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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Markets. Feels people are looking for something that is truly hedged. Believes you should be in the cyclical names, and the defensive “short” should be the classical defensive names, because he believes we are seeing a pretty powerful economic slate of data out of the US. That is where you ultimately want your portfolio to be slanted.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: _N/A
2014-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Energy Services. In Canada this would be mainly gas services, which is a little different than global oil services, which is increasingly offshore. Gas does well historically from October to March, and he would start in advance in some of these names such as Trinidad Drilling (TRI-T), Precision Drilling (PD-T) and Arctic Services (?).


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: _N/A
2014-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Markets. There was a sigh of relief from Scotland last night, the European markets were up, emerging markets were up, the US wasn’t too bad, but he thinks international investors just headed for the exits because of the high US$, which means lower commodity prices. However, there was also weakness in the banks, healthcare, consumer staples, which tells him it was a “risk off” trade that was unique to Canada today. Their real culprit of today’s move is that Europe is weak. This means the euro has to come down, which means the US$ is probably going higher, which will continue to pressure commodities. He is expecting more volatility. We are still in a Bull market, but there is more noise.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2014-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Which Canadian bank would you recommend? Likes Bank of Nova Scotia (BNS-T) for its properties and international exposure. Has paused here a little. Capital levels are really good and they can make accretive acquisitions. The Royal (RY-T) is still sensitive to the market that we are in. Toronto Dominion (TD-T) is good. Commerce’s (CM-T) growth rate isn’t as good but they have really good capital ratios so they can make accretive acquisitions. Likes the whole banking group. A good place to put money.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2014-09-19 COMMENT Apple
AAPL-Q
John Stephenson

If you own, you’ve had a good run and would be probably wise to trim a little bit. However, overall, looking at the technology space, this looks really good. They do 2 things primarily. Produces consumers’ products, but also has the operating system which you can use across your iPad, iPhone, etc. Thinks they have a lot of leverage that they are starting to pull. Valuation is not ridiculous and they have a lot of cash.


Price: $100.960
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 PAST TOP PICK Algonquin Power & Utilities Corp
AQN-T
Greg Newman

(A Past Pick Oct 2/13. Up 45.38%.) He is restricted and can’t make any comments at this time.


Price: $8.980
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 HOLD Athabaska Oil Sands Corp
ATH-T
John Stephenson

He is a little nervous on names like this. The potential is there. The reservoir looks attractive and reserves look attractive, but you have funding issues. It is not a producing mainstream player in the oil sands yet, so you take a huge amount of risk. At best this would be a Hold.


Price: $6.160
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 BUY Bonavista Energy Corp
BNP-T
John Stephenson

(Market Call Minute.) Probably not a bad place to be. Good job and a decent balance sheet.


Price: $12.920
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: No
2014-09-19 BUY Bonavista Energy Corp
BNP-T
Greg Newman

Trades at a discount to its peers, yet it has had some pretty good cash flow growth. Has a more focused asset concentration than it had as well as lower operating costs. Sees the payout ratio coming down. He models 122% for 2015, which is better than it was. Challenge here is lower natural gas prices.


Price: $12.920
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 COMMENT Baytex Energy Corp
BTE-T
John Stephenson

This has been a very strong story over the last 10 years. More of a heavy oil story, which is looking pretty good. The differential between Western Canadian Select and WTI has narrowed and is likely to stay now because the infrastructure bottlenecks that were creating the spread have really narrowed. Very well managed and will continue to grow.


Price: $43.160
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 BUY Blackstone Group LP
BX-N
John Stephenson

Phenomenal company. You want to be in these private equity companies, and this is a preeminent name. They are hugely sensitive to the stock market. Economic data in the US is currently very strong. Private equity companies invest in the down market and raise money in the up-cycles and harvest in the up-cycles. An attractive company with a very strong pipeline. (See Top Picks.)


Price: $33.170
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 BUY Bellatrix Exploration Ltd.
BXE-T
John Stephenson

(Market Call Minute.) Has done a good job.


Price: $7.250
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: No
2014-09-19 PAST TOP PICK CitiGroup
C-N
John Stephenson

(A Top Pick Nov 7/13. Up 11.42%.) Loves this name. Has been disappointing for the 1st part of the year. Money center banks have been viewed as the perpetrators of the 2008-2009 financial collapse. Now the litigation risk is behind them they are starting to pay down debt and are raising capital. Also starting to return money to shareholders. Can see 100% of cash flow coming back to shareholders starting next March. Sees $65 in 12 months.


Price: $53.480
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 HOLD Caterpillar
CAT-N
John Stephenson

(Market Call Minute.) He is just not bullish on mining right now, which is a big part of their business.


Price: $102.510
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 TOP PICK Canadian Natural Rsrcs
CNQ-T
Greg Newman

Thinks the market is really ignoring that this company gets a lot of their effective pricing from Western Canada Select, which really hasn’t changed much. Differentials have narrowed, so the “spread under” has gone up. Thinks that on this next quarter, as long as oil doesn’t drop another $10, this should be a nice little earnings release. Ultimately they expect to have $5.5-$6.5 billion of free cash flow by 2018.


Price: $44.070
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 BUY on WEAKNESS Canadian Pacific Rail
CP-T
Greg Newman

Stock has gotten a little bit ahead of itself. Transports have been great on lower oil prices. He sees $8.90 per share in earnings for 2014 and sees it going to $16.10 in 2017, but based on his 7%-8% revenue growth assumptions and the OR continuing to fall. If these targets are right, this should be a $300 stock in 2016.


Price: $226.270
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 BUY on WEAKNESS Cenovus Energy
CVE-T
Greg Newman

Thinks there is good long term value in this stock but their “steam to oil” ratio has been moving higher, which is not good. Expects this to peak in Q3 and fall to more normalized levels, which should help the stock. Ultimately he would be using weakness to be buying. Good balance sheet and debt to cash flow at about 1 times. Trades in line with its peers. Nice safe dividend.


Price: $31.410
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 BUY Dream Office REIT
D.UN-T
Greg Newman

Likes at this level. Pays an 8% distribution. Trading at about a 15% discount is estimated NAV. Payout ratio looks fine. Trending down at about 92%. Thinks that improved office market sentiment may be 6-9 months away.


Price: $27.960
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 BUY Delphi Energy Corp.
DEE-T
John Stephenson

(Market Call Minute.) Small but has done a good job of growing their production.


Price: $3.620
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: No
2014-09-19 PAST TOP PICK Encana Corp
ECA-T
John Stephenson

(A Top Pick Nov 7/13. Up 27.84%.) This is the kind of gas play that most investors should have in their portfolio. They have focused on 5-6 core areas only. Capital discipline is very important for this company. PrairieSky (PSK-T) has really helped them put their balance sheet in order and they’re sitting on a lot of cash right now. Looks pretty solid right.


Price: $23.790
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 BUY on WEAKNESS EnerCare Inc
ECI-T
Greg Newman

Company bought some accretive assets which he viewed as favourable. He can see them growing their EBITDA’s by 31% between now and 2015. Also sees their payout ratio coming down to 85% this year, 71% next year and 65% in 2016. He likes it and has been buying. Trades at a slight premium to the group, but given the less cyclical nature of their business, it should trade at a premium. Buy on an off day.


Price: $13.630
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 COMMENT Enbridge
ENB-T
Greg Newman

This is going to be impacted if yields go a lot higher The move has been really big. Trading at around 7% its 2015 estimated pre-cash yield. This is in line with TransCanad Pipeline (TRP-T). However it has 11%-12% earnings growth for years out. His target is $70.


Price: $56.480
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 PAST TOP PICK Enerplus Corp
ERF-T
Greg Newman

(A Past Pick Oct 2/13. up 24.7%.) Just suspended the stock dividend program today. It was a sweetener.  Management has said this is going to help build shareholder value longer term, which he agrees with. It is going to alienate some shareholders. Sold half his position when the stock was around $26 and has now just sold the rest on the news. Expects more downside, but will probably go back in.


Price: $20.390
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: No
2014-09-19 TOP PICK FirstEnergy Corp.
FE-N
John Stephenson

SHORT. 60% of their capital structure (debt and equity) is debt, so that portion will be very sensitive as interest rates go up. He feels US interest rates are very likely to start going up early next year. In addition, 20% of their business is unregulated.


Price: $34.620
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 PARTIAL BUY Freehold Royalties
FRU-T
John Stephenson

At this point, this looks reasonably attractive. PrairieSky (PSK-T) really started putting pressure on management to be a little more acquisitive and show a little more growth. Because of this, he suspects they will be looking to buy more properties. A very conservatively managed company. He would slowly buy on this one.


Price: $23.610
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 BUY on WEAKNESS Finning Int
FTT-T
Greg Newman

Equipment makers aren’t the best place to be right now. However he still sees nice EBITDA growth of about 7% and he gets this from a little bit of revenue growth of about 5.5%, but really from improving operations and better margins. Sees their balance sheet strengthening quite a bit and sees their dividend growing nicely over the next couple of years, maybe about 13%. A good quality name. Buy on a pullback.


Price: $32.360
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 TOP PICK General Motors Corporation
GM-N
John Stephenson

Stock has been beaten up, so this is an attractive entry point. This is reflected in the valuations. Trading at 8.1X forward earnings. They have bungled some things, but you are seeing a strong pick up in growth. They are going towards more standardized footprints so they can produce multiple cars on the same chassis in different styles. Opel division in Europe has been a bit of a headwind, but their Cadillac is doing quite well in China.


Price: $33.940
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 TOP PICK Hudson Bay Co.
HBC-T
Greg Newman

Sees this as a way for Canadian investors to benefit from improving US retail. 63% of their business mix is now levered to the US through Saks, Lord & Taylor and Off Fifth. He is modelling 43% revenue growth from merger synergies and higher margins over the next couple of years. The kicker here is that management has said they are going to do something with their real estate between now and next spring. There is a good chance of a growing retailer that is trading at a good level on a PEG ratio basis along with the real estate upside.


Price: $15.250
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 BUY H&R Real Estate Inv Trust
HR.UN-T
Greg Newman

This is a bit of a bond proxy. A bit of a yield play because they have maturities on their rents that are so far out. Sees the nice 6% dividend supported by an 89% estimated 2015 payout ratio. Reasonable growth of 3.6%. 98% occupancy.


Price: $21.630
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 TOP PICK Intact Financial
IFC-T
Greg Newman

Property and casualty. Steady Eddie 46% earnings per share growth. This is a fragmented market and future acquisitions serve as embedded catalysts. If they can make an accretive acquisition, investors in the next 12 months will benefit.


Price: $72.380
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 COMMENT Inter Pipeline
IPL-T
Greg Newman

A very high quality company. A low risk business model. Dividend is safe. Sees their cash flow growing over the next couple of years, in excess of 11%. He is modelling 7% dividend growth. However, one of the knocks against this name is that it doesn’t have a lot of visibility post 2016, once their Cold Lakes contract starts to dry up. Doesn’t know if he would be Buying right now. Would prefer Pembina (PPL-T) that has much more visible growth, or Enbridge (ENB-T) that has a lower valuation with an 11% growth as far out as the eye can see.


Price: $38.950
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 HOLD Keyera Corp
KEY-T
John Stephenson

Likes this one tremendously, however it has had such a phenomenal run. The positives are the Montne, Duvernay and the liquids rich production. They also kind of corner the condensate market. Given its great run, he would treat this as a Hold.


Price: $94.790
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 TOP PICK KKR & Co. LP
KKR-N
John Stephenson

This should be able to grow its investment portfolio by 18% over the next couple of years on an annualized basis. Raised money in 2006 in its Asian fund and is starting to harvest that. Very geared towards the overall market and the markets have done really well, particularly in the US. They are launching money now with a European fund. One of the things in Europe is buying distressed debt.


Price: $22.550
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 HOLD Legacy Oil and Gas Inc.
LEG-T
John Stephenson

In general this has been a pretty good name over time. You are dealing with a market that has been kind of fickle. Energy stocks across the board have come off 7%-9% in the last month or 2.


Price: $6.440
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 COMMENT Long Run Exploration
LRE-T
Greg Newman

Thinks the dividend is safe. Total payout ratio that comes in for 2014 is under 100%. Sees them growing their cash flow at about 15% in the next couple of years. Debt to cash flow isn’t bad for a small company. This is levered to falling oil prices, but it is pretty liquid. Would Buy if you are a risk tolerant investor.


Price: $4.600
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 COMMENT Lightstream Resources
LTS-T
Greg Newman

It completed its disposition program. Had to make asset sales, which it did on fairly favourable terms. As a result they reduced their production guidance for the year, but that was expected. Cheap relative to its peers. Debt to Cash Flow for 2015 is 2.9 times, which is still a little bit stretched. Thinks it is an oversold name. Would prefer Long Run Exploration (LRE-T).


Price: $5.600
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 BUY on WEAKNESS Leisureworld Senior Care Corp
LW-T
Greg Newman

Likes this one. Sees this growing at about 14%. Dividend looks pretty good with the payout ratio of 70%. Cheap relative to some others. Probably fairly valued here because of its higher risk profile. He would Buy at around $13.


Price: $13.670
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 BUY Magna Int'l. (A)
MG-T
John Stephenson

Really likes this. Stock dropped because of a Brazilian issue. When you have a stock specific reason, you could probably wait until the dust clears. He likes this because of the resurgence in the North American auto production.


Price: $113.330
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 COMMENT Norbord Inc.
NBD-T
Greg Newman

The latest US data for housing has been a little bit more positive. OSB prices are off the bottom. Housing starts were down by about 14%. Company has been executing well. Q2 beat on better pricing and shipments were up 10%. There is definitely pent up housing demand in the US and there is better employment. Company is only committed to keeping their dividend to the end of their fiscal 2014.


Price: $24.720
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 BUY Northland Power Inc
NPI-T
Greg Newman

Announced they were going to do a pretty big Buy, project Gemini, which is a lot to take on for a small company and the stock came down. As they started to execute and put their financing together, the stock had a nice rise. They then announced a wind farm project. This will be dilutive for them and will suppress the share price. All things being equal, he would be Buying down here because the same thing is going to happen again. These guys are very skilled at having projects come on time and on delivery.


Price: $16.970
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 BUY Precision Drilling
PD-T
John Stephenson

Doesn’t see much more downside. Now would be a good entry point. Prefers Trinidad Drilling (TRI-T) which has potential to move more. This company has very good rigs that can do more complicated drilling, including horizontal drilling.


Price: $12.140
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 HOLD Pengrowth Energy
PGF-T
John Stephenson

(Market Call Minute.) Generally doing things better than they have in the past. Sees this as a little more sleepy in the oil patch.


Price: $6.060
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 COMMENT Parkland Fuel Corp
PKI-T
John Stephenson

Likes the company. Thinks it is solid from a fundamental standpoint. Kind of in the defensive camp, where you are essentially holding it for the yield. Doesn’t see it taking off or doing exceptionally well over time. When we get into a rising interest rate environment, these more defensive names tend to underperform. Because of this, he would be cautious.


Price: $22.240
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: No
2014-09-19 HOLD Surge Energy Inc
SGY-T
John Stephenson

Had a very nice rally but he is of the view that it is now fully valued. What gives him pause is that it has grown over the last 2 years, in terms of its production and footprint, and is now kind of relying on consolidating the yield producers rather than focusing on the drill bit. The decline rate is roughly 24%.


Price: $7.560
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 BUY Surge Energy Inc
SGY-T
Greg Newman

Thinks cash flow growth is going to be 15% over the next couple of years. Sees their balance sheet debt to cash flow improving from 2.6 to about 1.4. Very strong production growth. Did 16,400 in Q2 and is expecting 21,400 exit rate for the end of this year. Sees their “all in effective” payout ratio at 96% for 2014. Insiders have been buying. This is one you should be accumulating on these pullbacks.


Price: $7.560
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 DON'T BUY Silver Wheaton
SLW-T
John Stephenson

Silver is weak and he expects gold to go down. Silver tends to be more volatile. This will go lower.


Price: $23.580
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: No
2014-09-19 BUY Suncor Energy Inc
SU-T
Greg Newman

Suncor (SU-T) or Canadian Natural Resources (CNQ-T) for the growth? These are both excellent choices. Thinks CNQ is slightly better. This one throws off huge free cash flow growth and you are going to have nice dividend growth as a result. A quality name and a good balance sheet. (See Top Picks.)


Price: $41.990
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 WAIT Twin Butte Energy
TBE-T
John Stephenson

From a fundamental standpoint we are probably at an entry point. Energy tends to be a late cycle peak, so as the business cycle starts to turn up, one of the last things to move in general has been energy. Currently we do not have strong world GDP figures and growth, so you don’t want to be in energy in a meaningful way for a few months yet. Thinks there is more downside to go.


Price: $1.690
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 PAST TOP PICK Toronto Dominion
TD-T
John Stephenson

(A Top Pick Nov 7/13. Up 22.7%.) You can’t go wrong with Canadian banks. What differentiates this from other Canadian bank stocks is that they have such a large US presence. Have more US branches than Canadian ones. They are the #3 player in the tri-state area.


Price: $56.560
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-19 DON'T BUY Talisman Energy
TLM-T
Greg Newman

This is a tough one. You would think this would be a good Buy, but it isn’t. Debt to Cash Flow is 3X, which is way too high. Their 7.4 Enterprise Value to Adj. Cash Flow is still higher than others. Trying to clean up their North Sea assets to try to Sell.


Price: $10.060
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 BUY Thomson Reuters Corp
TRI-T
John Stephenson

A reasonably good entry point. Energy in the Canadian sector is off about 7% in the last 2 months. That reflects that the WTI, the North American benchmark, has weakened quite a bit. In general, the Canadian market is a gas market for drillers and you are coming into the historically strong period from October to March. This company has a relatively new fleet relative to most of its competition.


Price: $40.330
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 BUY Vermilion Energy Inc
VET-T
John Stephenson

(Market Call Minute.) Likes this. Corrib offshore Ireland field is coming on line next year, which should boost cash flow by about 25%.


Price: $66.050
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 BUY Vermilion Energy Inc
VET-T
Greg Newman

Has broken its 200 day on a 2 year chart but on a 5 year chart is still bullish and is around 50 day. Sees cash flows growing at around 17% and a lot of upside potentially beyond that model with a lot of assets coming on stream next year out of Europe, the Caribbean and Ireland. Good dividend and low payout ratio. Good balance sheet. Trades at a slight premium t the group, but that has narrowed a lot. Very high quality name.


Price: $66.050
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 PAST TOP PICK Vangrd European E.T.F.
VGK-N
Greg Newman

(A Past Pick Oct 2/13. Up 8.55%.) The European thesis was good, but what wrecked it was Putin, which had the effect of hurting the German economy. Fears the ECB might be getting behind the curve again.


Price: $57.440
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 HOLD Verizon Communications
VZ-N
John Stephenson

His overall view on telecoms is that it is probably something you should lighten up on. Most of them don’t have a lot of upside.


Price: $50.350
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 BUY Whitecap Resources
WCP-T
Greg Newman

The company has done everything right. They will make money even if oil goes to $80. Nice Debt to Cash Flow. Sees its all-in payout ratio being 96% for 2014. He would Buy on its current weakness.


Price: $16.660
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2014-09-19 COMMENT Wajax Corp
WJX-T
Greg Newman

Has a payout ratio that he thinks will be at 90% of 2014 and 70% for 2015. Debt levels are becoming more reasonable. Backlog was up 12% year over year as of last quarter. They are reducing their spending, trying to boost their margins and are trying to grow organically. He has been Buying at $34-$35.


Price: $38.410
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2014-09-19 DON'T BUY WesternZagros Resources Ltd.
WZR-X
John Stephenson

(Market Call Minute.) Too much geopolitical risks and too small.


Price: $0.800
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-19 DON'T BUY Yamana Gold Inc.
YRI-T
John Stephenson

One of the better gold companies. If he were more bullish on gold as a commodity, he would be recommending this. However he is not bullish on gold.


Price: $7.410
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Markets.  He is a value investor.  Things are not as cheap as they were 2 or 3 years ago, but the economy has improved.  He has no problem finding plenty of cheap stocks to buy.  Feels good about the outlook for the economy going forwards.  There is a lot of pent up demand for housing and car sales with more people getting employment.  Corporate profits should go higher.  Political events are important, but not important when deciding whether to buy, say, Tim Horton’s, for example. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
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