Viewing Expert Paul Gardner, CFA | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Paul Gardner, CFA , Partner and Portfolio Manager

Avenue Investment Management

Address
47 Colborne Street
Suite 300
Toronto, ON
M5E 1P8

Contact Info
Telephone: 416.482.2004
Toll Free: 888.482.2007
Fax: 416.482.0007
Email:
Website: http://www.avenueinvestment.com/


Date Signal Chart Symbol Company Opinion Price
2017-06-01 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. Looking at the landscape over the last year with all the election and all the noise, if you were to go back to say you were going to get 3% GDP growth in Canada and the US and keep interest rates low at 1.5%-2%, with labour being fluid but still tight, you are going to have higher equity valuations. Everyone is concerned with volatility, but in the last 3-4 months, there has been no volatility. Valuations are still not incredibly extreme.


Price:
$0.020
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
_N/A
2017-06-01 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Equities or bonds for income? Don’t confuse the stock market with the bond market. It depends on what kind of risks you are willing to take. You have to assume that you can handle a 10%-20% drop in the stock market. Money markets don’t give you that, but also, they don’t give you any yield. The closest thing would be corporate or high-yield bonds. He wouldn’t recommend high-yield bonds because spreads have compressed so much. The next would be investment grade bonds, but at a retail level, it is very hard to buy them. Following that, he would recommend looking at a bond ETF, such as XCB.


Price:
$0.020
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
_N/A
2017-06-01 PAST TOP PICK Must be logged in to use chart ACQ-T AutoCanada Inc.

(A Top Pick March 28/17. Down 14%.) This is a restructuring story, so it is going to take a while to pull itself out. Their mission is to acquire as many Canadian dealerships as possible. Got hurt last year when they overextended, plus they have a lot of dealerships in Alberta. In their last quarter, they actually had weakness in Ontario and BC. Car sales are kind of steady and falling off which is hurting them. They need to acquire 6-8 dealerships a year, because they can get efficiencies. This is incredibly cheap and is going to stay cheap for a while. Thinks there is a recovery in the mix. Expects it will be up substantially a year from now.


Price:
$18.370
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 COMMENT Must be logged in to use chart ALA-T Altagas Ltd

He likes this because of their assets. It might not go anywhere for the next 6 months, but over the next 2-3 years, their EBITDA and cash flow generation gives them a growth profile for utilities, which is quite unique.


Price:
$30.080
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 DON'T BUY Must be logged in to use chart AX.UN-T Artis Real Estate Investment Trust

Everyone expected that the Minnesota and Houston assets to outperform, but their Alberta assets got hit really hard when oil prices dropped. They are planning to sell some of their US assets. Good management. In office and retail, not only do you have to deal with Alberta’s slowing economy, but you are dealing with headwinds coming from retail.


Price:
$13.240
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Unknown
2017-06-01 PAST TOP PICK Must be logged in to use chart BCE-T BCE Inc.

(A Top Pick March 28/17. Up 4%.) The best positioned telco out there. They have the balance sheet and the free cash flow yield. The only ones that are the most aggressive with fibre to the homes. In this low interest rate environment, you are still getting a 5% yield.


Price:
$61.080
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 TOP PICK Must be logged in to use chart BTB.UN-T BTB Real Estate Investment Trust

A small, mid-cap REIT that he has owned for quite a long time. It has given him an 8%-9% distribution. This has not moved for 3-4 years. They basically buy assets in Eastern Ontario and Québec. Have had vacancy issues and are repositioning their portfolio by selling down a lot of retail properties and focusing on industrials. Dividend yield of 9.1%. (Analysts’ price target is $4.65.)


Price:
$4.570
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 PAST TOP PICK Must be logged in to use chart BTE-T Baytex Energy Corp

(A Top Pick March 28/17. Up 5%.) 6.625% bonds maturing 2022. A safer way to play the recovery, because the bond was under distress, but are backed by the Eagle Ford assets in Texas, one of the best fracing natural gas plays. Last quarter they came out with really good production numbers, as well as lower costs per well.


Price:
$3.950
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 TOP PICK Must be logged in to use chart BTE-T Baytex Energy Corp

6.625% bonds maturing July 19, 2022. He still likes this. Their numbers came out, and they not only had lower cost wells, but their production at the Eaglesford was much better than expected. It is a possible deleveraging story, but even with their stretched balance sheet, they can handle it. He likes the company, management and the execution of what they are doing.


Price:
$3.950
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 COMMENT Must be logged in to use chart CJR.B-T Corus Entertainment (B)

Owns TVs and radio stations and have to deal with the bundling and the CRTC decision of not having to take all channels. That negatively impacts them. They’ve spun in Shaw media which are good assets, but this company is still pretty expensive relative to what they earn. They are struggling with the business model that is in decay. Thinks the dividend is sustainable, but it is going to be tough over the next 2-3 years. 8.4% dividend yield.


Price:
$13.570
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Unknown
2017-06-01 DON'T BUY Must be logged in to use chart CUF.UN-T Cominar Real Estate Inv Tr

There are a lot of problems with this REIT. Their numbers came out and they missed badly. They basically own real estate mostly in Québec, and some Target stores that are repositioning. Their debt profile is soft, being BBB low. There is a good chance that they get downgraded to BB high which means they have to go for secured financing. Their execution has been poor.


Price:
$13.170
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
No
2017-06-01 BUY Must be logged in to use chart DIR.UN-T Dream Industrial REIT

This sector is doing incredibly well. In the REIT space, industrial properties are benefiting from the technological move, because they can demand really good sized rents if they have the proper facilities. That is growing quite well versus retail or office, which are really having problems.


Price:
$8.700
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
No
2017-06-01 BUY Must be logged in to use chart FCR-T First Capital Realty

He owns the bonds. They have fantastic assets, and believe in not only growing their bottom line versus acquisitions, but also in the intensification story, such as core cities like Toronto. Their risk money is re-developing projects such as Yorkville, Lawrence or Liberty Square. Believes it is trading at a 20% discount to its NAV.


Price:
$20.250
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
2017-06-01 BUY on WEAKNESS Must be logged in to use chart HOT.UN-T American Hotel Income Properties

Most, if not all of their assets, are in the US. They have 2 kinds of businesses. One focuses on hotels/motels for rail employees. The second is the named hotels/motels throughout the US that are mid-tier. Very good operators. They are trying to expand and increase their franchise hotels. This is in a good spot. They don’t have too much debt and are growing. Thinks they trade a little more than what the sector does, so wait for a better entry point.


Price:
$10.240
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Unknown
2017-06-01 TOP PICK Must be logged in to use chart MEQ-T Mainstreet Equity Corp

Trading at a discount to its NAV. Owns low rise in Alberta, but also a 3rd of the portfolio is in Surrey BC. They have a huge balance sheet, because they do not distribute any yield. They just retain their earnings and buy properties at cheap valuations. The CEO is a good executor on his properties. They are less cyclical than the high-rises in Calgary. (Analysts’ price target is $41.00.)


Price:
$36.500
Subject:
REITS/INCOME TRUSTS/HIGH YIELD BONDS
Bias:
BULLISH
Owned:
Yes
Showing 1 to 15 of 1,239 entries
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