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

Recent Opinions with Comments from our Viewers

Date Signal Company Expert Opinion Price
2014-10-20 DON'T BUY Power Corp
POW-T
David Baskin

Went down because of bond yields and because of investor’s group management because stocks went down and so then their fees went down. He thinks the stock is cheap and the dividend is sustainable.  He would recommend being at the top of the pyramid because if value is released that is where it will happen.


Price: $28.460
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-15 DON'T BUY Exchange Income
EIF-T
Fabrice Taylor

Stock is not doing very well. This started off as a sort of conglomeration of various businesses. Started off in the airline space, basically ambulances and government contracts moving people from the north down to Winnipeg for medical care. That is a good business because the government is your customer. Then they ventured off into things such as cell phone towers, and this is what is causing a lot of concern right now. He would be very careful about this. It has a feeling that there is something wrong.


Price: $15.900
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-08 DON'T BUY Canadian National R.R.
CNR-T
Michael Sprung

Canadian National (CNR-T) or Suncor (SU-T)? He would choose Suncor based on the multiples that they sell at. He doesn’t own the railroads. (See Top Picks.)


Price: $75.800
Subject: CANADIAN LARGE
Bias: OPTIMISTIC
Owned: No
2014-09-24 TOP PICK Benev Capital
BEV.H-X (N/A)
Bruce Campbell (2)

Just made an announcement in May that their very 1st royalty stream they are going to invest in, is a restaurant chain Franwork Franchise out of Calgary. Right now it is only a revenue royalty stream off of some restaurants, but the plan is to roll it out into a multiple royalty stream. Currently trading at about 7.5% yield and is probably comparable to trade in the 6.5% range. Thinks there is some capital appreciation here, plus you are getting a nice dividend.


Price: $2.380
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2014-09-19 COMMENT Baytex Energy Corp
BTE-T
John Stephenson

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


Price: $43.160
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-09-18 HOLD Dorel Industries
DII.B-T
Barry Schwartz

Their big focus now is on bicycles.  They are making an acquisition in Brazil to even out the seasonality.  He likes it and bought it last year, likes the fundamentals and is willing to wait for it.  3-4% dividend yield.


Price: $34.750
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-09-12 TOP PICK Tourmaline Oil Corp
TOU-T
Bruce Campbell (1)

Down 15%, so you can buy this at almost an average multiple, which is the 1st time you have been able to do that for years. Great track record and great management team. Thinks production BOE’s per day goes from 120 this year to almost 250 by 2015, a double.


Price: $50.860
Subject: CANADIAN LARGE
Bias: BULLISH
Owned: Yes
2014-09-10 HOLD Inter Pipeline
IPL-T
Paul Gardner, CFA

A crazy thing happened to these utilities.  The valuations have doubled.  They are now at 20 times earnings.  It is because interest rates are down and yet there is growth.  They are at capacity and have the pipelines to the oil sands.  He struggles with the valuation but feels they are worth another 10%.  It is a core position.  It is not wrong to take some profits if you have made a lot on it.


Price: $36.830
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-09 COMMENT Pembina Pipeline Corp
PPL-T
David Burrows

Possible takeover target? There is a possibility of consolidation because some of the mid-streamers have more growth opportunity with great longevity in their projects. The problem is, they are not inexpensive, so it would be an expensive acquisition.


Price: $52.030
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Unknown
2014-09-04 COMMENT Power Financial Corp
PWF-T
Douglas Kee

He definitely watches this one. Expects dividend increase of 3%-5%, which seems to be their formula.


Price: $35.670
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2014-08-28 DON'T BUY Element Financial
EFN-T
Don Lato

He has a policy that if he has been burned by management in the past, he tends to stay away from those companies. It has done well. This is a bit of a roll up strategy, where they keep buying in smaller leasing companies. Easy money has been made in this and growth prospects are fairly muted from this point on.


Price: $13.990
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-08-25 PAST TOP PICK Canfor Corp
CFP-T
Peter Brieger

(A Top Pick Aug 27/13. Up 25.17%.) Sold his holdings at $29. If it got back to $22.50, he would probably Buy it back.


Price: $25.410
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-08-25 SELL Surge Energy Inc
SGY-T
Eric Nuttall

Longer term he does not think they can maintain the metrics they are putting to the street.  He moved to TOU-T for the long term.


Price: $8.640
Subject: OIL & GAS
Bias: SELECTIVE
Owned: No
2014-08-22 BUY Vermilion Energy Inc
VET-T
Jeff Young

A high-quality name in Western Canada with gas assets in Ireland and Europe. As they continue to grow, there are opportunities for it to reduce its dividend over time. Very good conservative company and a good one to hold. 3.7% dividend yield.


Price: $70.680
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: No
2014-08-13 COMMENT AutoCanada Inc.
ACQ-T
Mike S. Newton, CIM FCSI

Took quite a drop, but doesn’t know what the specific reason for it was. It is good news that the large auto manufacturers are friendly with the company. All the metrics are very good for Canadian auto sales. The problem with a consolidation play is that the market gets a little addicted to it, and the minute you are not doing acquisitions they start wondering what is the organic growth. He would probably be interested in buying this pretty soon.


Price: $67.350
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-08-12 BUY BlackBerry
BB-T
Bill Carrigan

To him, this is an under owned stock. Fairly disliked. When you get a stock like that which doesn’t make new lows, and actually has a series of higher lows, this could be acquired in here.


Price: $10.290
Subject: TECHNICAL ANALYSIS
Bias: BULLISH on MATERIALS
Owned: No
2014-08-08 COMMENT Leisureworld Senior Care Corp
LW-T
Jaime Carrasco

This is one of his longest holding REITs. He likes it because the composition is mostly old age homes, so it has the demographics behind it. They have consistently delivered on the dividend. His company has a target of $13.25. He is starting to take some money off the table on this. 7% yield.


Price: $12.890
Subject: RESOURCE, UTILITY & REITs
Bias: CAUTIOUS
Owned: Yes
2014-08-01 BUY BlackBerry
BB-T
John Zechner

Likes this. Volatile, but has a lot of low hanging fruit. There are metric valuations that can be improved upon. It’s not going to be in the handset business, but more in software on the security side. New CEO is reinventing the company. There is still a massive Short position in the US, which is going to have to be covered at some point.


Price: $10.150
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-07-29 COMMENT Hudbay Minerals Inc.
HBM-T
Ross Healy

Stock has done brilliantly well and probably goes higher. Fair Market Value, as he measures it, is about $18. However, there is some pretty stiff resistance at around $15. If this bull market has legs, then he thinks this is going to do well for you.


Price: $11.620
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-07-28 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Financial Stocks.  The ZEB-T rallied about 5-6% past week.  Analyst forecasts for next year are the same as where the banks are now.  They might revise earnings estimates or the earnings are all built in to the bank stocks.  If you are going into banks now, then ZEB-T is the best way to play because of the covered calls.  But he sold Canadian banks last week to move into the US.  He thinks they are a little stretched here.


Price: $0.020
Subject: TECHNICAL ANALYSIS - N.A. EQUITIES
Bias: UNKNOWN
Owned: No
2014-07-23 TOP PICK SPDR Financial E.T.F.
XLF-N
Stan Wong

Banks have really under-performed versus the S&P 500. This is due to regulation issues out there and interest rates remaining lower than expected. On valuation you are looking at 1.35X Book Value compared to the TSX financial sector at 1.85X. With the strengthening US economy, a recovering housing market, lower loan loss provisions and better credit issues, this should do quite well.


Price: $22.970
Subject: NORTH AMERICAN & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-07-18 TOP PICK Vangrd European E.T.F.
VGK-N
John Hood

This is about 600 European stocks, of which about 30% is UK. There are a number of European ETF’s, but likes this one because it is well diversified.


Price: $58.970
Subject: OPTION STRATEGIES & E.T.F.S
Bias: OPTIMISTIC
Owned: Yes
2014-07-17 TOP PICK CGI Group (A)
GIB.A-T
Keith Richards

On the short term, it is starting to show a bit of an upswing. The long term chart shows a long-term upward trend is in place. Thinks the stock is going to continue on its merry way, because they just keep landing contracts and the trend is in place. A great story.


Price: $38.060
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Yes
2014-07-15 DON'T BUY Retrocom Mid-Market REIT
RMM.UN-T
Derek Warren

The economy in their areas is a little strained.  It is under pressure still.  High payout ratio and it is also doing development.  Yield should be safe but it is not an area of growth.


Price: $4.500
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2014-07-15 COMMENT Veresen Inc
VSN-T
Gajan Kulasingam

Stock had a nice run, and was really a function of them de-risking their Jordan Coal project, a West Coast-based LNG export project. They need to secure the financing and an off taker for their LNG facility. Thinks this is worth $21. Still have the risk of the alliance pipeline that needs to be re-contracted. He doesn’t want to take on their risks. Dividend is safe for now, but it depends on how they re-contract.


Price: $19.000
Subject: Energy Infrastructure, Industrials & Utilities
Bias: OPTIMISTIC
Owned: No
2014-07-14 HOLD Surge Energy Inc
SGY-T
Hap (Robert) Sneddon FCSI

Unless we get a correction in time, it may come down to $7.  He would not worry about it on a short term basis.  Thinks these names will roll over again in later July.  Add to it below $7


Price: $7.460
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2014-07-11 WATCH Agrium
AGU-T
Don Vialoux

Seasonality for fertilizer stocks is normally around the end of June through until the end of the year. However, fundamentals are not good. All the major fertilizer companies are expected to report significantly lower earnings on a year-over-year basis. Chart shows that the stock has just broken down through a key support position, and is now in a downward trend. Below its 20 day moving average, and significantly under performing the TSE composites. Watch for an opportunity after they report their 2nd quarter results at around the end of this month.


Price: $94.810
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2014-07-09 DON'T BUY Surge Energy Inc
SGY-T
Benj Gallander

This is not contrarian in any way, shape or form. It has a lot of characteristics of the old income trusts and of the ones that got into tremendous trouble. Have zero cash, and just increased their dividend as they take over another company. Increased their debt load and shares outstanding. Looks at this as a stock with a tremendous amount of danger. This will be fascinating to look at in 5 years time, as they will have done really, really well, or may sell off non-core assets to raise money. Wouldn’t go close to this.


Price: $7.720
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2014-07-08 DON'T BUY AGF Management (B)
AGF.B-T
Christine Poole

(Market Call Minute) Would not buy here.  High yield could be cut if they don’t get their sales going.


Price: $12.080
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-07-08 WEAK BUY Choice Properties REIT
CHP.UN-T
Paul Gardner, CFA

Tenants are 95% Loblaw’s anchored.  Stable asset.  It hasn’t done much since the IPO.  There is nothing wrong with it.  There is always that inherent conflict where so much of it is owned by Loblaw’s.  He finds this a conflict.


Price: $10.610
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: BULLISH
Owned: Unknown
2014-07-08 BUY Canadian Natural Rsrcs
CNQ-T
Paul Gardner, CFA

Such a great operator, great growth profile.  Analysts are still forecasting a $90 barrel of oil and $4 MCF for gas.  CNQ-T has some more room to go.  Prefers SU-T because of assets, but CNQ-T is also good.  There are probably more legs even if oil comes off a little.


Price: $49.120
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: BULLISH
Owned: Unknown
2014-07-08 BUY Crescent Point Energy Corp
CPG-T
Christine Poole

Large land position, production growth is pretty good.  Dividend is flat at $1.20 and she is not expecting a dividend increase. They will grow production at a steady rate.  High net backs.  She would buy it around here as it has pulled back.


Price: $45.710
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-07-08 DON'T BUY Dream Industrial REIT
DIR.UN-T
Paul Gardner, CFA

Dream International, Dream REIT and lots of assets going all over the place.  He would prefer a more conservative stance.  He doesn’t want to get involved because the restructuring hasn’t really gone on and they just hid the problems under the mat.


Price: $9.670
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: BULLISH
Owned: Unknown
2014-07-08 TOP PICK Tricon Capital Group
TCN-T
Paul Gardner, CFA

(Top Pick July 02/13, Up 21.44%) Leverage to the US housing market recovery.  They have an asset management business.  They have a development business.  They own single family homes and he thinks the stock is cheap.  They are growing this to be a multiyear thing.  They figured out how to buy single family homes and then run them.  They purchased in the hardest hit areas in the US.  It trades incredibly cheaply compared to its NAV of $9-$10.  They can refinance properties at a lower rate.


Price: $7.600
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: BULLISH
Owned: Yes
2014-07-04 COMMENT Apple
AAPL-Q
Paul Harris, CFA

Google (GOOGL-Q) or Apple (AAPL-Q)? Given this choice, he would pick Google. On a balance sheet level, etc., they are very similar. Google is a software company whereas Apple gets about 60% of their revenue off of one product, the iPhone. There has not been a real product from them for a long, long time. Also, this company has gone up a lot more, but that has to do more with financial engineering, as opposed to anything else.


Price: $94.030
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: OPTIMISTIC
Owned: Unknown
2014-07-03 BUY on WEAKNESS Agrium
AGU-T
Brian Acker, CA

Model price is $120, 23% upside.  It is a cyclical and he would love to see it come back to the $80 region to buy more.  Top side of the stock is $110.  POT-T is at a higher valuation and only has a 12% upside with a ceiling of $43.50.


Price: $97.070
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-07-03 TOP PICK Rogers Communcations (B)
RCI.B-T
Barry Schwartz

This company is a complete mess, but there are so many great assets inside the company. There are the publicly traded securities they own. Also, has a terrific sports asset where there is a big value. Thirdly cell towers, a huge business in the US, where they are being spun out for $500,000 each. This company has 6,000 cell towers. Yield of 4.26%.


Price: $43.000
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-07-02 TOP PICK Energy Transfer Partners L. P.
ETP-N
Michael Underhill

Looking over the next 20 years, there is going to be roughly $687 billion of CapX in energy infrastructure. Capital is going to flow to the ones that already have existing assets, as well as those that have the ability to create new assets. This is one of those companies. You’ll make 8%-10% a year, not a wild 20%-30% upside. Yield of 6.42%. Thinks this is going to go 11 innings.


Price: $58.020
Subject: GLOBAL AGRICULTURE, INFRASTRUCTURE & TIMBER
Bias: BEAR
Owned: Yes
2014-06-27 TOP PICK Precious Metals and Mining
MMP.UN-T
Jaime Carrasco

If he has an older client that wants to have precious metals, this is one that he would put in their accounts. Considered higher risk, only because of the market cap. Has come down quite a bit. The dividend is a nice gift, but he is not trading it for that as it could come down. However, looking at the portfolio, you have about 30 different producing companies, and this is a great diversified play for precious metals.


Price: $2.970
Subject: RESOURCE, UTILITY & REITs
Bias: CAUTIOUS
Owned: Yes
2014-06-27 TOP PICK Toscana Energy Income Corp.
TEI-T
Jaime Carrasco

This was one of the first royalty plays. Now that the pension funds have bought into the PrairieSky (PSK-T) business model, they understand the royalty play, and he thinks this will start to move. Reserve life on the proven is seven years. Yield of 11.62%. (Careful on this. They quoted a 11.62% yield a couple of times, but the Globe says it is only 3.874%. However my trading account says it is 11.86%. Check with your broker first. - Bill)


Price: $13.940
Subject: RESOURCE, UTILITY & REITs
Bias: CAUTIOUS
Owned: Yes
2014-06-27 DON'T BUY Talisman Energy
TLM-T
Dennis Da Silva

A company that is still going through a refocusing effort. Leverage is still an issue. North Sea is still a tremendous drag on cash flow, and is the Achilles heel. If they could sell this part of their interests it would do wonders for the stock. You might be sitting around for quite a while because he can’t think of too many people that would want to buy such a mature asset that is bleeding cash.


Price: $11.260
Subject: CANADIAN RESOURCE
Bias: UNKNOWN
Owned: No
2014-06-24 TOP PICK Bankers Petroleum
BNK-T
Mason Granger

(Top Pick July 23/13, 129.65%) Leadership changed at the top of the company. They cut costs.  He continues to be optimistic about the company going forward.  Albania is probably not the best part of the world to invest in, but management is solid and they licked their technical challenges.  It throws off a lot of free cash flow.  Operations are improving and they are cutting costs.  They are having early success with recovery using polymer floods.  They get Brent-linked pricing.


Price: $6.990
Subject: OIL & GAS
Bias: BULL on OIL & GAS
Owned: Yes
2014-06-24 DON'T BUY Talisman Energy
TLM-T
Mason Granger

They are a poor allocator of capital.  There are unknown tax consequences of breaking up the company.  Unless there as a visible path to cash flow growth he could not invest in it.


Price: $11.200
Subject: OIL & GAS
Bias: BULL on OIL & GAS
Owned: Unknown
2014-06-20 TOP PICK Enbridge
ENB-T
Patrick Horan

Short Has had a Short on for about 3 years now. Had completely underestimated the skepticism of this market and how it was looking for a defensive, dividend growth. Trading at almost 25X earnings. They’ve had some really aggressive dividend raises of 5%-10% over the past 3 years. However, with that, they’ve also had capital raises. It makes no sense to him why a company would increase its dividend, and at the same time, go and issue more shares.


Price: $51.090
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-06-20 TOP PICK Guestlogix
GXI-T
James Hodgins

Really surprised this stock is not a lot higher already. They’ve announced they have 22 deployments. They are going to double the size of EBITDA and revenues over the next year. Trading at only 10X forward earnings, and he thinks it will keep this valuation, if not expand it, as they grow the earnings and double it over the next 12-18 months. The bottleneck in buying things on airplanes is waiting for the flight attendant to process everything. This is easily a $2 stock, and could be $3 on a takeout basis.


Price: $1.270
Subject: MARKET NEUTRAL INVESTING
Bias: BEARISH
Owned: Yes
2014-06-19 BUY AutoCanada Inc.
ACQ-T
Rob Stabile

Wonders why someone has not replicated it.  That would be the only risk in owning it.


Price: $86.870
Subject: CANADIAN
Bias: BULLISH ON ENERGY INFRASTRUCTURE
Owned: No
2014-06-19 BUY Home Capital Group
HCG-T
Jason Donville

Thinks it’s great. Has still been buying at around this price. Great long-term holding.


Price: $48.470
Subject: GROWTH & FINANCIALS
Bias: CAUTIOUS
Owned: Yes
2014-06-17 DON'T BUY Transalta Corp
TA-T
Ross Healy

It was probably good that they cut their dividend, because it had been acting as a real a drag on the balance sheet growth. The net worth of the company had actually been falling, pretty steadily for 3-4 years. It still is, but is kind of levelling out a little. Stock is cheap but the problem is that we need some earnings. So far the earnings have not changed.


Price: $12.980
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2014-06-16 DON'T BUY AGF Management (B)
AGF.B-T
Michael Sprung

The independent mutual fund companies are having a tough time and we have seen consolidation to the larger players in the industry, but this one was not involved.  We have seen significant assets leaving this company. 


Price: $13.390
Subject: CANADIAN LARGE
Bias: SELECTIVE
Owned: Unknown
2014-06-13 COMMENT Northwest Healthcare Property REIT
NWH.UN-T
Derek Warren

Stock has underperformed for some time. It is very difficult in this business to find medical personnel and specialists, to lease up space. 8% yield.


Price: $9.920
Subject: REIT's
Bias: BULLISH on REITs
Owned: No
2014-06-13 DON'T BUY Power Financial Corp
PWF-T
Bill Carrigan

Thinks this is getting tired. Not too fussy about this year’s showing on the chart. It is rolling over versus its peers. Probably a weaker component of the financials and he would probably avoid it. 4.25% dividend.


Price: $32.880
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2014-06-13 COMMENT Westport Innovations
WPT-T
Derek Warren

Thinks this is one of the great opportunities in the market right now, even after the run. Invests in US industrial properties, but very large ones. One of the tenants is Amazon (AMZN-Q). The e-commerce trend is something that is here to stay, and companies like this are going to benefit. Trading quite inexpensively. 7.1% yield.


Price: $16.250
Subject: REIT's
Bias: BULLISH on REITs
Owned: Yes
2014-06-12 SPECULATIVE BUY Cominar Real Estate Inv Tr
CUF.UN-T
Greg Newman

Debt too high.  Net operating income fell last quarter.  At current valuation bad news is priced in.  Their overall growth rate through acquisitions is okay.  Payout ratios are turning down.  He is giving them a chance.


Price: $18.670
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULL on ENERGY
Owned: Unknown
2014-06-10 TOP PICK Power Financial Corp
PWF-T
Joey Mack

(PWF.PR.D-T) 5.5% Series D Preferred. This is a perpetual issue, so there is no rate reset. Effectively with this, you are getting a huge pick-up over what you would get in the long-term bond market right now.


Price: $33.590
Subject: FIXED INCOME
Bias: UNKNOWN
Owned: No
2014-06-09 PAST TOP PICK Crescent Point Energy Corp
CPG-T
Eric Nuttall

(Top Pick Jun 20/13, Up 34.69%) A name to stick away.  Last year they took a break from M&A.  Thinks they will exceed expectations in Q2.  Management alluded to the fact that they would try to export oil out of Gulf of Mexico at US prices.  They are the most aggressive pursuer of this strategy.  The overall viability of their business model is getting better and better.  He owns a big whack of the stock personally.


Price: $44.830
Subject: OIL & GAS
Bias: BULL on GAS
Owned: Yes
2014-06-09 COMMENT Just Energy Group
JE-T
Andy Nasr

It is very difficult to put a bottom in this. Looks like the valuation is more compelling here, and the dividend should be sustainable so you are going to be able to pick up a nice yield. He is somewhat concerned about the business itself. Their strategy of growing in the US has been somewhat derailed. A little bit too risky for him.


Price: $6.210
Subject: NORTH AMERICAN DIVIDEND & REITs
Bias: OPTIMISTIC
Owned: No
2014-06-03 N/A A Comment -- General Comments From an Expert
A Commentary
Craig Millar

Global Stocks. What has happened this year so far has been quite a surprise. At the beginning of the year a lot of people thought the bond market was not going to perform well. The 10 year yield in the US went from 3% down to 2.5%, but at the same time equities have done reasonably well. Global equities are up 4%-5%. Looking at the 2nd half of this year, we might see a lot of that reversed. The 10 year yield is likely to turn upwards between now and the end of the year. Stocks will do well in that environment. This year, so far, all the businesses that benefit from falling rates have done well. The utilities is the easiest example which is the #1 performing sector in the US so far this year. From now to the end of the year the yield on the 10 year is likely to go up, which means those interest sensitive names, like the utilities, will do well. However, things like financials, industrials and cyclicals will do much better from now to the end of the year. Regionally he still likes Europe. In the past few years the US earnings recovery has been very significant. US earnings are 20% above where they were in 2007 so they have already recovered and then some, from a global financial crisis. European earnings are still 20% below their 2007 peak. Earnings growth for Europe this year and into next according to forecasts, are likely to be around the highest in the world. Thinks the pressure is on the ECB to cut rates, put rates negative or be more stimulative in some fashion to try and get the economy accelerated further.


Price: $0.020
Subject: GLOBAL
Bias: BULLISH
Owned: _N/A
2014-06-02 DON'T BUY Surge Energy Inc
SGY-T
John O'Connell, CFA

Oil/gas is very capital intensive. You spend a lot of money to drill holes in the ground. Every barrel of oil that you sell, you have to find another barrel of oil at an economic value. Having to pay out high dividends is an expensive proposition. Paying out more in dividends and its capital requirements, to maintain production at a flat level then it actually earns. The mere fact that the stock is yielding so much, tells him the company is fatiguing investors by buying assets and selling stock and paying out dividends. If you look at the stocks that have done well in the last 3 years, they are the ones that have been growing production and not paying dividends.


Price: $6.850
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2014-05-29 DON'T BUY Telus Corp
T-T
Brian Acker, CA

Doesn’t have any fundamental value. Closed at $41.22, and his model price is $34.56, a negative 16%.


Price: $41.000
Subject: NORTH AMERICAN - LARGE
Bias: BULL on US EQUITIES
Owned: Unknown
2014-05-27 TOP PICK Ensco PLC
ESV-N
Gavin Graham

One of the largest offshore oil/gas drilling with one of the newest fleets in the business. Raised its dividend 50% and has a 5.8% yield.


Price: $51.870
Subject: GLOBAL & NORTH AMERICAN LARGE
Bias: CAUTIOUS
Owned: Yes
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