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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
2017-09-19 HOLD UnitedHealth Group Inc
UNH-N
Gordon Reid

A fine company, but his choice has been Anthem (ANTM-N). Has great admiration for this company. They are very good managers. They have the attributes that are really important from a risk/rewards standpoint in the healthcare insurance space, and that is size and scale. They have enough risk aversion that you should be safe holding this.


Price: $194.650
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 TOP PICK Yamana Gold Inc.
YRI-T
Nick Majendie

Has been a disappointing performer and selling at a discount. There was a lot of worry amongst investors and some analysts about the balance sheet because of their building of the new mine Serra Morro, which is now 90% complete, and will increase their cash flow 20%, if not 30% when it is in full production. People are worried it might breach their debt covenants, resulting in an equity issue, but he heard they had hedged 60% of next year’s gold production, and 70% of copper production, at prices above what they had budgeted for. In addition, Serra Morro will see them increase their silver production by about 40%. Dividend yield of 0.8%. (Analysts’ price target is $3.50.)


Price: $3.390
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Everyone is wanting to buy into dips but the markets keeps grinding higher.  He does not think the valuations are attractive however.  Quantitative tightening could be negative for markets.  It is huge to the markets that Trump brings tax reform.  Perhaps we will get a ‘sell the news’ impact. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Infrastructure ETF recommendation.  He is not sure there is one that is hedged to the Canadian dollar.  A lot of ETFs leave out the engineering companies.  ZGI-T and CIF-T are two Canadian ETFs but are not hedged.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

A full cost mutual fund is probably 2.5-3% cost.  You get active management.  An index ETF is lower cost but you don’t get the active management.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  (weekly series) What Investor Personality Are You?:  2. The Preserver / Conservative.  They have typically done well in their business or career and have always been conservative.  As they get older they get TOO conservative.  They tend to have more fixed income.  Over the last 30 years they would get 6-7% returns.  Over the next 10 years you are looking at a return of 2.5% before fees with higher risk.  He does not think you can re-think what kind of investor you are. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Move mutual funds to a Canadian Bank ETFs? It is not a good idea to concentrate your portfolio into one sector.  You should be globally diversified also.  ZWU-T gives you utilities and telcos.  It is 20% global.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Josef Schachter

Oil a year from now.  It will bottom late in the year and then the question is what the weather will be like.  If we had a cold winter the price of oil can react quite quickly to the upside, as well as Nat Gas.  He thinks tax loss this year will be severe.  Then we get $60 oil by Q3 and $80 in 2020 (WTI).  You would need a major disruption of supply for oil to go higher.  He thinks he will make November buy recommendations.


Price: $0.020
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Josef Schachter

Big Oil Companies and Electric Cars.  We need electric cars because we cannot find enough oil otherwise.  Oil will still be used in trucking, rail and so on.  We need a third of the vehicles on the road to be electric.  They are not a competitive threat.


Price: $0.020
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Josef Schachter

Markets.  The case for the bulls: (1) The EIA said in the second quarter demand was stronger than expected; (2) OPEC wants to extend the 1.2 Million barrel a day cut past the end of Q1; (3) The Hurricane has impacted US supply; (4) US production has been flat for 5 months.  But then if you go into the data, he is bearish because of OPEC numbers.  They put in their quota in Q1 2017 as 32.1 Million barrels.  Lybia had a disruption earlier but now have 300,000 more coming on by year end.  Nigeria raised production by 138,000 and are talking about going much higher by year end.  The OPEC numbers are just talk.  We are looking at less demand for oil in North America going into the fall.  Numbers should go up seasonally.  Stocks usually bottom in mid November into December.  He is looking at what happened in ’06 and ’08 to oil and/or oil services stocks.  He suggests that you let the first 10% go to make sure oil stocks are really going up.  He sees a $42 oil price in October and perhaps going down to the $30s later in the year due to inventory builds.


Price: $0.020
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: _N/A
2017-09-18 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Del Vicario

Market. This is the 3rd largest bull market in history. We would be silly not to have a little cause for concern, given how long this bull market has been going on. He keeps a close eye on the yield curve, and an inverted yield curve has been a very good indicator of an impending recession. The inversion of the yield curve generally leads the recession by about 12 months. Based on his math, we are probably about 3-4 rate rises away from that happening, which in itself would probably take about one year. With that, we are probably 18-24 months away from the next recession, and he is cautiously optimistic as the equity markets seem to be quite strong lately. He is seeing short term rates rising more quickly than the 10 or 30-year, an indication of a much larger macro environment where growth is really slow. We are not seeing that in Canada in the short term, but there is a whole slew of reasons why world macro growth is likely to keep trending lower. In that environment, 10-year and 30-year rates will drop. Warren Buffett has suggested that if we are in a lower for longer interest rate environment, he believes markets are cheap, and has been putting cash to work in the market, which is really at odds with him being a value kind of guy.


Price: $0.020
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: _N/A
2017-09-18 COMMENT Amazon.com
AMZN-Q
Jason Del Vicario

One of the really interesting things is their economic moat. They own the online consumer, certainly in North America. On companies with wide economic moats, don’t get too cute on what price you should pay. Recent quarterly results were actually abysmal from a net income perspective. If looking to trade in the short term, you might wait for a lower entry point, but for a long-term hold, you could buy it at this level.


Price: $974.190
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Jason Del Vicario

(A Top Pick Aug 19/16. Down 3%.) Has basically gone nowhere over the last 2 years. However, their earnings continue to grow. A tremendously consistent return on equity generator at around the low 20%. If you can buy this below $60, you should. All it takes is for them to come out with an announcement of taking over another chain of convenience stores.


Price: $60.040
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 COMMENT Brookfield Asset Management (A)
BAM.A-T
Jason Del Vicario

A premier asset manager. They have the renewable partners along with all sorts of entities. His only caveat is that they seem to be always raising capital. When they go to the capital markets, that depresses the price in the short term. This is not cheap.


Price: $49.350
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-18 COMMENT Ballard Power Systems
BLDP-T
Jason Del Vicario

Historically there was a boatload of optimism in terms of the fuel cell technology. Over the long-term, the stock has really done not very much. BYD out of China, and others, have developed an electric bus. This is certainly worth keeping an eye on, given the recent strength.


Price: $5.680
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-18 WATCH Bellatrix Exploration Ltd.
BXE-T
Josef Schachter

He likes it.  It is cheap compared to book value.  Oil and Nat Gas.  It is so cheap right now and is very attractive.  The balance sheet is attractive since they knocked debt off it.  He thinks it will be a buy during the tax loss selling time.


Price: $3.410
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 TOP PICK Boyd Group Income Fund
BYD.UN-T
Jason Del Vicario

An auto body company, a very high ROE generator. The auto body business is fairly fragmented and this company has been a consolidator. He picked this because they have come off from their highs of about $102. A very, very well-run company. Dividend yield of 0.6%. (Analysts’ price target is $110.)


Price: $91.620
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 HOLD CitiGroup
C-N
Larry Berman CFA, CMT, CTA

It is one of the most global banks we have.  It is not his favourite bank to own.  On a valuation basis there is probably upside, but these banks could easily get cut in half if we ever get a correction.


Price: $70.600
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-09-18 PAST TOP PICK CASH
CASH
Josef Schachter

(Top Pick Sep 6/16)  If oil slides this year, buy the high beta oil stocks. 


Price: $0.010
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Yes
2017-09-18 TOP PICK CASH
CASH
Josef Schachter

You need some buying power for later in the year.  There will be a lot of buying opportunities.


Price: $0.010
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Yes
2017-09-18 TOP PICK CCL Industries (B)
CCL.B-T
Jason Del Vicario

This has a core business in packaging and labelling. They did a transformational acquisition where they bought Avery Labels, and more recently bought Innovia out of the UK, which literally prints plastic money, in Canada, Australia and the UK. It has come off recently from its highs. They’ve been increasing their earnings and dividends. A very well-run company. Dividend yield of 0.8%. (Analysts’ price target is $68.50.)


Price: $56.980
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 HOLD Crescent Point Energy Corp
CPG-T
Josef Schachter

It has a book value of $17 and is trading at half that.  The numbers are compelling but there is a credibility issue with management that has to be rebuilt.  He would hold.  The balance sheet is in good shape.  You could buy when there is tax loss selling between week 2 in November to week 2 in December.


Price: $9.010
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 HOLD CRH Medical Corp.
CRH-T
Jason Del Vicario

Had a tremendous run up to about $12, but got completely blindsided, and it pulled back heavily. Got stopped out around mid-$6. Thinks they are going to be okay long-term. There were some issues with insider selling at higher levels. If you own, continue to hold as it looks like it has bottomed.


Price: $3.190
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 TOP PICK Constellation Software Inc.
CSU-T
Jason Del Vicario

Debenture.Probably the best capital allocator in Canada. He likes this debenture, because it has a high yield of almost 7%. It is not well known and is under the radar. It also has an element of inflation protection. The yield is rather unique in that it is set at 6.5% plus the trailing CPI inflation rate. If you think inflation is going to pick up, you will get yield reset every year. Yielding 6.3%. (Note: This doesn’t qualify for the dividend tax credit, so Buy it in an RRSP, RIIF or a TFSA account.)


Price: $687.000
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 DON'T BUY Cenovus Energy
CVE-T
Josef Schachter

He has problems with them.  It is not a nice balance sheet.  It was a thermal operator and now they are a conventional operator and people will take time to know they are good at both.  It has a couple of dollars downside on it.


Price: $11.240
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 PAST TOP PICK Ceapro Inc.
CZO-X
Jason Del Vicario

(A Top Pick Aug 19/16. Down 70%.) Recently exited this. He likes what they do. They recently set up another plant, and thinks they have had some challenges with that. Results have been relatively weak of late, and he wasn’t terribly thrilled with the level of communication of management. However, it continues to be on his radar. Should their earnings pick up again, he would not hesitate to Buy it back.


Price: $0.590
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 PAST TOP PICK Data Communications Management
DCM-T
Jason Del Vicario

(A Top Pick Aug 19/16. Down 68%.) Still believes in this and is adding to his holdings at these levels. A turnaround story. Management has guided towards EBITDA of $18-$20 million for 2017. Where can you find a company with a market cap of about $25 million that has $275 million of revenue with an EBITDA of in the $18-$20 million range trading at a valuation of $25 million? Extremely undervalued. Thinks this could get up to the $3-$4 range if they are able to execute. They’ve shown indications of becoming consolidators in the industry. If they are able to pick up some assets for a reasonable price and achieve some economies of scale, they could be even greater than that.


Price: $1.170
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 COMMENT Dollarama Inc.
DOL-T
Jason Del Vicario

They’ve done a tremendous job of adding stores. They are relentless in testing things such as using credit cards, which they tested in a few stores, and found that the customer using a credit card spent more, which justified the credit card fee the store had to pay. Has an interesting partnership with a chain in Central America. Feels they are poorly understood by the street. ROE is over 100%. P/E ratio is probably in the mid to high 20s. Growing at 30%-40%. Probably fairly valued at these levels, but he likes them a lot.


Price: $137.700
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 BUY EnerCare Inc
ECI-T
Jason Del Vicario

Involved with leasing hot water tanks, furnaces, etc. to the consumer. An interesting business model. He could see them getting into solar. After the last earnings report, they sold off fairly heavily, which was a good buying opportunity. Dividend yield of 4.6%.


Price: $20.600
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 TOP PICK Essential Energy Services Ltd.
ESN-T
Josef Schachter

It has rolled over.  It is the largest coil tubing operator.  They have a book value of $1.14 and is trading half that.  It went from 50 cents to 2.18 and is now back down almost to that level.  Over half of the stock is held by institutions.  He will put it on his action buy list in the next couple of months.  (Analysts’ target: $1.05).


Price: $0.590
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: No
2017-09-18 COMMENT Facebook
FB-Q
Jason Del Vicario

$1,000 in 5-10 years?An ROE over the long-term should also predict the movement of the stock price. For example, if a company has an ROE of 20%, they are increasing the value of the shareholder equity by 20% a year. 20% compounded over a ten-year period actually leads to a fivefold increase in the equity which, theoretically, should also lead to a fivefold increase in the stock price. If you were to multiply the current stock price of this by 5, that gets you relatively close to $1000. However, he doesn’t think it gets to $1000 over the next 5 years, but if they are able to achieve those ROE’s that they have in the past, it wouldn’t shock him. Thinks their runway for growth is long and very good.


Price: $170.010
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 TOP PICK Gran Tierra Energy Inc.
GTE-T
Josef Schachter

They are out of favour.  It is trading below proven reserves.  The CEO has a large holding along with a major shareholder.  He thinks it has a lot of upside and you could by it during tax loss selling.  (Analysts’ target: $4.60).


Price: $2.630
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: No
2017-09-18 DON'T BUY Husky Energy
HSE-T
Josef Schachter

It was a darling to 2008 and then bottomed in 2016.  The balance sheet has been repaired.  They have a fabulous balance sheet and are trading at a significant discount to book.  The question is growth and they are not showing any volume growth.  People need to see the ability to grow.  The company has not communicated a game plan for growth.


Price: $14.920
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 WEAK BUY Imperial Oil
IMO-T
Josef Schachter

Lots of people like to own it because it is a big cap, but they don’t make a lot of money.  It does not have the leverage to the upside like others.  It is a conservative holding, it is stable.  The stock does not reward shareholders very well and he prefers SU-T


Price: $38.340
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 BUY Kinaxis Inc
KXS-T
Jason Del Vicario

Recently bought this in the low $70. It peaked at around $90, and then sold off to the mid-$60. He waited for some technical strength, and then entered the name. They are involved with inventory management software. Sold off fairly heavily recently, about 4% on significant volume, so expects this is a good entry point.


Price: $74.810
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 BUY 3M Co.
MMM-N
Jason Del Vicario

The chart indicates it is close to breaking through to new high ground. They’ve been paying a dividend for over the past 60 years. If looking for a steady, dividend paying stock, it is a very well diversified company and this would be a good buy. Dividend yield of 2.2%.


Price: $213.760
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-18 BUY Open Text
OTEX-T
Jason Del Vicario

A Canadian success story. They’ve done a great job of increasing shareholder wealth over the long-term. It meets his criteria of being a high ROE generator, and have done it for an extended period of time. They’re off their 52-week high, so this would be a reasonable level to initiate or add to a position.


Price: $39.500
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 PAST TOP PICK Powershares Etf
PGF-N
Josef Schachter

(Top Pick Sep 6/16, Down 60%)  Debt has gone own.  He thinks it will come down because they used to have a fantastic oil hedge book and don’t ay more.  The question now is not survivability but growth.


Price: $18.940
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: No
2017-09-18 WAIT Paramount Resources
POU-T
Josef Schachter

They have had a wild record.  Management has done a fantastic job of selling assets.  You want this management backing you in an energy bull market.


Price: $24.000
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 COMMENT Pulse Seismic
PSD-T
Jason Del Vicario

Has been on his radar for a long time. Never bought them, because the stock has never moved over the long-term. They do some sort of imaging of a terrain, an area of demand for people in the oil industry. With the resource sector being weak, their stock has been weak. Has a relatively high ROE, that hasn’t translated into earnings growth in the last little while. He wouldn’t have a problem owning this because of their nice ROE profile.


Price: $3.050
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 BUY Purpose Premium Yield Fund
PYF-T
Larry Berman CFA, CMT, CTA

He loves the strategy.  They are consistently taking in yield in the fund and then pay out 6%.  The US exposure has hurt them a little over the last year.  Option strategy premiums are lower at the moment.


Price: $19.200
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-09-18 WATCH Questerre Energy
QEC-T
Josef Schachter

Quebec is moving forward.  They are having fabulous wells.  They have higher net backs because of the lack of need for transportation.  On a little bit of weakness the stock is one to keep an eye on. 


Price: $1.210
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 PAST TOP PICK Surge Energy Inc
SGY-T
Josef Schachter

(Top Pick Sep 6/16, Down 12%)  They have three major core areas and 12k BOEs.  It has a 4.5% monthly yield.  It would be a great buy for the yield.  Management is focused on shareholder value.


Price: $2.060
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: No
2017-09-18 BUY on WEAKNESS Shopify Inc.
SHOP-T
Jason Del Vicario

Had a tremendous run up to about $130, recently consolidated, and has now broken through that period of consolidation. Feels it is a little extended. Added to his holdings at about $136 when it broke through. The last period of consolidation was relatively short and relatively shallow, which generally is very bullish technically. Their runway for growth is tremendous as there is something like 10 billion small business owners in North America, and they have penetrated about 500,000. It would be an excellent complement to Amazon’s (AMZ-N) business. Wait for a bit of a pullback into the mid-$140 to low-$140.


Price: $150.600
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-18 HOLD Spartan Energy Corp
SPE-T
Josef Schachter

He likes the company.  He expects 22k BOE per day and 24k next year.  It is trading below book value.  They have good parameters on a value basis.  The management is very well received.  It could be a double in the next year or could go down before the end of the year.


Price: $6.250
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 DON'T BUY Trican Well Service Ltd.
TCW-T
Jason Del Vicario

Came off dramatically as oil prices came off in 2015-2016. He typically doesn’t like oil services or energy related stocks, simply because they don’t have the ROE profile he is looking for. Would prefer Pason Systems (PSI-T) or Badger (BAD-T) instead.


Price: $3.840
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 BUY Toronto Dominion
TD-T
Jason Del Vicario

Just announced they were buying back about 20 million shares.He generally likes share buybacks. Feels this is a sign that they feel that they have more cash than they need. That is a good sign for the market. This price is as good as any.


Price: $67.490
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 WATCH Trinidad Drilling Ltd
TDG-T
Josef Schachter

A lot of the drilling stocks are cheap.  Book value is $4.99 so it is trading very cheap.  It could go to a $1.20.  During the next bull market it could be a $12 stock.  You want to own it and sometime in the fourth quarter will be the time to buy it.


Price: $1.750
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 COMMENT Tesla Motors Inc
TSLA-Q
Jason Del Vicario

An electric car company as well as having interests in solar. Prefers BYD Company, a Buffet backed electric car manufacturer out of China. Tesla is not the only electric car manufacturer in the world. A Tesla car costs $120,000, and there aren’t a lot of people able to afford that kind of price. This stock is relatively speculative. Wait for it to take back its new highs. Should it break through that level on greater than 40% average daily volume, that would be an indication the stock is heading reasonably higher. There are other manufacturers like BYD and BAIC in China, which are going after the lower end of the market, and expects they will be relatively successful, along with buses, trucks, etc.


Price: $385.000
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 HOLD Vermilion Energy Inc
VET-T
Josef Schachter

It is coming down because the French government has said they will stop hydro carbon production but that is a long way away.  The market is nervous.  They have supported their dividend and over time they will replace France.


Price: $45.250
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 COMMENT Canopy Growth Corp.
WEED-T
Jason Del Vicario

An investment in this type of company is rather speculative. However, it has certainly settled down. When they came off from about $12 down to $6, there had been some recovery, and the stock has been picking up of late. He doesn’t like the political risks. Feels there is a lot going on behind the scenes that we don’t necessarily know about.


Price: $10.560
Subject: NORTH AMERICAN (GROWTH)
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-18 WATCH Western Energy Services
WRG-T
Josef Schachter

It is a very cheap driller.  $5.53 book value at the end of last year.  They are in a break even situation.  He sees it doing much better.  He likes the stock and covers it.  There will be a great opportunity to buy it likely later in the year.


Price: $1.290
Subject: ENERGY & ENERGY SERVICE STOCKS
Bias: BEAR on OIL
Owned: Unknown
2017-09-18 HOLD BMO S&P/TSX Oil & Gas ETF
ZEO-T
Larry Berman CFA, CMT, CTA

In the next couple of months there may be a little more upside.  At the beginning of the year the stocks were overpriced.  He is going to trim when it gets back to the high end of its trading range.  Don’t add to it now but you could buy on pullbacks.


Price: $10.500
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-09-15 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Energy. It feels like we are pretty close to a time of maximum despair in energy stocks. They’re under owned and people just don’t want to touch them. There have been many false starts this year, but this week is the first time in a very long time where things are starting to feel better. Not only do we have the combination of a few different agencies asserting their bullish thesis on oil that the market is tightening, but OECD surplus inventories have fallen by about 44%. We’ve had cuts in US growth rates and evidence of plateauing in US production in the past 5 months. This is an area that is massively undervalued, stocks are trading at half of their historical multiples and good fundamentals that are now improving, and there are now people starting to recognize that.


Price: $0.020
Subject: ENERGY
Bias: BULLISH on ENERGY
Owned: _N/A
2017-09-15 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis da Silva

Market. The Canadian economy has had a good first half, certainly leading the G8 in terms of GDP growth. That ultimately translates into earnings for companies. In the US, Q2 was very strong, but he expects a little softening in Q3 because of hurricanes, but balancing in Q4 and Q1 of next year. Canada will benefit from those tailwinds as well as organic growth. Thinks we can expect better things from base metals and oil. We have seen the bottoming out for something like base metals, which has been the best return in the resource space, led by things like copper, zinc, iron ore and met coal. We can build on that. Sees better things for oil into 2018. Conditions have stabilized for things like oil, which is a big driver for Canada. We can build from that base as global GDP continues to improve.


Price: $0.020
Subject: RESOURCE
Bias: OPTIMISTIC
Owned: _N/A
2017-09-15 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis da Silva

Gold has already passed over $1350, but resource stocks haven’t shown good performance. Why? Last year there was a good break out where gold stocks outperformed the price of gold. This year gold is up about 15% year to date, versus the global gold index which is up about 7%. Some of that he would attribute to just the nature of the move in gold. A little more concern in the world has created some move into the price of gold. Believes part of this has to do with if the market believes in the sustainability of the gold prices north of $1300. He is more focused on what companies are doing, and not worried about the price of gold. Eventually, if the market sees discipline continue, equities will outperform the underlying commodity on a more sustainable basis.


Price: $0.020
Subject: RESOURCE
Bias: OPTIMISTIC
Owned: _N/A
2017-09-15 COMMENT Advantage Oil & Gas Ltd
AAV-T
Eric Nuttall

He really likes this company. More of a manufacturing company than an oil/gas company. They should be generating gobs of free cash flow. The challenge in Canada is that there are ongoing issues around pipeline availability and egress take away solutions, and we have seen that manifest itself in the past quarter.


Price: $7.760
Subject: ENERGY
Bias: BULLISH on ENERGY
Owned: No
2017-09-15 TOP PICK Atlantic Gold Corp
AGB-X
Dennis da Silva

A new producer in Canada. Unique and in Nova Scotia. They are opening their new mine, a Moose River consolidated mine project. It is going into production in October, and should be commercial by the end of the year. 85,000 ounces in 8.5 years. Sub-$600US an ounce production cost, so margins will be very robust. The ability to double from 2 satellite deposits, probably in 3 years, will more than double production. (Analysts’ price target of $2.17.)


Price: $1.460
Subject: RESOURCE
Bias: OPTIMISTIC
Owned: Yes
2017-09-15 COMMENT Alamos Gold Inc
AGI-T
Dennis da Silva

This has taken a kicking over the last week or so with the Richmont acquisition. Think it was a bit of a surprise that the company had made an acquisition of that size. Its original base was in Mexico, but have now diversified into Canada. Richmont has a great little mine. It is ramping up to lots of exploration upside. Maybe they have overpaid right now and incorporated some of their growth into what they paid. He would rather buy something that is steady and consistent and does what it says it is going to do, without surprising him with any dilution or major acquisitions.


Price: $9.040
Subject: RESOURCE
Bias: OPTIMISTIC
Owned: No
2017-09-15 COMMENT Arc Resources Ltd
ARX-T
Dennis da Silva

(Market Call Minute.) Kind of a granddaddy of Montney. They’ve been in the play for a long time. He is kind of looking for a consistent 12% kager (?) and growth over the next 4 years. All the infrastructure is locked in. Has a beautiful yield.


Price: $17.600
Subject: RESOURCE
Bias: OPTIMISTIC
Owned: Yes
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