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

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-02-11 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Markets.  Gold.  It is not a great sign when you see people moving into a save heaven.  It is the first time we have seen it since 2008. Investors have exhausted all places to put money:  Bonds are volatile, equities are volatile and you don’t earn much in cash.  Be selective in oil.  He has been negative in oil for 4 years.  Even now, he sees we are close to the bottom in oil prices but you don’t want to falsely translate oil price stability into share price stability in oil stocks.  He is not a buyer in the oil space.  2016 is another year of pain, with even more.  A hand full of oil companies have hedges coming off.  They have been burning cash hoping oil prices will come back. 


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: _N/A
2016-02-11 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Weighting – banks and financials.  If you assign a 10% weighting, then the subsectors should be included in that.  If you add to subsectors then you add to the space.  You might differ between Canadian and US but otherwise both banks and insurance companies are financials.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: _N/A
2016-02-11 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Negative interest rates in Canada.  We are quite a way from banks charging to take your money.  Negative interest rates are more of a term.  He believes Canada is going into a recession.  He expects interest rates to go to zero.  You will not be earning a net positive rate after inflation.  This will continue as Canada’s economy struggles.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: _N/A
2016-02-11 BUY A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Do I go back into the market from cash?  There is always a risk going to cash but when you get it right it feels good.  Try to build a portfolio you can live with in tough times.  Remind yourself that going to cash is a strategy that is not sustainable according to history.  Buy now if you are all in cash. He is at 25% right now.  Make sure they are dividend paying names.   Don’t make any big bets on sectors or individual names.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: _N/A
2016-02-11 TOP PICK BCE Inc.
BCE-T
Kash Pashootan

You want names with a low beta, which is .4 in this case.  He likes the fiber expansion.  It will boost earnings.  He likes the HBO acquisition.  They will stream current seasons over mobile devices.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 BUY Bank of Nova Scotia
BNS-T
Kash Pashootan

TD-T vs. BNS-T.  They are different in terms of the business.  Both get half of their revenue from outside of Canada.  BNS-T has been beaten up more because the Latin American economy is less stable than the US.  It is a good entry point if you don’t have exposure to Canadian banks.  It will be a 9% return including dividend for 5 years amongst volatility.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Unknown
2016-02-11 PAST TOP PICK CAE Inc
CAE-T
Kash Pashootan

(Top Pick Feb 27/15, Down 11.32%) He sold in the summer.  He is not overly bearish but he found better paces for his money.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: No
2016-02-11 SPECULATIVE BUY Corus Entertainment (B)
CJR.B-T
Kash Pashootan

It has been a touch place to be.  Pick and pay is going to come out and the market is trying to understand the implications.  They capture higher ad dollars because of the specialty channels.  Now they can see what the subscriber base is per channel vs. the package.  It has a potential of a meaningful upside, however.  12% dividend makes him concerned.  The cash flows look pretty good and have not changed since the share price was higher.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 PAST TOP PICK Cisco
CSCO-Q
Kash Pashootan

(Top Pick Feb 27/15, Down 14.65%) You’ve seen a broad sell off in general in the tech sector.  It’s up 10% today after reporting earnings.  That is in line with why they bought it.  Mobile providers are in need of bandwidth.  Cyber security is where money is being spent and they have done key acquisitions there.  11 times earrings and they raised their dividend. 


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 SELL Encana Corp
ECA-T
Kash Pashootan

It is a tough place to make money and the landscape will not get better.  This name has been wiped off the map.  They made a huge bet on getting out of natural gas and into oil at the wrong time.  They are not doing a whole lot very well if you look at the dividend, the balance sheet and the market they are in.  8.1% yield.  That is good until it is not.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Unknown
2016-02-11 BUY Estee Lauder
EL-N
Kash Pashootan

Skin care.  They are in the fragrance space through licensing, such as to Michael Kors.  They have had success in the Asian markets (over 20% of revenues).  He likes this name.  Only 8% of revenue is from E-commerce and it moved more toward this space.  Buy it in several buys over time.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: No
2016-02-11 TOP PICK Emera Inc
EMA-T
Kash Pashootan

He has owned it for a couple of years.  You get 4.25% dividend and modest share price appreciation.  Their recent acquisition has grown their footprint in the US significantly, where they can charge higher regulated fees.  6-8% total return and you can sleep at night.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 COMMENT Manulife Financial
MFC-T
Kash Pashootan

He has constantly wrestled with it.  He has looked at it a half a dozen times.  Over the last two years it has done nothing.  This is an entry point because we have had false starts.  He would aim toward Canadian banks.  He prefers SLF-T.  The presence of MFC-T in Asia has not monetized itself. 


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: No
2016-02-11 DON'T BUY Magna Int'l. (A)
MG-T
Kash Pashootan

Autos are so cyclical.  It can change from a boom year to a bust year so quickly.  F-N is 6-7 times earnings.  This is a theme that works right across the board.  Auto parts is a more defensive area than the automakers.  His opinion on the auto sector is somewhat muted.  The low PE is because the sector is so cyclical.  Don’t be fooled by it.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 PAST TOP PICK ProAssurance Corp
PRA-N
Kash Pashootan

(Top Pick Feb 27/15, Up 10.68%) They have been busy doing acquisitions over the last few years.  They are now done in their spending phase and now those are giving them new clients to cross sell products to.  2.6% dividend.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 WEAK BUY Power Financial Corp
PWF-T
Kash Pashootan

You can buy it and put it away and not worry about it, but with the pullback in the market there are places he would prefer to put capital.  It is financial focused.  He would break up the capital you want to allocate to financials if you want to buy this.  He does not see major earnings growth but you could argue that the share price is going to go back up again.  It is a matter of time before cash comes back into this space.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Unknown
2016-02-11 TOP PICK ResMed Inc.
RMD-N
Kash Pashootan

Sleep Apnea.  It is quite prevalent – 25% of the population have it.  2.12% dividend.  It is the leader to provide the devices. 


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 BUY Telus Corp
T-T
Kash Pashootan

He likes the name.  All the Telcos in Canada are a buy.  Foreigners are not going to come into the space.  It sold off because of what happened in Alberta.  Smart phone adoption in Canada is a lot less than in the US.  Great dividend.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Yes
2016-02-11 BUY Toronto Dominion
TD-T
Kash Pashootan

TD-T vs. BNS-T.  They are different in terms of the business.  Both get half of their revenue from outside of Canada.  BNS-T has been beaten up more because the Latin American economy is less stable than the US.  It is a good entry point if you don’t have exposure to Canadian banks.  It will be a 9% return including dividend for 5 years amongst volatility.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Unknown
2016-02-11 BUY on WEAKNESS Visa Inc.
V-N
Kash Pashootan

It is like buying real estate in the most expensive neighbourhood.  V-N has always been in that high multiple. You have to be willing to buy at high valuation.  They are paying you a slim dividend.  (0.8%).  But he sees this as a growth name.  The opportunity is the growth globally if you look at emerging markets.  He would buy in thirds over time.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Unknown
2016-02-11 HOLD Wells Fargo
WFC-N
Kash Pashootan

More focused on meat and potatoes banking.  Confidence is shaky, but the ability for the US consumer to spend is significant.  Household debt is about 110% of income vs. Canada at 165%.  It is not a buy but a hold.  He prefers regionals such as COLB-N, who are better at cross selling banking products.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: No
2016-02-11 BUY Exxon Mobil
XOM-N
Kash Pashootan

The smaller players can’t survive.  They can acquire assets at cheap prices.  They are one of the highest quality names in the space.  This is one of the more conservative ways to buy the space.


Price: $0.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: CAUTIOUS
Owned: Unknown
2016-02-10 N/A A Comment -- General Comments From an Expert
A Commentary
Swanzy Quarshie

Energy. We have seen hundreds of billions of dollars in cuts in CapX spending in the industry. Feels the time for buying energy is probably coming quite soon. It is time for people to get interested in energy, because all the CapX cuts are going to impact production growth in the future, which is where the real opportunity lies. OPEC produces 2 million a day more than they were when all this started. Part of the problem has been OPEC itself, but also we have not had the kind of production we expected from the US, but that is coming. It has a lag time. When we saw the production cap happening in the US, a lot of it came with efficiency gains because of production cuts, and she doesn’t see that for this year, and this year the cuts are really going to impact. There could be a surprise to the upside because of how crude trades on this kind of behaviour. One caveat is that demand is going to be pretty decent this year, but there have been reports out that demand might slow down growth. However, thinks the oil sands is going to be challenged.


Price: $0.020
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: _N/A
2016-02-10 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Markets. Things people are worrying about are not new problems for the most part. Markets for the last 5-6 years are advancing in spite of major issues percolating underneath the surface. The problems really never went away and as valuations continue to appreciate, and as some of the problems became more acute, it has given people pause to think about their positions. A common lore is that demand for oil is falling, and falling oil prices have been a symptom of weak global demand. However, demand for oil last year was the strongest it has been in 5 years. The problem is we have too much oil. This is an example of people focusing on what is an easy answer. Another one is the focus on China. China is decelerating its economic activity and is going through a transition, and people are worried about the devaluation of the Renminbi and what it is going to do to global markets and that we are going to have a currency war. We are already having a currency war and we are all pushing China to make their economy more open. The Chinese currency has appreciated, as has the US currency, for many, many years now. Now the currency is going down a little and people are criticizing them. Nobody pays attention to the fact that every country is in a competitive devaluation situation, which is very deflationary and is causing major problems to the US economy. Investors are only now starting to pay attention that the strong US$ has become a major headwind to US multinational corporate profits. He carries a very heavy cash position, just under 30%. The big new problem: are European banks spiraling out of control? He has been watching credit spreads widening globally for quite some time. Partially that is a function of the structure of the credit markets where a lot of high-yield bonds are held in ETF’s. The illusion exists that you can get instant liquidity. But the ETF has to sell the underlying security. With the new regulatory environment in the States and Europe, banks are less inclined to become liquidity providers in bond markets, so they have to find fewer and fewer buyers, and the major buyers of ETF’s are now in liquidation mode taking things down to valuations that compel people to purchase them. He is finally starting to see pretty good value in securities, particularly in the US. With credit spreads widening in Europe, etc., that stuff starts to begin morphing and becomes problematic.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2016-02-10 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Canadian negative interest rate environment? Canada could certainly go into a negative interest rate environment. Last year there were a lot of analysts that were suggesting banks should be bought because the yield curve was going to steepen as the Fed raised interest rates. It has done exactly the opposite. Negative interest rates are a tax on banks at a time when banks are already struggling with other kinds of problems. He doesn’t think negative interest rates will cause banks to cut their rates. They are well capitalized, strong and quite capable of dealing with an increase in nonperforming loans. However, he does think Canadian banks have been feasting on selling Canadian investors a debt for a good long time.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2016-02-10 TOP PICK Apple
AAPL-Q
John O'Connell, CFA

A great company and the largest company in the world. People are questioning how they can possibly do any better than they have. There are probably around 600 million iPhones out there, about 2 million 6’s, which means there is about 4 million odd 3’s, 4’s and 5’s. If you upgrade 50% of those every 2-2.5 years, that is 100 million of demand from just upgrades, taking out growth in the marketplace and China, which is growing by leaps and bounds. They are just getting involved in India. Trading at 10X earnings.


Price: $94.270
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 COMMENT Advantage Oil & Gas Ltd
AAV-T
Swanzy Quarshie

Have done an excellent job ratcheting down costs. They struggled a little when they were a trust, but then spun out their oil production into Longview. This has put them into the category of a lower cost producer on the gas side. They actually make money when everybody else is not. Have hedged very well and have a huge cash flow growth profile.


Price: $7.490
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: No
2016-02-10 COMMENT Altagas Ltd
ALA-T
Swanzy Quarshie

This is doing quite well in this environment. Has been able to grow its EBITDA this year. One of the lowest payout ratio companies in its universe. This presents an opportunity for people that are looking for a safe yield. The 6.5% dividend is absolutely safe.


Price: $30.170
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 COMMENT Arc Resources Ltd
ARX-T
Swanzy Quarshie

A natural gas specialist. This is a “Best in class” company in the oil/gas space. Has been able to maintain some growth in this environment as well as maintaining its balance sheet. They are really good at hedging. Have enormous torque to the Montney gas play, and there is a lot of upside to the story on this.


Price: $16.600
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 SELL Bank of America
BAC-N
John O'Connell, CFA

The banking sector is struggling with credit concerns that are emanating partially out of Europe, and that problem is not going away in the short term. Secondly, the US banks along with Canadian banks, are struggling with their exposure to energy loans.


Price: $11.980
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-02-10 PAST TOP PICK Bankers Petroleum
BNK-T
Swanzy Quarshie

(A Top Pick Feb 12/15. Down 77.71%.) This has been a disappointment. Had problems with the Albanian government, but the tax issue should get sorted out sometime this quarter. Great quality company, and its assets are phenomenal. In a rising oil price environment, this is a great place to be.


Price: $0.750
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Yes
2016-02-10 COMMENT Bank of Nova Scotia
BNS-T
John O'Connell, CFA

A well-run bank and he likes what the new CEO is doing. He is being tough on the organization to make sure it is being run on a cost competitive basis, but he is operating in very difficult environments and they are going to stay difficult for the foreseeable future. Thinks the banks are good value, but could become even better value. They’re all trading at around 10%. This is yielding about 5.3% and he could see it yielding 6%.


Price: $52.660
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-02-10 COMMENT Baytex Energy Corp
BTE-T
Swanzy Quarshie

No money is being made on heavy oil. All the money is being made in the light oil Eagleford play, where they have partnered with Marathon in Texas. An excellent way to play a recovery if you believe in a recovery in oil prices. They have problems on the debt side. At risk of reaching covenants yet again, but thinks they have offense (?), so there is upside for equity holders. Without higher oil prices, this story is quite impaired. If looking for an opportunity on an upside in oil, a small position could be okay.


Price: $2.360
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 SELL Bellatrix Exploration Ltd.
BXE-T
Swanzy Quarshie

(Market Call Minute.) They are ramping up debt with the decline in their production profile. Not a good combination.


Price: $1.370
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: No
2016-02-10 PAST TOP PICK CASH
CASH
John O'Connell, CFA

(A Top Pick March 10/15.) He always carries above average positions in cash. It gives opportunities. To deploy this, it would have to be some really good health care, technology, maybe some industrial stocks, and would have to be blood in the streets.


Price: $0.010
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 COMMENT Celgene Corp
CELG-Q
John O'Connell, CFA

The general market perception is weighing on companies like this. Then there is the political garbage that is weighing on them, and that is going to keep the stock under lid for a little bit, but it has a great growth story. Trading at a very, very reasonable valuation. Strong balance sheet. Of all the biotech stocks you would want to own, this is the one. Would love to see it get beaten up a little further, so he could add more.


Price: $103.160
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 TOP PICK Crescent Point Energy Corp
CPG-T
Swanzy Quarshie

She picked this, not only because she thinks oil prices are going to go up, but the business has not been impaired like others in this environment. You want to be exposed to a company that is not going to fall apart, but also has an upside opportunity. Operationally things are going great for them. Decline rates in production are slowly coming down, which means they have to spend less capital. Dividend yield of 8.66%, but wouldn’t be surprised if they cut this again.


Price: $13.660
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Yes
2016-02-10 COMMENT Cisco
CSCO-Q
John O'Connell, CFA

Sold his position last year at around $26. Likes the company very much and is a big believer in the evolution and growth in the Internet of things. This company is a central component of that hub. They are dealing with competitive pressures out of China, and a lot of their major customers are building a lot of their own products internally. It was major currency headwinds that caused him to pull Sell. Good strong balance sheet and a good dividend yield. He expects he will own this again in the future, but doesn’t think the stock is going anywhere soon. We are still early in this correction.


Price: $22.510
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-02-10 DON'T BUY Cenovus Energy
CVE-T
Swanzy Quarshie

This is quite challenged at this time. Have raised some capital, cut the dividend and sold their royalty package. Essentially with commodity prices where they are, the debt has ramped right back up again.


Price: $13.520
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: No
2016-02-10 TOP PICK Walt Disney
DIS-N
John O'Connell, CFA

(A Top Pick March 10/15. Down 12.76%.) Just bought more today. A wonderful company. It has Star Wars and there are going to be more Star Wars. Being criticized by analysts who have never run a company themselves.  Bob Iger bought the Lucas Film franchise for $4 billion, and the 1st movie he put out generated $1.5 billion in profit.  This is the most sophisticated company in the media business in the world. It is not just about ESPN or Star Wars. Theme park business revenues were up 15% this last quarter. Their theme parks in China are opening up. Their movie business is hugely profitable.


Price: $88.850
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 SELL Encana Corp
ECA-T
Swanzy Quarshie

Sometimes companies are forced to sell midstream assets to raise capital, but unfortunately the company that owns the midstream charges for that. Encana is having some issues in that they are having some really high costs on the transportation side, as well as having high operating costs. In this environment, you want the low cost operator, and this is not it.


Price: $4.860
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 HOLD Element Financial
EFN-T
John O'Connell, CFA

He is a long-term investor. Likes the company. This has been hit for multiple reasons. The former CEO is quite flamboyant. Did an excellent job, but some investors always have the thought that he is going to get himself into the same problems that he was into before. There is a lot of hot money in the stock. There are a couple of comparables in the US that have run into problems. Doesn’t think the comparisons are strong or valid. Trading at about 7X its earnings. It is going to survive.


Price: $12.770
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 COMMENT Enbridge
ENB-T
John O'Connell, CFA

This deserves an award for talking about a great story and getting the investment community on board. Of course the street is going to love this company because it is the biggest pair of commissions and underwriting fees out there. It is a huge labyrinth of special-purpose entities, spinoffs, new opportunities to raise money. It is just Financial Engineering 101.


Price: $44.000
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-02-10 TOP PICK Facebook
FB-Q
John O'Connell, CFA

In many respects they have a better mouse trap from an advertising perspective than what Google does. Management is fearless and clearly a visionary. Strong balance sheet and rapid, rapid growth. Trading at 30X earnings, so it is a little bit rich, but they are knocking the ball out of the park. Thinks it could be the largest company in the world in a couple of years.


Price: $101.000
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 COMMENT Fortis Inc.
FTS-T
John O'Connell, CFA

The recent deal was viewed very negatively by the street. It is a huge investment on this company’s part compared to its market cap. A lot of Americans are going to be getting shares in the company, and are not very happy about it. About 50% of those shares are going to be recycled. The company is being viewed increasingly as empire builders.


Price: $37.470
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-02-10 COMMENT General Electric
GE-N
John O'Connell, CFA

Trading at 19X forward earnings, which is a little rich for him. Likes that they are getting out of the financial services business and are buying back stock. He likes industrial areas which are struggling because of the energy space. Likes the healthcare space that they are in. Would be very happy owning this because it is a well-run company that has gone nowhere for a long, long time. Thinks the dividend is safe.


Price: $28.300
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-02-10 TOP PICK Gibson Energy
GEI-T
Swanzy Quarshie

Big transporter and storer of oil. Has traded a lot with commodity prices, which is a little unjustified. Valuation wise it looks really compelling versus its peers. Have spent a lot of money on terminals and pipelines to gather oil in the heart of Edmonton for shipment. This should improve their cash flow profile. Has a lot of “take or pay” contracts which provides a lot of help. Dividend yield of 8.55%.


Price: $14.910
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Yes
2016-02-10 PAST TOP PICK Alphabet Inc. (A)
GOOGL-Q
John O'Connell, CFA

(A Top Pick March 10/15. Up 26.26%.) Loves the company. Reported excellent earnings. This is one of the juggernauts that you just have to continue to own.


Price: $706.850
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 SELL Husky Energy
HSE-T
Swanzy Quarshie

A challenged company. Has one of the cleaner balance sheets, however management misstepped when they decided they were going to pay the dividend with all shares, and then decided to remove the dividend altogether. This is the trouble when you have one primary shareholder, as they essentially dictate what happens to the company. Doesn’t feel the upside is as great as with other companies. If you own, consider switching.


Price: $12.250
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: No
2016-02-10 COMMENT Imperial Oil
IMO-T
Swanzy Quarshie

A great, solid, well-run company, and you can tell that by the way it trades. Free cash flow profile looks healthy, which is good for the investor. Because it is such a good quality company with less beta than the rest of the group, in a rising price environment you are not going to get as much appreciation as you would in some others. This is a company you don’t want to own coming out of a recovery. Also. refining margins are coming down. Feels some of the best upside is going to be in the pure play rather than in an integrated story.


Price: $41.380
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 COMMENT Inter Pipeline
IPL-T
Swanzy Quarshie

A very well-managed company with a strong cash flow profile. The opportunity for pipeline growth is diminishing. A company like this is good for a safe, secure dividend, but the market doesn’t like that its growth profile is limited. Dividend yield of 7.6%. 


Price: $20.480
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 HOLD Kelt Exploration
KEL-T
Swanzy Quarshie

(Market Call Minute.) Great assets, but has been challenged by rising debt. Also, valuation is quite high relative to its peers. A lot of companies look to Short this when prices are going down. Likes management.


Price: $3.080
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: No
2016-02-10 BUY Kelt Exploration
KEL-T
John O'Connell, CFA

One of the best management teams out there. Amassed very, very large land positions and have been drilling outstanding wells. The balance sheet is in good shape. US investors have been shorting this, and the short position is about 10 million shares, which is a future buying power. Struggling with a commodity price which is unsustainable.


Price: $3.080
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-02-10 COMMENT Keyera Corp
KEY-T
Swanzy Quarshie

Natural gas processor. Has traded down quite a bit, where she thinks there is an opportunity. A very strong company and is in a good environment for picking up assets from some of the struggling oil/gas companies that own riskier assets. This is definitely worth a second look, particularly when you see where the stock is trading. A good dividend which she thinks is safe.


Price: $34.540
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 DON'T BUY MEG Energy Corp
MEG-T
Swanzy Quarshie

A challenge in that you have to have a significant bullish sentiment on oil/gas prices, especially oil, to be invested in it. Has significant debt. The maturity for the debt is pretty long dated, such as 2020-2021, however their interest payments per BOE is around $10. They are attempting to address this by potentially selling the access pipeline, but they didn’t talk about this very much in their quarter. She would stay on the sidelines until you know where oil prices are going to go and that management is able to address their debt burden.


Price: $3.970
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 SPECULATIVE BUY Madalena Ventures
MVN-X
Swanzy Quarshie

A player in Argentinian shale. A really interesting company, and if you have a little bit of money where you want to play some significant torque, this is an interesting one. Argentina for her is a “no go zone” because of their historical issues of taking assets away. However, the country is improving politically.


Price: $0.270
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: No
2016-02-10 HOLD Peyto Exploration & Develop.
PEY-T
Swanzy Quarshie

An excellent quality company which has done really well. They have been able to grow in this environment. A low cost producer and this is an excellent environment. Will get some really good deals. Some good optionality here for higher natural gas prices.


Price: $29.430
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 WAIT PrairieSky Royalty
PSK-T
Swanzy Quarshie

(Market Call Minute.) There is talk about a dividend cut, and thinks it is quite likely. They don’t want to carry any debt, and the payout ratio is over 100% right now. They can pay out almost all their cash flow because they don’t have to spend any money to drill. However, with Canadian Natural Resources (CNQ-T) selling their royalty assets to Prairiesky, you have to recognize that CNQ has a 19% ownership. They could cover off some of their debt to CNQ shareholders in the form of a dividend. Wait until that is over.


Price: $19.090
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 PARTIAL BUY RMP Energy
RMP-T
Swanzy Quarshie

A Montney player with a lot of elements for a good potential story. Feels there is a lot of upside, especially with the Waskahigan play. With all these small gas companies, liquidity is a problem. This one has a pretty low debt to cash flow, but the room they have in their lines is somewhat limited. She would like to see it through another credit facility valuation, and that will be coming quite soon for a lot of these companies. Once you are quite certain that the liquidity is there, it would be a good entry point. It is worth a small turn at these prices.


Price: $1.430
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Unknown
2016-02-10 PAST TOP PICK Raging River Exploration
RRX-T
Swanzy Quarshie

(A Top Pick Feb 12/15. Up 4.76%.) This company is extremely impressive. It has done everything that a company should be doing in this environment. Had lots of free cash flow potential and an extremely healthy balance sheet.


Price: $8.910
Subject: OIL & GAS
Bias: OPTIMISTIC on OIL
Owned: Yes
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