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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
2016-12-06 DON'T BUY Enbridge
ENB-T
Brian Acker, CA

His model price is $40.56, a minus 27%. This doesn’t include their Spectra acquisition, which may take a year or more. There is no real fundamental value now. If we get US treasuries going back up, your dividend yield of about 4% is not going to look too good.


Price: $55.400
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2016-12-06 COMMENT Freehold Royalties
FRU-T
Brian Acker, CA

His model price is $7.31. It is going to lose money this month, and only make $0.17 next year. He would prefer US money centred banks.


Price: $13.990
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 COMMENT General Electric
GE-N
Brian Acker, CA

He loves this, but are not moving fast enough for him. Looking at alternative energy, this company is perfectly positioned. He likes that they spun out GE Capital. They need to substantially increase earnings to get going.


Price: $31.170
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2016-12-06 PAST TOP PICK General Electric
GE-N
Brian Acker, CA

(A Top Pick Dec 8/15. Up 6.23%.) He has a model price of $25.60, an 18% overvaluation. Anticipates that once they get rid of GE capital, etc. that model price will go up substantially.


Price: $31.170
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2016-12-06 COMMENT Gilead Sciences Inc.
GILD-Q
Brian Acker, CA

Still a good holding, but drugs are currently in the doghouse. Stock prices are down 80%-90%. He has a model price of $137.30, from their current price, and a 90% upside. It could go back to $60, and if that’s the case, he would be willing to buy more.


Price: $72.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2016-12-06 BUY Alphabet Inc. (A)
GOOGL-Q
Brian Acker, CA

This has had a nice pull back. The balance sheet is growing all the time.


Price: $780.230
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2016-12-06 COMMENT Gran Tierra Energy Inc.
GTE-T
Mason Granger

Recently added this to his portfolio. They brought in a new CEO, and have done a few acquisitions. 2016 is going to be a fairly transformative year for them. He likes the direction it is taking, and the assets they are buying. Likes the prospects going into 2017 and thinks there is considerable upside.


Price: $3.960
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2016-12-06 SELL Gear Energy
GXE-T
Mason Granger

(Market Call Minute.) A heavy oil producer and cheap valuation, so he is not looking to buy this.


Price: $0.810
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Unknown
2016-12-06 PAST TOP PICK Granite Oil Corp
GXO-T
Mason Granger

(A Top Pick July 21/16. Down 23.74%.) This is a product of a split up of D3. A little bit less than 4000 barrels a day. They have a novel gas flood enhanced oil recovery they’ve been trying to get going for several years. A single asset company, very concentrated concept. He sold his holdings.


Price: $5.640
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 COMMENT JP Morgan Chase & Co
JPM-N
Brian Acker, CA

He loves big financials. People don’t understand that this bank de-levered down to 8 times. If you take your assets, divided by your equity at the height, they were 13 to 1 and are now 8 to 1. They are going to expand their balance sheet. This is the cream of the cream. Dividend yield of 2.3%. (See Top Picks.)


Price: $83.690
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 WATCH Labrador Iron Ore Royalty
LIF-T
Brian Acker, CA

He has a model price of $26.12, a 40% upside. This will not only be good from the US perspective, but more importantly with what is going on in China. This closed at $18.63, he would wait for it to reach $19.06.


Price: $18.640
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 COMMENT Linamar Corp
LNR-T
Brian Acker, CA

Magna (MG-T) or Linamar (LNR-T)? On this, he has an 86% upside for his model price. He doesn’t really like this space. We have sold a lot of cars in the past. However, if we get growth again, that would be one argument for them. He would choose Magna over this.


Price: $58.790
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 DON'T BUY MEG Energy Corp
MEG-T
Mason Granger

He wouldn’t look at something like this. They have a significant debt burden. Based on where oil prices are, for an oil sands producer on a debt to cash flow basis, the numbers get huge. Doesn’t think that they have any near-term issues of being off-side on covenants or issues with refinancing their debt. This is not something he would be looking at.


Price: $7.860
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 COMMENT Magna Int'l. (A)
MG-T
Brian Acker, CA

Magna (MG-T) or Linamar (LNR-T)? His model price gives a 71% upside on this. He doesn’t really like this space. We have sold a lot of cars in the past. However, if we get growth again, that would be one argument for them. He would choose this one over Linamar.


Price: $57.590
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 SELL Northern Blizzard Resources INC
NBZ-T
Mason Granger

A heavy oil producer. They IPO’d back in 2014 at the peak of market. This struggled, partly because they had a SAGD project that had a lot of technical challenges. He sold his holdings. As an investor, he didn’t like that they had a dividend reinvestment program. The move they did today was to reduce the dividend by 50% and eliminate the DRIP program. They also announced a tender for shares at $4, and he doesn’t think that is a significant vote of confidence for the 2 major shareholders to say that shareholders can have all of their stocks. He doesn’t look at this company as particularly investable. If you own shares, he would tender to the offer.


Price: $3.600
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 COMMENT Precision Drilling
PD-T
Mason Granger

The oil rig count dropped from 1600 down to 400, and even to 300 at one time. We are now down about 70%. It’s a very countercyclical Buy to start looking at a driller here. A signpost on getting constructive on energy service names, particularly the drillers, is the return on pricing power, and he is starting to see that. Feels they have the highest quality rig fleet, and would be the 1st call if producers are going to accelerate capital programs.


Price: $7.370
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 COMMENT Pine Cliff Energy
PNE-T
Mason Granger

(Market Call Minute.) Complete unhedged exposure to gas. Very low decline rate. Competent management and he thinks very highly of them. Cash flow positive down to $1.75 of MCF. If you are constructive on gas, it may be interesting.


Price: $1.040
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 COMMENT Painted Pony Petroleum
PPY-T
Mason Granger

A natural gas producer in Northeast BC. Have done an excellent job in executing their growth plan. They’ve got big plans out to 2020, and thinks they kind of want to broach that 100,000 barrels’ equivalent mark, and are currently at about 40,000. They have stepwise plan for adding infrastructure with their partner, AltaGas (ALA-T). AltaGas has built a plant, and have another phase planned. His issue is that they have vastly outspent cash flow and have ramped up debt levels. Management has done a fantastic job.


Price: $10.150
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Unknown
2016-12-06 COMMENT Penn West Petroleum
PWT-T
Mason Granger

Feels that a lot of the street and analysts that will be covering this company, don’t know much about the new CEO. Thinks very highly of him. As the company goes through this period of divestitures, he thinks they are going to get down to 25,000 barrels of equivalent, and will be a much stronger company and much more focused. They are in the process of deleveraging their balance sheet, and thinks they are almost there. One to keep on your radar screen.


Price: $2.430
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Unknown
2016-12-06 PAST TOP PICK Parex Resources Inc.
PXT-T
Mason Granger

(A Top Pick July 21/16. Up 30.82%.) Views this as the gold standard in terms of Canadian listed International stocks. An oil producer in Colombia. They have an absolutely stellar track record of creating shareholder value. Basically has no debt. Feels they can cover the cash costs of their production down into the low $30s, and if they run a $50 Brent crude budget, they match their capital expenditures to their cash flow. Should be able to deliver 15%-22% of growth in production.


Price: $17.230
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2016-12-06 COMMENT BlackPearl Resources Inc
PXX-T
Mason Granger

A heavy oil producer out of Onion Lake. Also, have plans of developing a SAGD project down the road. It needs higher oil prices. Doesn’t think they have a debt problem, but they are challenged in trying to figure out how to pay for the next phase. They sold a gross overriding royalty to Prairie Sky for about $55 million. A lot of the value inherent in this stock is kind of time value for projects that they haven’t executed on, that goes out several years. You have to have a long-term view of where oil prices are going and be constructive on oil to own a stock like this. Management is very highly regarded in Calgary.


Price: $1.770
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 SELL Surge Energy Inc
SGY-T
Mason Granger

(Market Call Minute.) Very little institutional following at this point, although recent results have been good.


Price: $2.880
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 TOP PICK Spartan Energy Corp
SPE-T
Mason Granger

All 3 picks have recently done fairly transformative acquisitions. He wants to own companies that have institutional following and access to capital markets and could do smart acquisitions at the bottom of the cycle. Recently did an acquisition of some assets from Arc Resources, about 7500 barrels of 98% oil in Saskatchewan. The assets fit perfectly into the company. It also brings them through that 20,000 barrels a day threshold, which opens the company up to a broader universe of institutional portfolio managers. (Analysts’ price target is $4.60.)


Price: $3.070
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2016-12-06 COMMENT Suncor Energy Inc
SU-T
Mason Granger

Trading at about 7X on an enterprise value to debt adjusted cash flow. He can find companies that have a greater free cash flow profile and cash flow growth profile than a large cap like this. Syncrude, which has actually been a pretty poor performer in terms of reliability, managed to have a 98% reliability in Q3, which is pretty good for them. Comfortable that about 70% of Fort Hills is complete, and that it and Hebron are both expected at the end of 2017.


Price: $42.970
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 COMMENT Teck Resources Ltd. (B)
TECK.B-T
Brian Acker, CA

This came out of his “blue” level back in July and August. He has owned this since $17. Earnings are racing ahead on this. He has a model price of $77.18, a 124% upside.


Price: $33.810
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2016-12-06 WATCH Teva Pharmaceutical
TEVA-N
Brian Acker, CA

All the generic drug makers are acting the same. He believes ETF’s are controlling this space, and is very interested in this group. Prefers Endo International (ENDP-T). We’re getting close to year-end, but the Justice Department is going to come out and say whether they are going to charge 3 of the generic drug companies for any wrongdoing. If they are not going to do anything with these 3, look for substantial rallies.


Price: $35.030
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 SELL Tourmaline Oil Corp
TOU-T
Mason Granger

One of the premier natural gas producers. They have an excellent cost structure and a pretty good balance sheet. Recently did a pretty big acquisition from Shell. His issue is that the company is bumping up against 200,000 barrels a day. If you pick a decline rate, which he would imagine would be close to 40%, the company basically has to replace 80,000 barrels every year, either organically or through acquisitions. That becomes harder and harder for a company this size.


Price: $36.930
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2016-12-06 WAIT Valeant Pharmaceuticals
VRX-N
Brian Acker, CA

There is lots of value here, but until we get through the “woodshed process” by the Justice Department. They have a lot of goodwill on the books, but have good earnings which is a good thing. His model price is $57.93, a 190% upside. Let the process continue and let the write offs happen every quarter, and he’ll get a clearer picture of what is going on. It is too early yet.


Price: $15.630
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-06 PAST TOP PICK Whitecap Resources
WCP-T
Mason Granger

(A Top Pick July 21/16. Up 22.92%.) See today's Top Picks for comments.


Price: $11.960
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2016-12-06 TOP PICK Whitecap Resources
WCP-T
Mason Granger

All 3 picks have recently done fairly transformative acquisitions. He wants to own companies that have institutional following and access to capital markets and could do smart acquisitions at the bottom of the cycle. This does about 50,000 barrels a day, 80% weighted towards oil. Recently did an acquisition of some very low decline assets. They also have a little bit of hedging in place. Feels they have one of the most sustainable dividend profiles of the group. Dividend yield of 2.34%. (Analysts’ price target is $13.89.)


Price: $11.960
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2016-12-06 TOP PICK Exxon Mobil
XOM-N
Brian Acker, CA

Trump is interviewing the CEO for Secretary of State. This is the best managed company globally. It didn’t get beat up like a lot of company oil stocks. Going forward this is a great valuation. Dividend yield of 3.45%. (Analysts’ price target is $89.50.)


Price: $87.560
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2016-12-06 COMMENT Yamana Gold Inc.
YRI-T
Brian Acker, CA

He doesn’t see a long-term secular story on gold and would just use this as a trade.


Price: $4.080
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2016-12-05 N/A A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Markets.  This is the best time for performance for the TSX and the S&P.  The US market during December averaged 1.4% over the last 50 years, up 70% of the time.  The first half of the month the market is usually flat and then the second half of the month has an average 1.6% return 80% of the time.  In Canada it is 2.1% on the month 84% of the time.  It is still back end weighted in Canada as well.  Trump is going to reduce tax rates and this will impact aggressiveness of tax loss selling.  This year is different because of the Trump Rally and it should continue through to inauguration day (Jan 20) at which point markets typically drop as the new president begins in office.  The following 2 to 3 months after a new president is elected, markets typically go lower and then rebound after that.  Jan 20 will be a significant top in markets.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: BULLISH
Owned: _N/A
2016-12-05 N/A A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Educational Segment.  Why the TSX outperforms in the early part of the year.  The Canadian market outperforms the US from December to the end of February.  It has to do with commodity prices, which move higher.  Crude oil is at the end of its seasonal weakness after which it moves higher.  Silver moves higher from December into March.  Copper moves higher from now until April.  Gasoline goes up from now until the beginning of March. 


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: BULLISH
Owned: _N/A
2016-12-05 N/A A Comment -- General Comments From an Expert
A Commentary
Stephen Groff

Markets.  He was pleased with the Trump rally.  US financials are probably his largest weighting and he has owned US industrials for a long time.  For him it is a stock by stocks call.  He has been reducing position sizes recently.  He does not focus on yield but on the company behind the business.  There is a rotation out of higher dividends as interest rates tick up.  Buying back stock at an attractive price is just another way to deploy capital to him.  He likes companies that know when to raise dividends, buy back stock or make acquisitions. 


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: _N/A
2016-12-05 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Stephen Groff

Canadian Banks.  He does not own any of them because he found better value in US financials.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: No
2016-12-05 N/A A Comment -- General Comments From an Expert
A Commentary
Alex Ruus

Market. We are in a strong seasonal period, and with the Trump election, people have come to the realization that although there are quite a few unknowns, net/net it is a pretty positive development for markets in the near term for a potential stimulus and confidence in the economy. In the last 5 years, we have had an economic recovery, but it has been a grudgingly slow economic recovery. A lot of that had to do with business confidence. One potentially exciting thing that comes out of the Trump election is that we could get some higher confidence, where businesses start to invest a little more. Thinks Trump and both houses are positive for the economy, and we are going to see slightly better than expected growth. Also, with the potential tweaking of tax rates, there could be stronger than expected growth, which is very positive in this low interest rate environment.


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2016-12-05 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Alex Ruus

Marijuana? These have had huge runs. None of them are really making money, and some of the valuations are absolutely nuts. If he were doing anything in the sector, he would be Shorting some of these. To him it is just inevitable that eventually the valuations are going to go down.


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2016-12-05 COMMENT Apple
AAPL-Q
Stephen Groff

The medium term concern is that they have to make a transition to making money from not just one device.  They will face margin compression.  The stock is not expensive.  They have a rock solid balance sheet.


Price: $109.110
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Yes
2016-12-05 WAIT AutoCanada Inc.
ACQ-T
Alex Ruus

Canada’s largest retailer of automobiles, using somewhat of a rollup strategy. Western based retailer, with almost 50% of sales exposure in Alberta, which explains the meltdown in the last 2 years. The chart looks like it is starting to bottom, but he is still on the sidelines. Wait until next year before getting involved.


Price: $20.240
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2016-12-05 PAST TOP PICK Alaris Royalty
AD-T
Alex Ruus

(A Top Pick Dec 7/15. Up 6.72%.) Great long-term growth story, that went through a bit of a hiccup in the last year. Has been buying in the last month. This has been operating and growing continuously for 13 years. This may be the 1st year that they end up with flat, too little bit down, earnings. Pays a 7%+ dividend, and trades at around 12X earnings, and at 1 or 2X Book. Good management.


Price: $23.000
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2016-12-05 HOLD Allison Transmission Holdings
ALSN-N
Stephen Groff

He still likes and owns it.  Some businesses have been challenged and some are doing well.  At some point you burn through heavy duty transmissions and they have to be replaced.  The conversion to electric vehicles will require capital expenditures on the part of these companies.


Price: $32.660
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Yes
2016-12-05 TOP PICK Anthem Inc
ANTM-N
Alex Ruus

This has been a long term holding for him, and has done really well owning it. He took some profits about 1.5 years ago during the merger mania, when this company announced its merger with Cigna, and since that time you can see the peak, and the stock has tailed off until just recently. The Obama administration were really pushing back against mergers, and there is a much better prospect that the mergers will go forward. The stock is really cheap trading at 12X earnings, and it should trade closer to a market multiple. Dividend yield of 1.8%. (Analysts’ price target is $155.88.)


Price: $144.090
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2016-12-05 DON'T BUY Alimentation Couche-Tard (B)
ATD.B-T
Don Vialoux

It recently broke a support level and formed a double top.  It is now starting to underperform the market.  This is not a good sign.  For the next three months you should look for better opportunities elsewhere.


Price: $60.590
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: BULLISH
Owned: Unknown
2016-12-05 BUY Bank of America
BAC-N
Alex Ruus

(Market Call Minute.) He likes the US banks.


Price: $21.840
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2016-12-05 HOLD BCE Inc.
BCE-T
Stephen Groff

It sold off a bit recently due to rates moving higher.  It is a fairly mature business.  It is not attractive enough to him on a free cash flow basis.  The dividend is sustainable, however.  Don’t move out of it into banks.


Price: $57.660
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: No
2016-12-05 BUY Brookfield Infrastucture Partners
BIP.UN-T
Stephen Groff

They are very good at what they do.  They put a lot of money to work in Brazil because they found bargains there.  The stock is not as cheap as it was, but they can sustain AFFO. 


Price: $42.480
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Yes
2016-12-05 COMMENT Brookfield Property Partners
BPY.UN-T
Stephen Groff

It is a well run real estate platform.  He owns others in the family.  They are very good at what they do.


Price: $27.880
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: No
2016-12-05 COMMENT CitiGroup
C-N
Alex Ruus

One of the largest banks in the US, and in the world. This sector is probably a good area to be involved in for the next year or so. US banks were under a bit of pressure with a slower than expected rise in rates. Now, with a Trump victory, the prospects are for slightly faster growth. Has a relatively low dividend level, but it is a safe dividend and you are likely to see increases in the coming years.


Price: $57.280
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2016-12-05 PAST TOP PICK CASH
CASH
Stephen Groff

(Top Pick Sep 7/16, Flat) He would have preferred more money deployed.  He is holding 30% cash in his funds.


Price: $0.010
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Yes
2016-12-05 TOP PICK CASH
CASH
Stephen Groff

Downside protection is very important.  He only invests in equities he believes in and that have a good risk/return profile.


Price: $0.010
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Yes
2016-12-05 HOLD Cameco Corporation
CCO-T
Don Vialoux

It has been in a distinct downward trend for years.  Last year it did not do anything.  This year we have mild encouragement.  It is trying to bottom.  Short term momentum indicators are positive.  It moved above the 50 and 20 day moving averages. 


Price: $12.950
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: BULLISH
Owned: Unknown
2016-12-05 COMMENT Cameco Corporation
CCO-T
Alex Ruus

For a 5+ year hold? On a 5-year basis, even on a 1-year basis, he would say this is definitely a Buy. It has undergone a fair bit of pressure in the last year, which has to do with the Spot uranium price, which has been very, very weak. Also, they are going through a tax battle with revenue Canada.


Price: $12.950
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2016-12-05 DON'T BUY Cathedral Energy Services
CET-T
Alex Ruus

There is starting to be some interest in oilfield services. His initial reaction is to continue to stay away. A lot of these companies are continuing to lose a fair bit of cash. A lot of stocks are starting to turn in anticipation of improving conditions. While drilling activity has started to pick up, and there are talks of potential price increases at the field level, it will be a muted approach and a muted response in pricing, which will restrain profitability for quite a while. Essential Services (ESN-T) would be a more substantial, safer pick in this area.


Price: $0.510
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2016-12-05 HOLD Canadian National R.R.
CNR-T
Stephen Groff

It is a great company.  He has a small position.  He has a lot of respect for the management.  They are truly a machine.  Valuation is keeping him from increasing his position.  CP-T had more potential improvements so increased more.


Price: $89.920
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Yes
2016-12-05 BUY Costco Wholesale
COST-Q
Stephen Groff

A great business.  You are very protected from the Ecommerce threat.  They have enormous amounts of purchasing power.  They make a huge amount of their profit through the member fees.  It is a very defendable business.  He wants to own it but is being patient about the price.  We are not too far off.


Price: $151.770
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: No
2016-12-05 BUY Canadian Pacific Rail
CP-T
Stephen Groff

He likes rails.  They are unreplicatable networks.  They are diversified.  But at any given point you have things that are working and things that are not.  Autos are at cyclical peaks.  Grain will rebound.  He thinks you will get double digit earnings growth going forward.  But it won’t be in a straight line.


Price: $201.120
Subject: NORTH AMERICAN DIVIDENDS
Bias: SELECTIVE
Owned: Unknown
2016-12-05 SELL CRH Medical Corp.
CRH-T
Alex Ruus

A good little Canadian medical story. Operates primarily in the US, and has been rolling up some healthcare services. He is cautious in this area right now. The US health business is pretty complicated right now, as there are a bunch of pieces to it, unlike the Canadian system. One segment of this company has a fair bit of “off network” business, which pays much better than being paid by Medicare and Medicaid, but sometimes it is hard to get paid, as insurers take their time. Companies like this could be under a bit of pressure next year, so he would be cautious. At this point he wouldn’t be owning it.


Price: $7.530
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2016-12-05 SELL ON STRENGTH Canadian Western Bank
CWB-T
Don Vialoux

Banks have been coming out with strong fourth quarter results and this one is about to report.  Technically this is in an upward trend.  It looks okay.  Banks usually move higher from August until the end of November.  This is usually the time to take money off the table.  Look for such an opportunity to sell on strength over the next couple of weeks.


Price: $29.500
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: BULLISH
Owned: Unknown
2016-12-05 COMMENT EnerCare Inc
ECI-T
Alex Ruus

(Market Call Minute.) He likes this and thinks it is going higher over the next year.


Price: $18.150
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
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