Oil Stocks: Peter Gibson and Michael Simpson
Peter Gibson, vice chair, Desjardins Securities on Canadian large cap oil stocks
TALISMAN ENERGY (NYSE:TLM TSE:TLM): I think there will be a lot of consolidation in energy area..at present time not buying it..weaker fundamentally..need to add $1.50 for upward trend..ROE weak, oil weighted stock..short of escalation of geopolitical..under economic reasons, oil will trade $60-75, risk of downward pressure with weaker American economy
IMPERIAL OIL (AMEX:IMO TSE:IMO): if you were going to speculate on an oil stock trading higher or rebounding, Imperial is good trading oil stock..wonder if it will be taken out by parents..unbelievable 43% ROE..even with oil prices where they are at..it is an interesting name
CANADIAN NATURAL RESOURCES (NYSE:CNQ TSE:CNQ): there are a lot of investors that know mid-cycle slowdown..overanxious to where oil price selloff will occur..it is one of only 19 companies in the TSX with such rapid asset turnover..holding up well..seems to be bouncing in price mathematically..if you want to speculate on trading stock, CNQ is that name
Michael Simpson, senior portfolio manager, Sentry Select Capital Corp on oil & gas income trusts
CANADIAN OIL SANDS (TSE:COS.UN): this is a great asset, international investors recognize it..potential to increase distributions substantially, can pay down debt..if it gets too cheap, can be taken over..>40 year reserve life
BONNETT’S ENERGY TRUST (TSE:BT.UN): cautious in energy services space..fair amount of competition, we prefer companies with established track record..currently we do not own it..
PENN WEST ENERGY (NYSE:PWE TSE:PWT.UN): one of the largest oil and gas trusts..current production 130,000 boe/day..Penn West is not a trust that we own..concerns about how to replace production..good long-term holding, we just do not own it right now
HARVEST ENERGY (NYSE:HTE TSE:HTE.UN): started out as heavy oil & gas trust..most recent acquisition refinery in Newfoundland..not big fans of trusts owning refinery, cyclical..still have to raise more money..not big fans of trusts who have to rely on capital markets
BONAVISTA ENERGY (TSE:BNP.UN): management owns significant stake on company..payout ratio 65%..fortunes will depend on where gas is headed..lots of internal drilling property..
CCS INCOME TRUST (TSE:CCS.UN): handle waste streams, take a barrel of oil, remove impurities, sell at profit..expanded to Louisiana..trust that pay taxes, had four distribution increases..think it is undervalued
CRESCENT POINT ENERGY (TSE:CPG.UN): oil and gas trust, one of the largest operators in Saskatchewan..low operating costs, management smart and efficient, at these levels very attractive
TALISMAN ENERGY (NYSE:TLM TSE:TLM): I think there will be a lot of consolidation in energy area..at present time not buying it..weaker fundamentally..need to add $1.50 for upward trend..ROE weak, oil weighted stock..short of escalation of geopolitical..under economic reasons, oil will trade $60-75, risk of downward pressure with weaker American economy
IMPERIAL OIL (AMEX:IMO TSE:IMO): if you were going to speculate on an oil stock trading higher or rebounding, Imperial is good trading oil stock..wonder if it will be taken out by parents..unbelievable 43% ROE..even with oil prices where they are at..it is an interesting name
CANADIAN NATURAL RESOURCES (NYSE:CNQ TSE:CNQ): there are a lot of investors that know mid-cycle slowdown..overanxious to where oil price selloff will occur..it is one of only 19 companies in the TSX with such rapid asset turnover..holding up well..seems to be bouncing in price mathematically..if you want to speculate on trading stock, CNQ is that name
Michael Simpson, senior portfolio manager, Sentry Select Capital Corp on oil & gas income trusts
CANADIAN OIL SANDS (TSE:COS.UN): this is a great asset, international investors recognize it..potential to increase distributions substantially, can pay down debt..if it gets too cheap, can be taken over..>40 year reserve life
BONNETT’S ENERGY TRUST (TSE:BT.UN): cautious in energy services space..fair amount of competition, we prefer companies with established track record..currently we do not own it..
PENN WEST ENERGY (NYSE:PWE TSE:PWT.UN): one of the largest oil and gas trusts..current production 130,000 boe/day..Penn West is not a trust that we own..concerns about how to replace production..good long-term holding, we just do not own it right now
HARVEST ENERGY (NYSE:HTE TSE:HTE.UN): started out as heavy oil & gas trust..most recent acquisition refinery in Newfoundland..not big fans of trusts owning refinery, cyclical..still have to raise more money..not big fans of trusts who have to rely on capital markets
BONAVISTA ENERGY (TSE:BNP.UN): management owns significant stake on company..payout ratio 65%..fortunes will depend on where gas is headed..lots of internal drilling property..
CCS INCOME TRUST (TSE:CCS.UN): handle waste streams, take a barrel of oil, remove impurities, sell at profit..expanded to Louisiana..trust that pay taxes, had four distribution increases..think it is undervalued
CRESCENT POINT ENERGY (TSE:CPG.UN): oil and gas trust, one of the largest operators in Saskatchewan..low operating costs, management smart and efficient, at these levels very attractive
posted by Spelunca at 5:15 PM
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