggling. He would suggest you wait until it happens.


Price: $10.220
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 TOP PICK Spartan Energy Corp
SPE-T
Eric Nuttall

This is a “sleep easy” small cap growth story. Management owns 13%. In one of the best areas of oil production in Southeast Saskatchewan. Have consistently been drilling wells that have paybacks of less than a year. Because of their size, they can still make smaller acquisitions that are too big for larger companies. Their ability to add accretively is much higher than some others. By his estimation, they will be growing production next year by 49%, the highest of any oil company in Canada, and that is spending only 80% of the cash flow. Typically trades in a band of $3.80 and $4.20. They report in about 2 weeks, but doesn’t know if there will be any catalysts to get people really excited.


Price: $4.040
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 DON'T BUY Twin Butte Energy
TBE-T
Eric Nuttall

(Market Call Minute.) Would stay away from this. Doesn’t have it in his fund, but owns some personally, and he struggles with what to do. Thinks the dividend is probably safe but will never regain the multiple that it had.


Price: $1.710
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 DON'T BUY Talisman Energy
TLM-T
Eric Nuttall

(Market Call Minute.) Have been tempted to Short this. He does not see Repsol coming in and buying an entity that is trading at a premium to most Canadian oils. Short reserve life and crummy assets.


Price: $11.800
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-07-25 PAST TOP PICK Torc Oil & Gas Ltd
TOG-T
Eric Nuttall

(A Top Pick July 30/13. Up 92.91%.) There was also a consolidation of 1 for 5. An extremely stable, solid business model. 80% of the cash flow will generate 14%-16% growth. Current dividend of 4%, and he is hoping for an increase. Still undervalued, and as people get more and more comfortable with the story, there will be multiple expansion. Still a Buy.


Price: $13.700
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 TOP PICK Tourmaline Oil Corp
TOU-T
Eric Nuttall

(A Top Pick July 30/13. Up 33.13%.) His largest holding. A lot of natural gas stocks in the Montney have been unlocking a lot of value by getting better and better at drilling and containing the wells. A lot of this company’s wells are coming on stream at twice what they had budgeted. Thinks this has 40% upside from today’s levels, a $75 stock because their acreage just keeps getting better and better. They keep coming out with new plays. Have 10 years of high-grade inventory.


Price: $52.650
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 COMMENT Twitter, Inc
TWTR-N
Darren Sissons

Twitter (TWTR-N) or Facebook (FB-Q)? All of these properties have not really demonstrated how to make sustainable money. Feels that Facebook will ultimately be acquired by someone and will have to come up with an engine of sustainable growth. This one has value. It’s a community, but how do you monetize a community? This is not a long-term hold. Here today and gone tomorrow.


Price: $38.160
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: No
2014-07-25 TOP PICK Whitecap Resources
WCP-T
Eric Nuttall

One of the most sustainable and attractive total return energy stocks in Canada. Spending less than 1X cash flow. They can grow production by 14%-15% plus pay their existing dividend. Because their wells have been so profitable, they are generating a ton of free cash flow. If they were to take just half of their free cash flow next year, and roll it into the dividend, they could increase it by 33%. Reporting on Aug 7th and he is hoping they increase their dividend by 5%-10%. Still trading at a discount multiple. Thinks it will be a $20 stock over the next year or so. Yield of 4.53%.


Price: $16.630
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-07-25 BUY Wright Medical Group Inc
WMGI-Q
Darren Sissons

This is a turnaround story, but eventually will be a takeout story. It is probably 60%-70% done, but you could Buy here on the dip. If you don’t own, you could probably get 30% upside from this point.


Price: $31.300
Subject: GLOBAL LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-24 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Markets.  Energy infrastructure is one sector he has identified as promising.  There are generally a lot of large cap stocks that have not rebounded fully.  Payouts are rising and income growth is plentiful.  Technology, transportation, chemicals and are also leading sectors.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-07-24 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Markets. We are in a unique situation where there is so much money on the sidelines; people want to take advantage on any dip. We are not getting traditional corrections, but getting 3%-5% corrections, and then we see money flow positive coming to the market. On the other side, there is this healthy skepticism that is not allowing this to turn into a bubble, which is very, very good. So, while we are pushing the top end in terms of valuation ranges, earnings are coming in pretty healthily on an ongoing basis, quarter by quarter. As long as we keep the cap on and not get too exuberant, the market will work its way higher in a gradual way. There are a lot of people out there who are still feeling the effects of 2008 psychologically, and just not able to commit to the level of equity exposure that they would like to, or think they should to achieve their financial goals.


Price: $0.020
Subject: US EQUITIES
Bias: BULLISH
Owned: _N/A
2014-07-24 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Small Caps. Historically these have outperformed large caps. They have an ability to move in a nimble way. At this point in the market, we are starting to sniff a little inflation, which is a good thing for small-cap companies. It gives them pricing power and the ability to adjust on the cost side in a much faster way than very large companies.


Price: $0.020
Subject: US EQUITIES
Bias: BULLISH
Owned: _N/A
2014-07-24 COMMENT Alcoa
AA-N
Gordon Reid

Hasn’t owned this because he just doesn’t feel comfortable in a situation where they are making strides on the cost side, and by trying to equalize the supply/demand situation. There has been a tremendous amount of supply in the smelters, and they have been shuttering smelters to try to equalize that. They are not completely in control because China is a big producer. However, the company has done a good job.


Price: $17.000
Subject: US EQUITIES
Bias: BULLISH
Owned: No
2014-07-24 TOP PICK Apple
AAPL-Q
David Burrows

Sometimes it is hard to stick with what is working.  Just about to release a new iPhone.  There is growth in the BRIC countries.  They have the watch device. There is a JV to provide enterprise services.  It is behaving very well and has strong dividend growth and strong free cash flow.  Great balance sheet.


Price: $97.030
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-07-24 PAST TOP PICK Apple
AAPL-Q
Gordon Reid

(A Top Pick July 17/13. Up 61.67%.) Had a 7 for 1 stock split. Thinks the market has refocused. Has gone from euphoria when the iPhones were being introduced, followed by the doldrums when people were pricing the company for extinction. We are now moving back towards the euphoria phase with a new product cycle that is about to hit us. There will probably be an iWatch. Have returned $78 billion to shareholders in the last 1.5 years. Have another $50 billion or so, to satisfy their commitment. Thinks the stock can go higher from here. Still represents excellent value.


Price: $97.030
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2014-07-24 DON'T BUY Agrium
AGU-T
David Burrows

No agricultural exposure over the last couple of months.  At this point it is not one of those sectors to buy.   Not one of the right groups to invest in.


Price: $98.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-07-24 PAST TOP PICK Amazon.com
AMZN-Q
David Burrows

(Top Pick Jul. 11/13, Up 20.25%) He continues to see secular growth with online retailing.  25% year over year revenue growth.  You could own this as a proxy on online retail.


Price: $358.610
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-07-24 TOP PICK American Axle & Mfg Hldgs Inc.
AXL-N
Gordon Reid

This was spun off from General Motors (GM-N) in 1994. Make drive line axles, primarily for trucks initially, but have moved into the car business. Most of the business historically has been with General Motors, but are now down to about 55% with GM, and are dealing with about 100 different customers. Growing their earnings at a fairly good clip of about 15% annually, but are only trading at 8 or 9 times earnings.


Price: $19.230
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2014-07-24 TOP PICK Boeing
BA-N
Gordon Reid

This is a great story. It has visibility, which a lot of companies don’t. We are seeing a $377 billion backlog for 5200 commercial aircraft. They have the 787 Dream Liner. Trading at about 16X earnings. It is a captive market. Airlines need to buy new technology and new aircrafts because they are more fuel efficient.


Price: $124.400
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2014-07-24 COMMENT Bank of America
BAC-N
Gordon Reid

The only financial that he owns is Goldman Sachs (GS-N). Expecting that over the next year or 18 months, he will have more of an exposure to the money centered banks. Feels that we are likely to see some inflation entering the economy, and for that reason we are likely to see the yield curve steepen, and banks will make money the old traditional way, lending long and borrowing short and lending long.


Price: $15.620
Subject: US EQUITIES
Bias: BULLISH
Owned: No
Showing 1 to 60 of 130,105 entries
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