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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
2017-03-27 PAST TOP PICK SMC Corporation
6273-JP
David Fingold

(Top Pick Nov 23/16, Up 2%) He sold it to move to a different opportunity that was timelier. 


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  The sentiment on the street regarding the failure to launch the repeal of the health care act is that the tax changes will also be tough.  The big interest is in the mid-term election in 2018.  If it is not attached to a budget then nothing is going to get done.  The most logical thing is for the market to sell off to where it was before the Trump election.  This morning there are dip buyers coming in.  He thinks through April we will continue to drift lower to where we were before the Trump election.  It is the physiology about how markets work. You have to test the confidence.  He did not adjust positions on Friday because he expected it to fail.  There is major execution risk with Trump policy.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-03-27 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  It is the 10th year anniversary of the show.  He often gets the comment that he is always bearish.  But he thinks he is optimistic.  He looks at the risk side before the returns side of investing.  Beta is the sensitivity to the market risk.  When he is considering buying anything he thinks about the risk index.  ZEB-T graph compared to the world index looked at the weekly return and then he finds the trend.  The slope of .65 tells him the sensitivity to the world index.  At this level about 50% is related to sector risk.  He decides how much of the decision relates to the world, or to sector or to the specific stock.  XEG-T is the Canadian energy sector, compared to the world it is more sloped, meaning it is more risky.  He needs to weigh the macro factors more in this case.  SU-T has a lower correlation to the energy sector because there is less risk and that is because of their refining business.  Energy is starting to look interesting now.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-03-27 N/A A Comment -- General Comments From an Expert
A Commentary
Peter Hodson

Markets.  We had a great big rally on anticipation of change.  The changes are going to take longer to implement than we thought.  It is time for the markets to sit back and pause a bit.  Going into first quarter earnings season, earnings and interest rates are the two drivers.  The US will continue to be the natural ‘go-to’ place.


Price: $0.020
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: _N/A
2017-03-27 N/A A Comment -- General Comments From an Expert
A Commentary
David Fingold

Markets.  He is not concerned about the health care repeal not going through.  Stock markets are bullish when legislation is in gridlock.  Patience will pay off with other Trump initiatives.  There is literally no volatility in the market.  Investing in this climate for him is no different than any other climate.  A company that is a good investment should not require any particular macro outcome, although it is important to know what could break the investment hypothesis.  He picks stocks bottom up, but worries top down.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: _N/A
2017-03-27 N/A A Comment -- General Comments From an Expert
A Commentary
David Fingold

Why don’t oil producing countries cut production to get the price of oil up?  Most OPEC countries over produce to try to reach their budgets.  OPEC is not in a position to rebalance the market.  There is a lot of production inshore and off shore in the US (the Gulf).  There are a significant number of projects that are ramping up. 


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: _N/A
2017-03-27 N/A A Comment -- General Comments From an Expert
A Commentary
David Fingold

Housing prices.  Historically to break housing prices, you need a spike in unemployment.  He does not know when this will happen.  There is only a small chance of recession in the US.  CMHC has published concerns about the housing market. 


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: _N/A
2017-03-27 HOLD Alaris Royalty
AD-T
Peter Hodson

The main issue is that they have some portfolio problems.  3 or 4 of their investments are underperforming.  The company is working on it.  The dividend was cut in 2009 so it is not completely safe.  You could see one of the investments being written off, or you could see them make new royalty investments to dilute the bad companies.


Price: $22.260
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 COMMENT Altagas Ltd
ALA-T
Larry Berman CFA, CMT, CTA

6.8% is a pretty high yield.  If the outlook for Nat Gas is going to be suppressed for the next couple of years then the dividend is at risk.


Price: $30.980
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 BUY Altagas Ltd
ALA-T
Peter Hodson

The deal has not closed yet, but the company has indicted the deal is accretive to cash flow.  It is not a dividend he is particularly concerned about.  It is a solid company with a solid history and dividend.


Price: $30.980
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 WEAK BUY Amazon.com
AMZN-Q
David Fingold

The valuation is a bit rich.  He looks at it every time it pulls back.  The most interesting part of the story is the disruption they are creating.  They have huge runway and huge advantages.  Home renovation is a space that is relatively safe from AMZN-Q.  He prefers to play AMZN-Q through the suppliers of equipment for warehouses.


Price: $846.820
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 WEAK BUY Aecon Group Inc
ARE-T
Peter Hodson

Last quarter was pretty decent with the dividend being bumped 10%.  It comes and goes with some of the contracts they have won.  The stock is cheap.  He prefers others in the sector.


Price: $17.090
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Peter Hodson

(Top Pick May 6/16, Up 10%) They are still digesting their most recent acquisition.  It is a slow and steady on this one.


Price: $59.570
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Yes
2017-03-27 BUY Bank of America
BAC-N
David Fingold

It is a very good company.  They have free deposits upon which they pay no interest.  They don’t have to pay a penny more on these deposits if interest rates rise.  They would be a major beneficiary of tax reform.  He prefers First Republic (FRC-N) in the banking sector, but BAC-N would outperform it if interest rates rose quickly.


Price: $23.030
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 PAST TOP PICK Belimo Holding AG
BEAN-SW
David Fingold

(Top Pick Nov 23/16, Up 13%) Smart building controls.  Their controls are networkable and can be programmed on the job site from a tablet or Smartphone.  Their products have a payback of 12 months for new buildings or renovations. 


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Yes
2017-03-27 TOP PICK Belimo Holding AG
BEAN-SW
David Fingold

Intelligent building controls that pay back in 12 months, primarily in actuation in ventilation systems.  They are entering the sensor business.  They control all of their technology, using their own designed chips.  They are essentially a semiconductor company.  30% operating profit margin.  He is one of the top holders of this security.  (Analysts’ target: 3500CHF).


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Yes
2017-03-27 SPECULATIVE BUY BTL Group Ltd.
BTL-X
Larry Berman CFA, CMT, CTA

Within 20 years the world will be paperless in terms of currency.  Central banks and governments are absolutely broke.  Getting rid of the grey economy would really help.  When there is no cash in the system it eliminates all that.  This is one of the earliest types of this process.  It is an interesting concept.


Price: $3.150
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 BUY Grande West Transportation Group
BUS-X
Peter Hodson

He likes the company and is impressed with the orders.  They have been getting a lot of investor attention.  There is an execution risk in that they have to fulfill all the orders.  Management has done a very good job here.


Price: $3.190
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 HOLD Callidus Capital Corp
CBL-T
Peter Hodson

A lot of people have been buying the stock on anticipation of privatization.  If it does not get bought there should be a sell off.  They had 17 companies interested so he doubts the deal would not go through.  He would see the company continuing to buy back stock.


Price: $18.320
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 HOLD Clearwater Seafoods Inc.
CLR-T
Peter Hodson

It paused after a nice little run over the last year.  Earnings growth was solid.  Investors are concerned about the debt level.  It is a high quality company. Don’t expect a lot in the short term.


Price: $10.490
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 HOLD Currency Exchange Intl.
CXI-T
Peter Hodson

Apathy is the real problem.  Most of their business comes in the summer time.  There is no real news, takeovers, dividend, etc.  The stock is quite attractive at the $20 level.  It may get a kick start in the summer.


Price: $21.250
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 DON'T BUY Denison Mines Corp
DML-T
Peter Hodson

They have not made much money since 2003.  Don’t buy unless you are a really big uranium bull.


Price: $0.840
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 DON'T BUY Express Scripts Inc
ESRX-Q
David Fingold

He stayed away from the pharmacy benefits management space.  Drug prices are extremely elevated in the US compared to Europe.  Selling prices can fall a lot.  Most popular drugs are 20-30% cheaper in Europe than in the US.


Price: $64.600
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 BUY Facebook
FB-Q
David Fingold

He does not think it is expensive.  It is at a discount to companies that can’t grow, like utilities.  FB-Q still has growth opportunity.  They are well positioned.


Price: $140.320
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Unknown
2017-03-27 COMMENT Fiera Sceptre Inc.
FSZ-T
Peter Hodson

It is not his favourite industry with the regulatory changes coming in terms of fee disclosure.  Margins are going to get compressed.  They have a great dividend growth record.  It is a well managed company.


Price: $13.700
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 WATCH Colabor Group Inc.
GCL-T
Peter Hodson

A distributer to restaurants.  They ran into some debt trouble and cut their dividend.  Now we are back in recovery mode.  As they pay down their debt investors will become more interested.  He is still a little skeptical and would like to see a couple more quarters.  He is concerned about a lack of revenue growth.


Price: $1.150
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 BUY goeasy
GSY-T
Peter Hodson

In their last quarter they had a big dividend boost.  They are growing quickly but the PE is only 10-11 times.  He likes it a lot.


Price: $28.520
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 DON'T BUY Healthcare Leaders Income Fund
HHL-T
Larry Berman CFA, CMT, CTA

The US healthcare bill having failed Friday puts some risk into the sector.  He would be fine if it fell back to support levels, but would not step in today, otherwise it is a fine quality holding.


Price: $8.400
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 DON'T BUY Harte Gold Corp
HRT-T
Larry Berman CFA, CMT, CTA

They have never had any revenue.  Nobody knows what will happen so they are speculative.  He thinks gold will have a rally up to $1350 if we go unto uncertain on the equity market.  ZJG-T is a junior gold ETF and a better way to play it.


Price: $0.530
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 BUY on WEAKNESS High Arctic Energy Services Inc
HWO-T
Peter Hodson

You could nibble away at it.  He is not a real big fan of the sector as it is rolling over a bit.  He likes their dividend, balance sheet and management team. 


Price: $5.270
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 PAST TOP PICK Inficon
IFCN-SW
David Fingold

(Top Pick Nov 23/16, Up 36%) They allow quality control while you are making the chip. 


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Yes
2017-03-27 BUY Intrinsyc Software Inc
ITC-T
Peter Hodson

It is a big thing to a company when it gets its very first analyst coverage.  The stock is cheap.  They had a nice recovery and are sitting on a lot of cash.  Earnings and revenue are chunky here.  2017 looks to be exciting for the company.


Price: $2.310
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 TOP PICK Keysight Technologies Inc.
KEYS-N
David Fingold

It is the original HP, started in 1939.  All the other pieces of HP have been spun off from this.  It is the original test electronics.   You have a significant increase in defense electronics spending coming.  You have 5G wireless coming.  There is a limited list of companies you can go to as an alternative.  It is a very consolidated industry.  20% operating margin.  (Analysts’ target: $39.00).


Price: $36.520
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Yes
2017-03-27 DON'T BUY Kuka AG.
KUKAF-N
David Fingold

It was taken out by a Chinese company.  He would not invest in a robot manufacturer.   The barriers to entry are not that high.  The margins are higher in being the supplier.  He prefers CGNX-Q.  Half the robots in the world are welding robots because humans are not that good at it.


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 PAST TOP PICK Kinaxis Inc
KXS-T
Peter Hodson

(Top Pick May 6/16, Up 47%) A solid software company with orders getting bigger.  He would not rule out their being taken over down the road.


Price: $73.270
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Yes
2017-03-27 DON'T BUY Luxottica
LUX-N
David Fingold

He prefers another in the vision space.  He likes the vision space, though.  There is aging going on in the world.  The use of computer screens has lead to more needs for vision correction. 


Price: $55.600
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 DON'T BUY Magna Int'l. (A)
MG-T
David Fingold

He would not buy it at these levels.  It has nothing to do with quality or valuation.  It is because the levels of auto production are quite elevated.  What if the economy slows?  He is not involved in auto parts now because he bought it when it was out of favour.  Most of the auto demand is behind us.


Price: $57.780
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 TOP PICK Methanex Corp
MX-T
Peter Hodson

A 19.5% shareholder is calling for dividend increases and share buybacks.  They spent about $3.5 billion on facilities over the last 3 years.  They control the world market in terms of pricing.  It is very solid.  10 times earnings.  (Analysts’ target: $57.00).


Price: $59.920
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: No
2017-03-27 BUY New Flyer Industries Inc.
NFI-T
Peter Hodson

Their last quarter was solid.  They had some problems in New Jersey.  There is a relief rally going on.  It is a great company. 


Price: $47.760
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 BUY Open Text
OTEX-T
Peter Hodson

They did a big acquisition recently.  Generally this would concern them, but they have been doing acquisitions for about 20 years.  Their record of integrating them is phenomenal.  He has no concerns about this company.  They can pay down the debt quite quickly.  It is one of his favourite large cap software companies.


Price: $45.460
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 TOP PICK Premium Brands Holdings Corp
PBH-T
Peter Hodson

They provide food products to institutions and are expanding.  It is a pure growth story.  Last quarter revenue grew 30%.  25 times earnings, however.  They made solid acquisitions.  Two facilities are coming online over the next 18 months and margins are going to increase.  (Analysts’ target: $81.50).


Price: $82.410
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: No
2017-03-27 TOP PICK Parker Hannifin Corp
PH-N
David Fingold

Leading in pneumatic controls.  Strong margins and a strong record of generating cash flow.  They have 50 to 60 years of dividend growth. It is a relatively consolidated space.  (Analysts’ target: $173.00).


Price: $155.650
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Yes
2017-03-27 DON'T BUY Royal Dutch Shell PLC (A)
RDS.A-N
David Fingold

He is zero weighted in energy.  They have been ramping up their debt over the last 10 years and have made little progress on their reserves.  They have been borrowing money to pay their dividends.  If you want to play oil, you want a company that can get you production and reserve per share growth. 


Price: $52.270
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 DON'T BUY Santander Bancorp
SBP-N
David Fingold

All the European banks have an issue with BREXIT.  It exposes a capital issue for them.  He is concerned also about any of the Spanish banks.  Rates have fallen and as old loans mature they are renewed at much lower rates.  Spain needs to do some rationalization in their banking system.


Price: $12.680
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: Unknown
2017-03-27 PAST TOP PICK Savaria Corp
SIS-T
Peter Hodson

(Top Pick May 6/16, Up 61%) Mobility solutions.  They won a contract in China.  It is one of the most solid management teams.  Earnings are solid and the outlook is great.


Price: $12.750
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Yes
2017-03-27 HOLD Stella-Jones Inc.
SJ-T
Peter Hodson

He likes the company, the management team and the position they have.  They indicated this year will be a little bit slower.  The second half of the year should be better.


Price: $38.680
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 HOLD StorageVault Canada
SVI-X
Peter Hodson

They are consolidating the storage market in Canada.  It has been on a very good run, but he would be cautious now after the most recent acquisition as it is so large.


Price: $2.010
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 HOLD Sylogist Ltd.
SYZ-X
Peter Hodson

A software company in a number of different areas such as healthcare and government management.  It has been weak recently.  The last quarter was a bit of a miss.  They have gone on pause a bit.  No debt and they are looking for an acquisition for their cash.


Price: $8.250
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 HOLD Tucows Inc.
TC-T
Peter Hodson

They are the number two domain marketing company.  They are on fire.  US investors have fallen in love with it.  He does not see how it can keep going up at the same rate.


Price: $66.730
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 WAIT Toronto Dominion
TD-T
Larry Berman CFA, CMT, CTA

He is cautious on banks as they are starting to pull back.  If we go through a period of uncertainty, all these stocks come back to where they broke out from, otherwise he is comfortable buying here.


Price: $65.130
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 BUY Spin Master Corp
TOY-T
Peter Hodson

It became a media frenzy in January.  It is a very well run company with good product placement.  They have good market share and are growing quickly.  It is a very solid company.


Price: $37.640
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 BUY Trevali Mining Corp
TV-T
Peter Hodson

He has been surprised on the strength of zinc.  They have become the largest pure play zinc company in North America.  He likes what they are doing.


Price: $1.200
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 BUY Visa Inc.
V-N
David Fingold

He likes the credit card processor space, although MA-N is his preference.  The stocks have moved in a closely correlated move over time.  V-N is more involved in the debit space where there is more pressure on fees.


Price: $88.950
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVE
Owned: No
2017-03-27 WATCH Goldmoney Inc
XAU-T
Peter Hodson

If you believe you will be buying your coffee in the morning with gold, this is the company for you.  It is a 10 year plan.  They are starting to get critical mass.  They are trying to change the market.  The management team is good, but it is still a bit early.


Price: $3.240
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 DON'T BUY iUnits S&P/TSX 60 ETF
XIU-T
Peter Hodson

XIU-T vs. individual shares.  The TSX index is mostly financial and resources.  He does not believe you should buy this weighting as you will be short on everything except financial and resources. 


Price: $22.960
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: Unknown
2017-03-27 TOP PICK ZCL Composites Inc.
ZCL-T
Peter Hodson

Water tanks and tanks for gas stations.  There is a big replacement cycle going on.  Their dividend went up 50% this quarter and they are paying a special dividend.  (Analysts’ target: $14.00).


Price: $13.540
Subject: CANADIAN SMALL & MIDCAPS
Bias: OPTIMISTIC
Owned: No
2017-03-27 COMMENT BMO Low Volatility Emerging Markets Equity
ZLE-T
Larry Berman CFA, CMT, CTA

You typically get one payout a year from emerging market ETFs.  Generally emerging markets pay out a larger dividend.  He would look for the distribution to settle out at about 2%.  The difference between this and VEE-T is that is it is low volatility. 


Price: $21.590
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 COMMENT BMO Covered Call Cdn Banks ETF
ZWB-T
Larry Berman CFA, CMT, CTA

Covered call banks, but ZWC-T covers more economic sectors.  Banks are 21% of the TSX and are that potion of ZWC-T.


Price: $18.870
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-27 DON'T BUY BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
Larry Berman CFA, CMT, CTA

It is a broad, European, covered call strategy.  It could easily fall 10-15% minimum.  Don’t put new money to work here now.  Europe overall is pretty cheap, however. 


Price: $21.600
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-03-24 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Markets.  Everyone wants to call an end to this run.  We still have an accommodative federal reserve.  Stocks are not cheap, but still so much cheaper than 10 year bonds and cheaper than real estate.  People are still so nervous of the small or big gains they have had.  People need dividend stocks.  He does not see a high interest rate environment.  Dividends are a staple in people’s portfolios.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: _N/A
2017-03-24 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

How much to keep in Cash?  [Caller had two of four kids in University].  You want to be mathematical about this.  When these liabilities become certain you want to invest in things that cannot fall down.  It depends on your temperament.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: _N/A
2017-03-24 TOP PICK Algonquin Power & Utilities Corp
AQN-T
Greg Newman

He really likes this name.  Be cautious that higher interest rates in the US will filter to Canada and hurt companies like this a little bit.  They are growing so well.  21% earnings per share growth is his model.  They have a good and improving balance sheet and growth from several sources.  You should continue to own it and use weakness to add to it.  He is forecasting 8% dividend growth every year.  They beat Q4 estimates.  (Analysts’ target: $14.25).


Price: $12.770
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 BUY Bank of America
BAC-N
Greg Newman

They have the housing cycle ahead of them.  They are trading at book. They are levered to lower regulations.  People are still terrified of the financial crisis.  It is one of the best.


Price: $23.120
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 DON'T BUY Bonavista Energy Corp
BNP-T
Greg Newman

They have a dividend that looks safe for now because they are 70% hedged for 2017.  They are into a narrow play, they cut costs and are cheap.  Debt levels aren’t bad.  But to him in this environment it is really still too much debt.


Price: $3.260
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 HOLD CI Financial Corp
CIX-T
Greg Newman

They had 2.4 Billion in outflows due to industry headwinds.  They have a 65% payout ratio so you are going to get that dividend.  He forecasts 10% share growth over the next couple of years.  It is cheap, 12 times, vs. its 7 year average.  You will get a better exit later on.  He has been writing puts to pick it up.  Don’t have it as a big position or to hold for 50 years.  You should exit if it reaches $32 over the next couple of years.


Price: $26.510
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 PAST TOP PICK Canadian Pacific Rail
CP-T
Greg Newman

(Top Pick Mar 31/16, Up 14%) It was cheap relative to the group and still is.  He models 12% EPS growth.  You can still own this.  He prefers this to CNR-T because it has a better valuation and is more commodities focused.


Price: $194.650
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 HOLD Crescent Point Energy Corp
CPG-T
Greg Newman

They have done everything right.  The balance sheet is pretty good.  They are really cheap relative to peers.  They still have good production growth.  But the cash flow in 2018 is projected to be lower than in 2015.  It depends on your view of oil prices.  They continue to decrease costs every year, so a year or two out they may be fine.  It will be very attractive if oil prices go higher.


Price: $14.440
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 HOLD Cominar Real Estate Inv Tr
CUF.UN-T
Greg Newman

They did some things right such as really good asset sales and the balance sheet is a bit better.  But debt to fair value is still a little high.  The payout is relatively high, but with the drip all in it is closer to 80%.  A dividend cut probably won’t need to happen.  Fundamentals are continuing to gain some traction.  They are growing at 0.8%.  It is very cheap and you can expect better things.


Price: $14.520
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 BUY Exchange Income
EIF-T
Greg Newman

It has a 61% payout ratio so the dividend looks good.  It is trading below its 5 year average  The balance sheet is not bad, but they missed on Q4 due to weather and equipment issues which they have now mitigated, so you could go in and buy it.


Price: $38.730
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 HOLD Enerplus Corp
ERF-T
Greg Newman

You can get a better exit than right now. It depends on oil prices.  It is well positioned relative to the group.  It is cheaper.  Its balance sheet is really good.  If you wanted to look to an oil name this would be a really good one even if not the best.


Price: $10.010
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 HOLD Hudson Bay Co.
HBC-T
Greg Newman

There is a time when you have to pull the pin before you lose more money.  But every company has a moment where they face plant.  He thinks the real estate value alone is worth a lot more than where it is now.  He has not sold his.  He would hold it and grit.


Price: $9.860
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 PAST TOP PICK Intact Financial
IFC-T
Greg Newman

(Top Pick Mar 31/16, Up 6%) The big fires in Fort McMurray hurt them.  He sees growth continuing.  It is trading at a discount.  It can grow by acquisition.  It has its best days still ahead of it.  Rising yields in the US will help lifecos for sure.  P&C won’t receive that material an impact on their business.


Price: $94.210
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 BUY Manulife Financial
MFC-T
Greg Newman

$30 by year end is not impossible.  It has everything going for it in terms of EPS growth.  It is still cheap relative to the group.  Some of Trump’s agenda will get through and this will be simulative of higher interest rates.


Price: $23.400
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 PAST TOP PICK Magna Int'l. (A)
MG-T
Greg Newman

(Top Pick Mar 31/16, Up 5%)  He bought because he thought the economy would improve but now you have border tax pressures.  This is now more than reflected in the share price.  He still sees EPS growth.  It has a good balance sheet.  It can go higher when we get through the border tax concerns.


Price: $57.040
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 HOLD Potash Corp of Saskatchewan
POT-T
Greg Newman

They cut the dividend in the last year and a half.  If you own a little bit, you hold it.  Fertilizer is going to be tough.  Close your eyes and just hold it.  You will be fine.  Buy it with write puts at $21.


Price: $22.750
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 BUY Russel Metals
RUS-T
Greg Newman

You can be buying now or on a pull back.  There are strong tailwinds from steel prices and infrastructure spending as well as a strong balance sheet.  They acquired small companies.  It is expensive, however.  It is cheap on a price to cash flow relative to its 5 year.  It has a high dividend.  The payout ratio is 102%, but he models it going down next year.  Their energy segment is about 35% of their business and is the wild card.


Price: $26.290
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 BUY Student Transport of America Ltd.
STB-T
Greg Newman

They have a cozy little business.  He sees 7% revenue growth from new contract wins.  They had decent cost cuts and so be models 20% EPS growth.  It is not cheap and it is a small cap so it is good until it is not good.  It looks good now, but don’t make it a huge part of your portfolio.  You have to keep an eye on it.


Price: $7.650
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 BUY Stantec Inc
STN-T
Greg Newman

We are seeing increased infrastructure spending.  STN-T just bought NWH, a water platform.  They have a stable backlog.  They have made satisfactory progress on integrating NWH, which people were concerned about.  Get behind this name here and now.


Price: $34.520
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 WAIT Toronto Dominion
TD-T
Greg Newman

Banks are still great deals relative to the market.  There are sentiment issues which are tough to gauge.  He would not sell right now.  Dividends are great.  The issue was with their retail business.  They did not grow for 5 quarters in a row.  He would wait a little bit.  The sales issue with pressure on employees will be an overhang for some time.  Around $63 it would be a buy.


Price: $65.180
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Unknown
2017-03-24 WEAK BUY Vermilion Energy Inc
VET-T
Greg Newman

An excellent oil play.  But it will move with oil prices.  If oil will be $50 to $60 then they will do okay.  He is only interested in companies that grew oil production despite the drop in prices.  They have a balance sheet that is reasonable compared to peers.  They trade a bit of a premium.  He is underweight oil companies.


Price: $47.730
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: No
2017-03-24 TOP PICK Veresen Inc
VSN-T
Greg Newman

They are looking at boosting their pipeline capacity by 30%.  They are going to alter their capital structure.  He sees 30% EPS growth.  It will be flat growth this year, however.  It is going to pay you about a 7% dividend to wait until 2019.  Decent balance sheet.  (Analysts’ target: $16.00).


Price: $14.010
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-24 TOP PICK BMO Equal Weight US Banks Hedged to CAD ETF
ZUB-T
Greg Newman

It expresses his conviction for the US banks and it is currency hedged.  Over the next 3 to 5 years the US $ is probably over done compared to other currencies.  There will be great growth in this sector.


Price: $25.310
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: BULLISH on DIVIDEND STOCKS
Owned: Yes
2017-03-23 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Markets.  This Monday the Americans may give the green light to the XL pipeline.  Oil stocks are still discounting this news.  There is a backdrop of international oil companies exiting Canada.  Playing XL can only be done through TRP-T and so on and companies that piggy back off them.  He thinks we will see $60 oil this year.  Any week we will see refineries coming back online that are undergoing maintenance.  The market will still be rebalancing in Q3 of this year.


Price: $0.020
Subject: ENERGY
Bias: BULL on OIL
Owned: _N/A
2017-03-23 BUY A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Overweight in the Energy Sector?  He has almost no cash in his fund right now.  The risk reward ratio in Energy is incredibly compelling.  Everything is getting ready to move.  It is a case of sector allocation, rather than stock selection.  He has moved a lot into the oil services sector.  Seasonality is in his favour.  It all comes down to US oil inventories.  We are days or weeks away from that number going negative.  Collective light bulbs in people’s minds will start to go off.


Price: $0.020
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Canada/US Country Allocation.  He wants to allocate largely to the US.  He is fed up of having to worry about takeaway capacity, phasing out of oil sands, and border taxes.  He has two Canadian oil producers and five from the US.  They have a higher growth rate.


Price: $0.020
Subject: ENERGY
Bias: BULL on OIL
Owned: _N/A
2017-03-23 BUY A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Fracking Sand.  It is not beach sand.  It has to be the right size and round.  These names have fallen greatly this month.  These companies are finding customers are now begging them to add capacity.  You can buy a company where the product has doubled in price and yet they have sold off to half their price.  (See his Top Picks today)


Price: $0.020
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Natural Gas is always a call on the weather.  February was the warmest February on record.  He thinks Gas will average $3, or no change.  Now is a crummy time to own Nat Gas stocks.  Until June there is not really a catalyst to get these stocks going.


Price: $0.020
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 N/A A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Markets.  The budget does not make him change how he wants to allocate capital.  This is the second budget in a row they talked about this badly needed commitment to infrastructure, but nothing has happened yet.  The government should be careful in the future.  There was speculation the government would increase the inclusion rate on capital gains, which they did not.  Advisors had been suggesting people crystallize capital gains, but which was unnecessary.  Don’t make investment decisions be based on tax and legal speculation.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2017-03-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Where to park US cash temporarily.  You don’t get paid much for owning US cash.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 BUY Arc Resources Ltd
ARX-T
Eric Nuttall

You can’t fault them as a company.  His problem is that you pay a premium.  If you are very bullish, this is not the one to own, but you can sleep at night with this one.


Price: $18.600
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 BUY Athabaska Oil Sands Corp
ATH-T
Eric Nuttall

One of the best beta picks you can select in Canada today.  They have a high quality asset.  They have an increase in free cash flow, which they can now deploy.  They have extraordinary leverage to an increase in oil price.  It is probably not the best investment unless you believe in oil higher than $50.  It could double if you are bullish on oil.


Price: $1.410
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 WATCH Bank of America
BAC-N
Norman Levine

Financials have run in the US because of expectations under Trump of less regulation that will free up capital.  Also, there is hope and expectation that the yield curve will steepen.  In the near term it looks like we are getting a correction in interest rates.  We are close to the end of the 35 year bull market in bonds.


Price: $23.070
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 TOP PICK Badger Daylighting
BAD-T
Norman Levine

It is not an everyday stock. They use high pressure water to move earth.  They used to be mostly in the energy area and then moved into the utility area.  Recently they moved into the US.  People still treat them as a Canadian energy company, but 2/3rds of their business is from the US and 3/4ths comes from non-energy.  Earnings continue to grow and they raised the divided recently.  (Analysts’ target: $35.00)


Price: $32.230
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 DON'T BUY Birchcliff Energy Ltd.
BIR-T
Eric Nuttall

He does not like any of the peers enough to own them.  It is going to be another year of pipeline outages in Canada.  But if you wanted to own one, this would be it.  He recently exited it to put money into service stocks.  He has a lot of respect for the management team.  It is going to be a bumpy ride to get to is target price.


Price: $7.200
Subject: ENERGY
Bias: BULL on OIL
Owned: No
2017-03-23 DON'T BUY Baytex Energy Corp
BTE-T
Eric Nuttall

They are marred with too much debt and can’t grow.   They look too unattractive compared to peers, with the worst production forecast and one of the worst balance sheets.


Price: $4.340
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 BUY CCL Industries (B)
CCL.B-T
Norman Levine

It does nothing fancy.  It is the world’s largest manufacturer of pressure sensitive labels as well as aerosol cans.  They are good at what they do.  They did some very strategic and opportunistic acquisitions over the years.  They raise their dividend over the years and he continues to buy it for clients.


Price: $289.990
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 PAST TOP PICK Cardinal Energy Ltd
CJ-T
Eric Nuttall

(Top Pick Apr 7/16, Down 14.4%) It was pummeled this year.  He can’t bring himself to sell it.  They are at a 4.3 times.  They have a reserve life of 7.4 years.  That means you are getting half the reserves for free.


Price: $6.830
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 DON'T BUY Canacol Energy Ltd.
CNE-T
Eric Nuttall

He does not want international oil and gas.  There are way better opportunities in US and Canada.  Elsewhere there is the risk of pipeline bombings.


Price: $3.780
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 BUY Canadian Natural Rsrcs
CNQ-T
Norman Levine

It has become an interesting stock because they are making a very well timed purchase of shells oil sands assets to become the biggest oil company in Canada.  It probably makes it attractive.  But in the near term he sees oil going down so there is no reason to put new money into oil stocks.


Price: $42.620
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 PAST TOP PICK Canadian National R.R.
CNR-T
Norman Levine

(Top Pick Mar 22/16, Up 24%) The best run, most profitable railway in North American.  He likes their structure better than CP-T.  CNR-T is less commodity oriented and has a bigger US footprint.  This has been a better grain season.  This one continues to be his favourite.


Price: $96.730
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 VAGUE Canadian Pacific Rail
CP-T
Norman Levine

CP-T vs. CSX-N.  [Caller already had CNR-T]  One railroad is enough to own.  CSX-Q has already moved since Hunter Harrison moved companies.  Just hold on to CNR-T.


Price: $194.360
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 PAST TOP PICK Crescent Point Energy Corp
CPG-T
Eric Nuttall

(Top Pick Apr 7/16, Down 17%) He struggles to see what gets this story re-rated.


Price: $14.370
Subject: ENERGY
Bias: BULL on OIL
Owned: No
2017-03-23 DON'T BUY CSX Corp
CSX-Q
Norman Levine

CP-T vs. CSX-N.  [Caller already had CNR-T]  One railroad is enough to own.  CSX-Q has already moved since Hunter Harrison moved companies.  Just hold on to CNR-T.


Price: $46.110
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 HOLD DH Corporation
DH-T
Norman Levine

Before the takeover offer, the stock was not doing very well.  The company put themselves up for sale and only one bidder came along.  There is still time because the deal has not been finalized. 


Price: $25.170
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-03-23 PAST TOP PICK Exchange Income
EIF-T
Eric Nuttall

(Top Pick Apr 7/16, Up 43%) It is a good quality pick.  This has been a total under-the-radar story.  They did a phenomenal job of managing their assets.  They have raised the dividend multiple times.


Price: $38.020
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 BUY Enbridge
ENB-T
Norman Levine

He likes the growth outlook and they have pledged to increase their dividend every year.  The Canadian economy needs pipelines to be done. 


Price: $54.540
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 BUY Ford Motor
F-N
Norman Levine

His company owns no autos.  First Quarter earnings will be less than expected because fleet sales are down.  But the stock was only down 10 cents.  North American production has probably peaked.  He thinks it will stay there longer than people think.  F-N has a big presence in Europe where auto sales are starting to do better.  F-N will be a beneficiary long term.  Cars are made better than they used to be and they last longer.


Price: $11.670
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 TOP PICK Fairmount Santrol Holdings Inc.
FMSA-N
Eric Nuttall

With the freak out by the market about the sell-off in oil.  Fracking sand has doubled.  The increase in demand will offset any increase in capacity.  This one has been hit the hardest of the sand producers.  (Analysts’ target: $12.25).


Price: $6.670
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 PAST TOP PICK General Electric
GE-N
Norman Levine

(Top Pick Mar 22/16, Down 2%) It has been a disappointment.  He liked it because it was being transformed.  They got out of financial services just as financial services were taking off.  What hurt them in the last year was their commitment to energy services.  He is still there though.  He owns it as a cyclical industrial company.


Price: $29.620
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 DON'T BUY Coca-Cola Company
KO-N
Norman Levine

He is not a fan and prefers PEP-N.  KO-N is almost exclusively a soft drink company.  Soft drinks are under attack and in decline as people move more and more towards water.  He does not care for the outlook.  Pepsi gets most of its earnings from food – Lays and Quaker.


Price: $42.170
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-03-23 BUY Morneau Shepell Inc
MSI-T
Norman Levine

He continues to own it.  It was founded by the current finance minister’s father.  They are big in the outsourcing business.  They continue to grow in the Canada and in the US.  The dividend is very safe.  They are at the bottom of their payout ratio.  At some point they are going to raise that dividend.


Price: $19.460
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 DON'T BUY National Bank of Canada
NA-T
Norman Levine

He used to own it.  It is 100% in Canada with no foreign operations.  He prefers more international operations.  At some point it will run into big headwinds. 


Price: $55.660
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-03-23 BUY Oasis Petroleum Inc.
OAS-N
Eric Nuttall

He likes them because they are early on in applying advancements in technology to increase recoveries in wells.  They are using more sand, an important theme.  They did a pretty good job of navigating the downturn.  They should soon get a re-rate.  They have improved their balance sheet.  Sentiment is as bad a Jan/Feb of last year when oil was about $29, vs. $48 now.


Price: $12.190
Subject: ENERGY
Bias: BULL on OIL
Owned: Yes
2017-03-23 DON'T BUY Precision Drilling
PD-T
Eric Nuttall

He likes services, but not drillers.  Pricing power is a little more.  It trades at a premium because of good trading liquidity.  He likes pressure pumpers.


Price: $6.110
Subject: ENERGY
Bias: BULL on OIL
Owned: No
2017-03-23 DON'T BUY Pengrowth Energy
PGF-T
Eric Nuttall

It trades at a premium.  They are at 6 times debt to cash flow.  He wants re-rate stories.  There are other stories.  You want a leaner, cleaner story.


Price: $1.450
Subject: ENERGY
Bias: BULL on OIL
Owned: Unknown
2017-03-23 TOP PICK Parkland Fuel Corp
PKI-T
Norman Levine

Big in the gas station business with some wholesale and commercial businesses as well as propane distribution.  They are going to buy CST assets in Eastern Canada.  There is room for a lot more acquisitions.  It has now broken out.  They raise their dividend modestly on a regular basis.  (Analysts’ target: $32.25).


Price: $28.990
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 DON'T BUY Painted Pony Petroleum
PPY-T
Eric Nuttall

He avoided the face plant they did.  There are concerns about Canadian gas pricing.  It is cheap.  They reduced their cap-x.  The stock fell in half and then they diluted by 59%.


Price: $5.450
Subject: ENERGY
Bias: BULL on OIL
Owned: No
2017-03-23 BUY Sun Life Financial Inc
SLF-T
Norman Levine

He is a big fan of lifecos.  He owns this and POW-T as well as MET-N in the US.  He likes them because he sees interest rates going up.  It has little to do with what the Fed will do.  Their profitability comes from bonds.  They have gotten much bigger in the money management business.


Price: $48.360
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 TOP PICK SNC-Lavalin Group Inc.
SNC-T
Norman Levine

They had problems in the past but now he likes it going forward.  He bought early, but it has worked out for him.  They continue to get lots of contracts.  Most recently it has sold off and is now the cheapest engineering and construction company in North America. This is because they have an inefficient balance sheet.  The market expects them to make a large acquisition and take on lots of debt and that it will hurt them.  He expects them to buy back stock.  An acquisition would be good for them, making the balance sheet more efficient.  It is cheap here.  They still own highway 407 where the value continues to go up and up.  There is not a lot of goodwill built in here.  (Analysts’ target: $64.00).


Price: $52.440
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-03-23 PAST TOP PICK Suncor Energy Inc
SU-T
Norman Levine

(Top Pick Mar 22/16, Up 16%)  They made that acquisition of COS-T at very low prices.  It helps bring down the overall cost of production.  Energy stocks got way ahead of the price of crude and that is why they have not done as well so far this year as earlier.


Price: $40.860
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
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