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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
2014-11-26 BUY Capstone Mining Corp.
CS-T
Peter Imhof

One of his favourite copper stories. Currently producing $1.90-$2 a pound copper. Have done very well in terms of their operations. There are very few ways to play copper in Canada now. Management has done a good job. If you want copper exposure, this is a way to really play it. Expects production to grow over the next few years and their costs to come down. A good entry point.


Price: $2.110
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 BUY Chartwell Seniors Housing
CSH.UN-T
Greg Newman

Likes the demographic tailwinds. If rates are going to rise, you want to own a REIT with a low payout ratio, a high growth rate, improving leverage, organic growth and one that can focus on developments. This company displays all of this. It is also a potential takeover target.


Price: $11.900
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 COMMENT Cenovus Energy
CVE-T
Greg Newman

Even with WTI as $75 and natural gas at $3.50, he still models a payout ratio of about 132%, 2015 estimates. This is not a safe dividend.


Price: $27.020
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 BUY Caldwell Partners Int'l (A)
CWL-T
Peter Imhof

Seem to have a lot of visibility. They are working on deals presently. Pays a nice dividend and is trading at a low multiple. Too small for him, but if he were running a microcap fund, he would have it in his portfolio. Pays a dividend of over 5%.


Price: $1.580
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-26 TOP PICK Diversified Royalty Corp.
DIV-T
Peter Imhof

A new type of royalty company. They are buying top line revenue from companies that have steady businesses. Management own a lot of stock themselves. The 1st deal they signed was with Franwork, the owners of Original Joe’s and Elephant and Castle restaurants. Trading at a fairly low multiple, and has a 7% yield. They are just starting getting coverage. Expects they will sign another deal in the next couple of months or so. Street is starting to get behind this story. Fairly cheap. Considers this a long-term hold that he can own for the next few years and let it play out.


Price: $2.470
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 COMMENT Enbridge
ENB-T
Greg Newman

Probably the cleanest pipeline with the best rate of growth. Sees about 12% free cash flow growth for the next number of years. Moreover, they are trading at levels in line with their peers. Better assets and better earning visibility, but at peer average valuation.


Price: $53.540
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 PAST TOP PICK Enerplus Corp
ERF-T
Greg Newman

(A Top Pick Nov 15/13. Down 9.25%.) When he thought this was getting a little ahead of itself at $25, he sold half his position. When it got to $20, and he saw the wheels potentially coming off, he sold more. He still has a little bit left. Very good relative to their peers and are very sustainable.


Price: $16.360
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Yes
2014-11-26 COMMENT Espial Group
ESP-T
Peter Imhof

They try to help cable providers beat some of the companies, such as Netflix. Have signed one large deal which he thinks is going to be deployed later on in the year. Stock has come off quite a bit in the last number of months. Feels half the market cap is in cash, and there will be some deployment coming in the back half or early part of 2015. Earnings are about to start to come through. Have done fairly well operationally. Surprised on the upside each quarter for the last three quarters. People were expecting them to sign another deal before year-end, but that was pushed out so the stock has come off for the moment.


Price: $1.410
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 COMMENT Evertz Technologies Ltd.
ET-T
Peter Imhof

Do a lot of work for ESPN in their studios, such as building out studios, refreshing them in terms of the cameras, etc. Thinks their deal with ESPN is going to start to revenue over the next number of quarters. Not very liquid as people at that moment don’t want to sell it. Management has done a very good job of executing. Looking for a lot of good earnings growth over the next 12-18 months.


Price: $17.540
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 BUY Gran Tierra Energy Inc.
GTE-T
Peter Imhof

Doing well operationally. Even though the stock has come off, this oil/gas producer in Colombia generates its own cash flows and hasn’t had to go back to the market. It has no debt and has a lot of cash on the balance sheet. Thinks it is going to do very well on a rebound.


Price: $4.960
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 DON'T BUY Guestlogix
GXI-T
Peter Imhof

Provide the hardware for airlines for people buying things on airplanes. Hasn’t done much in the last 2-3 years. His problem is that they never really delivered on what they said they would. They continue to sign more deals, but it hasn’t fallen to the bottom line.


Price: $1.040
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-26 DON'T BUY HBP S&P500 VIX Short Term VIX ETF
HUV-T
Greg Newman

You have to be pretty nimble to make money on this kind of thing. You have to be right and you have to be right in a very short period of time. Even though you can be right over time, if you are not right over consecutive days, you still might not win on the strategy. If you are expecting volatility, you can sell Calls, buy Puts, put on a Futures Contract, or just Sell and lighten up instead.


Price: $3.670
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 COMMENT Lightstream Resources
LTS-T
Greg Newman

A very speculative name. At this level, it’s debt to cash flow at $75 oil is 5.2%. Investors start to get nervous at around 3%. He models its payout ratio at 152%.


Price: $3.290
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 COMMENT McCoy Corp.
MCB-T
Peter Imhof

Had some good quarters and there were some analysts that got behind the story, but then they missed on a couple of quarters. Sell a lot of tooling equipment for offshore drillers. Pretty good value at these levels, but management has to show that they can start to grow earnings again. (He inherited a little when he took over this portfolio.)


Price: $5.000
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 BUY Magna Int'l. (A)
MG-T
Greg Newman

Has a $150 US price target on it. Trading at 11.6X PE 2015 estimates, versus their peers at 13.4X. Sees 20% earning per share growth.


Price: $120.190
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 DON'T BUY Merus Labs International
MSL-T
Peter Imhof

This one has had a few hiccups. Believes the money they have raised has been redeployed already. Signed a couple of deals and looked like they might sign a couple of others, but then the CEO resigned and the stock took a big whack. Time will tell in regards to what deals they will be able to sign. There are better players right now.


Price: $1.710
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-26 COMMENT Neulion
NLN-T
Peter Imhof

They help with watching different sports online and have a deal with Rogers (RCI.B-T). Had always thought the stock was fairly expensive.


Price: $1.210
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-26 BUY Northland Power Inc
NPI-T
Greg Newman

Toronto Dominion (TD-T) or Northland Power (NPI-T) for dividends? Doesn’t know if he would be adding money to banks at this time. You probably want to buy this one down here. Slightly riskier than the banks, but has come off quite a little bit with concerns about their European operations, which he thinks are going to be just fine.


Price: $16.930
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 HOLD Peyto Exploration & Develop.
PEY-T
Greg Newman

86% natural gas, which is at about $4. Their metrics are good and they are growing. Even though he likes it and thinks it is sustainable and a good play on LNG, if there are really weak energy prices, oil companies are not going to cut production so fast, but are going to switch production to natural gas, which could pressure natural gas more as well.


Price: $34.990
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 HOLD Pengrowth Energy
PGF-T
Greg Newman

Have really improved their metrics a lot and have done a good job executing their new Lindberg assets, which should be coming on in 2015. Management should get marks for doing everything right, but unfortunately oil has come down a lot. Payout ratio for 2015 is 140%. Debt to cash flow is too high at $75 oil. However, this is one that he might speculate on.


Price: $4.310
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 COMMENT Petrowest Corp
PRW-T
Peter Imhof

If LNG does go through, they are going to be very active. There are some big contracts coming up in BC that they may be awarded in the next 3-6 months. He is comfortable with the story.


Price: $0.860
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 TOP PICK Power Financial Corp
PWF-T
Greg Newman

The Q3 was a strong beat. Underlying businesses of wealth management and life insurance are very attractive. Has a 4% conservative dividend with a 42% payout ratio. Believes we are going to finally see dividend growth, and models it at 8%-10% for 2015. However, it is trading below its 5 year average at 11.6X versus its 5 year average of around 13. In an environment in the TSX where he expects to see an energy vacuum and a continued mining vacuum, and maybe even a telecom vacuum to come, he thinks money is going to look for other places.


Price: $35.180
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Yes
2014-11-26 TOP PICK Ridley Inc
RCL-T
Peter Imhof

Animal nutrition. Very tightly held. Just came out with a quarter where their earnings were up over 50%. In the last 3 years, their compound annual growth rate in earnings was up about 45%. In 2014 they paid a $2 special dividend and in 2013 they paid a $1.50 special dividend and a $2 special dividend in 2012. Trading at a very low multiple. At some point in time, they are either going to make an accretive acquisition or will pay another special dividend.


Price: $28.100
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 TOP PICK Rock Energy Inc.
RE-T
Peter Imhof

The whole sector has been creamed, but this is one of the cheapest. Did about 3500 BOE’s in 2013 and this year they are going to do about 4900 and expects them to do about 5500 next year. Even at today’s prices of around $80, their netbacks are around $40. Very high netbacks, so they can withstand the downturn here. They still have the growth in production and higher netbacks compared to most other companies. Very cheap.


Price: $4.010
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 BUY Sandvine Corp.
SVC-T
Peter Imhof

Was a little disappointed in the last quarter’s earnings. There were a couple of contracts that they thought were going to be signed and do revenue in that quarter, but it didn’t come to fruition. However, right after that quarter they signed a deal for about $8 million, so the stock has moved up a little. Very cheap stock. Has about $1 a share in cash and is trading at around $2.80. Expects them to earn about $0.13-$0.14. If you exit the cash, it is only trading at around 12 or 13 times earnings. Strong balance sheet.


Price: $2.870
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Yes
2014-11-26 DON'T BUY Toronto Dominion
TD-T
Greg Newman

Toronto Dominion (TD-T) or Northland Power (NPI-T) for dividends? Doesn’t know if he would be adding money to the banks at this time as they are rather expensive.


Price: $57.080
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 COMMENT Tourmaline Oil Corp
TOU-T
Peter Imhof

This is one of the better names in energy. They have grown very rapidly, but do need to redeploy a lot of capital to continue their growth. Likes the management team.


Price: $39.100
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: Unknown
2014-11-26 COMMENT Temple Hotels
TPH-T
Peter Imhof

Has not done very well over the last a while. Have a lot of exposure to the oil patches. It does not trade at a high multiple. Dividend yield of 13.5%, which he does not expect them to cut. The CEO has recently bought back a lot of stock personally. They are trying to buy more hotels outside of the Fort McMurray area, to diversify their overall brand. Story is pretty good; it’s just that they have had a slip up in the last quarter.


Price: $4.080
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-26 PAST TOP PICK Transat A.T. Inc (B)
TRZ.B-T
Peter Imhof

(A Top Pick Oct 24/13. Down 26.69%.) This should be benefiting from lower energy. About a year ago, the quarter was pretty good. West Jet and Air Canada were competing with them.


Price: $8.605
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-26 COMMENT Vermilion Energy Inc
VET-T
Greg Newman

A great operator with outstanding production growth. At $92 oil, they have cash flow growth of about 15% net, next year over this year. But with oils down at current levels, he is modelling negative cash flows, shrinking by about 7%. Balance sheet is in good shape, but gets a little bit more pressured. Still very good, relative to peers. The dividend, even with the oil where it is right now, should be fine. If you think oil prices are going back up, then Hold it, otherwise consider taking profits. He still owns a little.


Price: $57.790
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Yes
2014-11-26 PARTIAL BUY Whitecap Resources
WCP-T
Greg Newman

This is one of the best, most sustainable dividend names. At $75 oil and $3 natural gas, it still has a positive cash flow year-over-year, but very marginal. Effective payout ratio is 114%. If you are not in this sector, at opportune times like this you might want to start picking away on a name like this.


Price: $13.020
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Yes
2014-11-26 TOP PICK WSP Global Inc.
WSP-T
Greg Newman

Their global operations are showing solid organic growth and very healthy margins. Canadian operations showed signs of safe stabilizing last quarter. Backlog is up nicely. Just made a recent acquisition of Parsons Brinkerhoff, which adds to their US exposure and gives them more of a global footprint. Feels this will be highly accretive and will generate cost savings. He models a 72% payout ratio. Have done a very good job in the past of integrating operations.


Price: $35.900
Subject: CANADIAN LARGE & HEDGING
Bias: CAUTIOUS
Owned: Yes
2014-11-26 COMMENT iShares S&P/TSX SmallCap ETF
XCS-T
Peter Imhof

As a fund manager, he believes you should go with a fund rather than an ETF. Fund managers can be more nimble. If you own a small-cap index, they can change quite a bit in regards to what they are holding, so you can be caught holding sectors/stocks that you don’t want.


Price: $15.320
Subject: NORTH AMERICAN - SMALL
Bias: CAUTIOUS
Owned: No
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Markets. Thinks the markets will go higher. Valuations are looking a little stretched, but there is no other game in town. Commodities don’t look attractive, bonds don’t look attractive, real estate has been good but he doesn’t see that going much higher. We are in a multi-decade bull market movement in equities. It has gone on for 5 or 6 years now, but what kills a bull market are recessions, and he doesn’t see this, at least not south of the border. The likelihood is that we are marching towards an eventual Fed tightening. Whether it is in the 1st half or the 2nd half of next year is hard to predict, but he tends to be in the 1st half. Once we see that happening, it will be clear that the rally in bonds is over, once and for all. Money that is sitting in bonds is eventually going to have to find a home, and he thinks that is going to be in equities. Equities in this low rate low inflation environment still offer good value, even at this level. You have to pick your best horse, and he thinks that is in US equities, simply because the US has the best fundamentals anywhere in the globe. Because growth is strong and it is rebounding, you want to be in cyclicals i.e. 1) industrials, 2) technology and 3) energy-later cycle, but keep in mind that energy will be quite weak in its financials. And then energy and materials much later.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: _N/A
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Energy. OPEC is debating whether to reduce the quota, which is roughly 30 million barrels a day. It really comes down to Saudi Arabia and what they want to do. Saudi Arabia and Iran do not exactly see eye to eye. Nor does Iran and Venezuela, etc., etc. There are huge agendas which has a lot to do with 1) religion, and 2) who is facing sanctions. All of this is weighing on energy, so there is no consensus. However, the history of OPEC has been one of making a statement and then cheating amongst themselves. Thinks oil will remain under pressure, so for oil investors, that is bad news.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: _N/A
2014-11-25 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Markets.  For 18 months, his view has been that we are in a new secular bull market for stocks. Fullbacks are likely to be shallower and shorter lived than we have seen over the last many years. When you have a market that is both growing earnings and a slowly expanding multiple of earnings that investors are prepared to pay, it is a very durable market. For consumer led developed economies, very low inflation is a really great thing. This is because the consumer has a little more money to spend and balance sheets are getting better and there are some big sectors that are big winners from low energy prices and low inflation. This would include transportation and retail. In the US economy, 72% of the activity comes from the consumer. He came out of the move in October, well over 97% invested, so very few of his Stops got hit. The biggest reduction he had from a sector exposure, starting in July and into August, was largely leaving the energy sector. The money was moved more towards things that were more consumer concentric, healthcare centric, transportation centric or technology centric.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-11-25 COMMENT A Comment -- General Comments From an Expert
A Commentary
David Burrows

Markets. For 18 months, his view has been that we are in a new secular bull market for stocks. Fullbacks are likely to be shallower and shorter lived than we have seen over the last many years. When you have a market that is both growing earnings and a slowly expanding multiple of earnings that investors are prepared to pay, it is a very durable market. For consumer led developed economies, very low inflation is a really great thing. This is because the consumer has a little more money to spend and balance sheets are getting better and there are some big sectors that are big winners from low energy prices and low inflation. This would include transportation and retail. In the US economy, 72% of the activity comes from the consumer. He came out of the move in October, well over 97% invested, so very few of his Stops got hit. The biggest reduction he had from a sector exposure, starting in July and into August, was largely leaving the energy sector. The money was moved more towards things that were more consumer concentric, healthcare centric, transportation centric or technology centric.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-11-25 COMMENT A Comment -- General Comments From an Expert
A Commentary
David Burrows

Energy. There is no indication that the weak pricing is about to abate. Has felt for the last 12-18 months, this is a sector where the tide is going out. Commodity prices are dependent on the last dollar of demand, and if production is growing more quickly than supply, then you have a problem. We are going through the greatest oil boom in the history of the US.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-11-25 TOP PICK Apple
AAPL-Q
John Stephenson

Looking at technology, it has become a bifurcated market. Some of them are just getting smoked and some are struggling, and yet you see this one trading at a relatively low multiple. It really has the best ecosystem in technology. There are well over 50% margins on the iPhone. Don’t know what their sales are yet officially, but there are rumours they are in the 60 million+ already. He thinks it is certainly worth north of $150 a share. Yield of 1.58%.


Price: $117.600
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 COMMENT American Tower
AMT-N
David Burrows

This has been a real success. They own cell towers globally, with about 67% in the US. A couple of years ago they converted into a REIT. This is like an apartment building where you just keep adding floors to it. As the service providers continue to add equipment as data use goes up, they just get more and more revenue. A great company. Thinks we will continue to see more dividend growth. They have a positive runway going forward. Earnings this year should be up 22% and 15%-16% after that. They plan to spend less money over the next couple of years, so will be able to grow their payout substantially and more rapidly.


Price: $104.170
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 SPECULATIVE BUY Amaya Gaming Group Inc.
AYA-T
David Burrows

This is a company that people are buying for the future. Have about 200 different games they’re selling online and are trying to work their way into the online gaming business through Poker Stars. Potentially an enormous market if they can capture 10% of it. This is a call on the likelihood of online gaming being legalized in various states. There are a lot of risks in that.


Price: $38.230
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 BUY Bank of America
BAC-N
David Burrows

This has gone through the mill in the last few years. The US banks did a great job in recapitalizing their balance sheets. Has worked its way through all its lawsuits and the US economy is steadily getting better. This bank is getting slowly and steadily better along with it. There is, and continues to be, outsized opportunity for dividend growth.


Price: $17.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 STRONG BUY Brookfield Asset Management (A)
BAM.A-T
David Burrows

A highly predictable company with wonderful underlying assets. Have lots of different types of assets that they manage. It is fee revenue that they generate. Have a great history of continuing to build assets. About 40% of their business is in the US, 20% in Canada and 20% in Australia. There is great visibility in the fee revenue they generate. Management has a great record of allocating capital. This could be a core position in almost any portfolio.


Price: $56.380
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 WATCH Bombardier Inc (B)
BBD.B-T
John Stephenson

Longer term, more than a year, it has a very attractive future. Fundamentals are quite good and the stock is inexpensive on a multiple basis. The issue short term, less than a year, is essentially a weaker future. Spending a lot of money, so are incurring a lot of capital expenditure to develop the C series. The ramp to development of the C series order book is not all that clear. There have been a lot of issues with the C series. It will probably be a year before he is ready to commit money.


Price: $4.400
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 HOLD Bonavista Energy Corp
BNP-T
John Stephenson

Thinks this is okay. Doesn’t see a tremendous amount of catalysts for it. He is struggling to find names that will work for investors in the relatively near term, 5-6 months, given his bearish outlook for oil and gas. Fundamentally it is fine and doesn’t see any major problems.


Price: $10.760
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Baytex Energy Corp
BTE-T
John Stephenson

Likes that this is heavy oil. It has been a great stock looking out over the past 10 years or so, but it has been very disappointing. Sold most of his holdings, because it just wasn’t working. The issue for all oil companies is oil and oil prices. Oil is $76 and he expects we will touch $60 before we touch $80 again. The term structure and the futures are telling you that, and also he doesn’t see strong global growth. (Absent the US and to a lesser extent Canada.) Doesn’t see the dividend being an issue at present.


Price: $30.610
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 PAST TOP PICK CitiGroup
C-N
John Stephenson

(A Top Pick Nov 7/13. Up to 12.43%.) Cheap. Trading at an 8.5X forward earnings multiple, versus the historical 55 year multiple of 15.5 times. Thinks they’re going to get their capital plan finally approved in March, which will allow for quite a bit of that cash flow to come back in the form of a dividend.


Price: $54.330
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 PAST TOP PICK CI Financial Corp
CIX-T
David Burrows

(A Top Pick Nov 6/13. Up 3.76%.) He really likes the asset management business. If we are in a secular bull market for equities, the companies that have done a good job managing money are likely to see more dollars come in the door. This company has done a great job. Still likes.


Price: $34.350
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 SELL Connacher Oil and Gas
CLL-T
John Stephenson

The principal problem is the debt and they are poorly capitalized. Also, price of oil has come under considerable pressure. They are developing long-lived assets, which mean there is really not much probability of bringing forward their cash flows into the here and now.


Price: $0.075
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 BUY Cisco
CSCO-Q
David Burrows

Corporations are full of cash and don’t need to build capacity, but are looking for productivity. One place where they are spending is technology. Technology is expanding very steadily and is one of the best performing groups in the market. This company is not a high growth company like it once was. Have a very strong balance sheet with very steady cash flow growth, buying back shares and increasing their dividend. Expects technology will have a pretty strong market heading into year-end. This would not be his #1 choice. He would prefer Microsoft (MSFT-Q) or Intel (INTC-Q), but you won’t get hurt here. (See Top Picks.)


Price: $27.280
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-11-25 BUY Canadian Tire Corporation Ltd. (A)
CTC.A-T
David Burrows

Loblaws (L-T) or Canadian Tire (CTC.A-T)? He likes retail. This is probably one of his biggest sector weights. He has more US exposure than Canadian. Thinks the best theme you can focus on is home improvement and this company fits in there. This would be the one that he would choose in a very short run.


Price: $125.400
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-11-25 COMMENT CVS Health
CVS-N
David Burrows

Walgreen (WAG-N) or CVS Health (CVS-N)? If he had to pick one, it would be this one. It has been a very steady performer. Has nicely growing earnings, about 15% this year and 15% next year. Very highly focused on the consumer. Return on equity has gone from about 11% to about 15% over the last 2 years and is likely to continue to perform quite well.


Price: $90.290
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 PAST TOP PICK Walt Disney
DIS-N
David Burrows

(A Top Pick Nov 6/13. Up 34.47%.) It is his view that the Cdn$ will continue to back off from the US$, so he has looked at a lot of US ideas. When the consumer has a little more money, the 1st thing they spend it on is travel and leisure, and this company plays into that theme. Their franchises in the movie business are exceedingly good.


Price: $91.650
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-11-25 BUY Dow Chemical
DOW-N
John Stephenson

This is looking a lot better. There is an activist involved, which is one that tends to get the results. The chemical industry in general is one that is ripe for activism. A very cyclical industry. They tend to do things just at the wrong time. In general there is a renaissance in the chemical industry, because of low gas prices and a resurgence of the US oil/gas industry. This is probably a good time to be in this.


Price: $51.390
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: No
2014-11-25 COMMENT Dow Chemical
DOW-N
David Burrows

One of the big input costs for chemicals is natural gas, and prices have been very weak for natural gas. This company benefits when the economy is a little stronger. It concerns him the way chemical stocks sold off in October. He wouldn’t want to see this dip below $50, so if you own, use that as a Stop. He would like to see it make a new high by trading through $55. Feels there may be better names. 3.2% dividend yield.


Price: $51.390
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-11-25 PAST TOP PICK Encana Corp
ECA-T
John Stephenson

(A Top Pick Nov 7/13. Up 8.42%.) Thinks the company has done a really good job. A much improved company. Have phenomenal assets. This is the name that should be on every investor’s short list of energy names.


Price: $20.450
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 TOP PICK Element Financial
EFN-T
John Stephenson

Equipment leasing. In a growing and underserved area of the market. He expects to see growth in this market. You can see earnings per share growing at roughly 80% per annum for the next year or so. This will benefit from an eventual recovery in spending on machinery and equipment. A “screaming buy” right now.


Price: $14.760
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Yes
2014-11-25 WEAK BUY Ensign Resource Service Group
ESI-T
John Stephenson

Overall, this name is fine, but is very sceptical about land drilling in Canada given what has happened. We are still infrastructurally charged. Gas lines certainly seem to be something that is happening, but oil pipelines are more problematic. Drilling in Canada has definitely slowed over the last 2-3 years. If you want to “trade” the name, seeing that there is some seasonality in gas, that would be fine, but he wouldn’t make it as a long-term hold.


Price: $12.280
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 COMMENT Fortis Inc.
FTS-T
John Stephenson

Nothing wrong with this one, and has been a really good name for investors, because it has been defensive. However, we are in an era where you are going to see growth in the US, and to a lesser degree Canada, and the economy is coming out of 2008-2009 financial crisis in pretty good shape. As a result, he doesn’t think you want to be in something that is very defensive. Utilities are the most defensive, because they are monopolies, regulated and have limited growth. A 1% move in Canada could reduce the price of the group, between 10 and 15%. He would be looking to take money from this.


Price: $39.180
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-11-25 DON'T BUY Hudbay Minerals Inc.
HBM-T
John Stephenson

Sees this being flat for 1-1.5 years. Doesn’t see any growth. One of your more defensive names because of its cash position, but it is a muddled mixture of zinc, a little bit of copper and gold now. Well run company and a good company, but truthfully the sector that looks the best is copper. He would suggest you buy Lundin (LUN-T), followed by Teck resources (TCK.B-T) and forget about this one.


Price: $9.570
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULL on US EQUITIES
Owned: Unknown
Showing 61 to 120 of 134,453 entries