Table View - Opinions in Detail

Markets. Thinks the timing and sentiment is starting to change.  Some major pipeline projects will tend to alleviate some of the bottlenecks.  If/when keystone happens it will be a big positive.  Keystone should get resolved in late August.  Has heard rumours that it could leak over into 2014, though.  Differentials in oil prices have narrowed quite nicely.  It is now about $8 and he thinks it will narrow to $5 by year-end. 

Gas inventories are tracking a little below their 5-year levels and that has been quite positive.   We need an exceptionally hot summer from here.  We are seeing some switching back from Nat Gas back into coal.  The magnitude is not immaterial in the grand scheme of things.  His fund is 2/3rds focused on dividend paying stocks and the rest is small cap (with significant cash flow growth) companies that should eventually get taken over by dividend payers.

A core holding.  Likes where they are positioned.  They have been acquisitive in buying stable rate of return businesses.  Are well positioned going forward in terms of LNG exports.  He owns it for growth and for dividend. 

It has struggled this year, dropping through $10 support.  Perfect storm of things going wrong.  COO left the company and other issues added to take the stock down.

(Top Pick Feb 12/13, Flat) 20% makes sense.  30% of your oil-weighted portion of your portfolio should be in cash ready for the fall and into the new year.

Core holding for him.  Sustainable dividend, low leverage.  Assembled a collection of assets that should offer a huge inventory.  Sustainable dividend.

Has some Nat Gas production which is a hedge for the production costs of the oil sands.  He has shied away from oil sands producers because of execution on projects but CVE has stood out head and shoulders above their pier group.  He only owns CPG-T

(Market Call Minute) Struggled with unsustainable dividend and debt load but over last couple of quarters cost controls have improved and it is looking up.

A great story.  Got production in Columbia and Brazil and Peru.  23k BOEs in Q1 of which 96% is oil.  Expanding in Peru.  Likes the stock.  $6.48 NAV.  Great buy under $5.

Has been in the penalty box for a couple of years.  Have lived within cash flow.  First quarter was pretty good.  Debt levels are in the range of 2 times debt to cash flow, a bit high, but he forecasts 7% production growth and no dividend so he has gotten close to including in the portfolio.  Prefers Manitok Energy (MEI-T).

Self-financed.  Oust-spending cash flow this year but they are coming around.  Hopes he would be a shareholder in the near future.

Has been rumoured to have been for sale for a couple of years and now it is for sure.  The problem is that there is a glut of assets for sale in Western Canada so they are joining a big queue of companies that are for sale.  He always felt that the reserves were booked fairly aggressively. 

Business strategy is not one he supports.  Debt levels are higher than he likes to see them.  They are selling stuff in a market that has too much for sale to build something in the oil sands that is a value proposition that it not without risk.  Company has reaffirmed dividend but with high payout ratio he is not with them.

Pretty concentrated asset base, winter access only.  Fought against fairly high decline rates.  They are still trying to institute the water flood and we are starting to see some positive results.  At the end of the day he expects it to work.

Changes at the board level.  Some people are reading a little bit into that as pushing the company to breakup or sale.  Leverage has been higher than he likes and dividend has been less.  They have struggled in terms of offsetting declines and the sustainability of the dividend has been a question.  Prefers others.

Owned in the past.  High liquids content in wells that make tremendous economics.  A pretty promising growth story.  May get bought out or merge.  In Alberta.  Management is very aligned with shareholders.

They have a concentrated asset base.  Expects some positive news this summer.  Done a great job of proving up this resource.  Has invested in them in the past.

600 Million Market Cap.  Converted to dividend structure a year and half ago and did a number of tuck-in acquisitions.  They stumbled a bit earlier on this year.  Bought part of Emerge (Primate Asset).  They had some issues with wells in the winter and lost about 900 barrels a day. They cut their capital program this year to be prudent but the market took them down.  8.4% yield is sustainable.

Earlier this year a shareholder activist group acquired 5% of shares and forced them into a strategic alternatives process so he is watching it.  It is a case of watching to see who puts in a bid for the company.

(Market Call Minute) Big weighting for him.  It ticks all the boxes for an up and coming dividend payer.  A favourite.

Money has moved out of the Bond market, and into large cap defensive equities.  They are defensive in terms of the volatility of their cash flow,  but there comes a time when they are less defensive.  He thinks that there are specific stocks that are worth adding to a portfolio. Something that has a strong balance sheet that can survive a slow growth market, but still able to grow if the market improves.

Doesn't see a correction in the near future, and if we do pull back, that represents a buying opportunity

Nice entry point due to planting season concerns, the  "Jana Drama" with the hedge fund and concerns of natural gas going up.   A very good footprint on the retail side. A couple of expansion programs are coming to an end, leaving more cash flow, which will go to share buy backs and dividends.

The dividends are in question over the long term, would not buy for the dividends.

Not a bargin here,  it's still got a great yield and the dividend will keep growing. But the earnings growth will start to slow.  It's right near a new high.

He is moving his money outside of Canada and Scotia Bank has a large footprint in Latin America. Likes the prospects of outside of Canada currently.

A small drilling company, with a very strong balance sheet. Have got horizontal drilling rigs, and if things turn up they will benefit.  Efficient operators with high quality top performing rigs.  Prefers the smaller guys as they fly under the radar, and have good relationships with the massive amounts of equipment. Could see $6 to $6.50 depending on what happens in the oil.

Has done a good job growing the concession side of the business. This year has been a poor year for movies. Thinks it is expensive now.

Recommended at $52.35 now $65.86, up 27.95%  An American company based in Ireland for tax reasons. Creates health care products, used in surgery or doctors offices. They sensitive to the economy because when people aren't working they tend to put off surgeries. They are splitting off their generic drug division, which he views as a very positive move.

Is the old Chessy system railroad in the US. He is positive on railroads. If you thnk the US economy is picking up, then a railroad will also pick up. One difference between CSX and a Canadian railroad is they are tied in to coal shipments and that's been a little depressed. It's yield is 2.3% and has grown it's dividend 24% over the last 5 years.

The dividend is sustainable, and they are growing across Canada. He views it as a staple as opposed to a discretionary stock.

Favours this over Fortus for growth in Labrador and Newfoundland, will be better dividend growth and value growth.