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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
2017-04-19 BUY Algonquin Power & Utilities Corp
AQN-T
David Burrows

Probably his biggest utility-like position. It has outperformed the sector for quite some time and has been able to grow its cash flow and dividend handily. 4.7% dividend yield is very attractive.


Price: $12.930
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 TOP PICK Bank of America
BAC-N
David Burrows

He looks for sectors/themes that are going through significant shifts that can give a long runway for the industry and companies to be revalued. The 2nd biggest bank in the US, trading at just under 1X BV, and can go higher. Assuming they can grow BV, that would be even better. It will be helped by rising interest rates. They will get the CCAR assessment in June as to whether they can return more capital to shareholders. Generating a ton of cash, so dividends should continue to accelerate. US banks started to perform in June of last year and have just had a classic pullback towards the 150-day moving average, which gives investors a great entry point. This could be a 5-year theme. Dividend yield of 1.3%. (Analysts’ price target is $26.)


Price: $22.740
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT Brookfield Asset Management (A)
BAM.A-T
Bruce Murray

This is one where you have to trust management. They have done a great job and will continue to do so. Focused heavily on real estate. If interest rates flatten out, the appreciation of real estate probably finally comes to an end, especially in commercial real estate. Probably a decent investment. You get nice dividends and it will gradually grow.


Price: $49.110
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 COMMENT BCE Inc.
BCE-T
David Burrows

The media sector has been doing well recently, and telcos have had a bit of a bounce over the last couple of months. These are less economically sensitive companies that people have gone to hide in while pulling back on more economically sensitive companies. From a sector perspective, there are better places to be. He would prefer to be in media such as Comcast (CMCSA-Q) or CBS (CBS-N). Dividend yield of 4.7%.


Price: $60.930
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-04-19 COMMENT BCE Inc.
BCE-T
Bruce Murray

Extremely well-managed and clearly the dominant player in Canada. They’ve done a great job of diversifying into media type businesses. Continuing to increase their dividend. His concern would be that cellular telephone growth is probably largely behind us. Most people are disconnecting their main line. The TV business is under pressure as advertising goes away. He doesn’t think they are in danger, but the future is a little tough. Not a stock that he would own.


Price: $60.930
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 COMMENT Brookfield Infrastucture Partners
BIP.UN-T
Bruce Murray

This is one where you have to trust management. They have done a great job and will continue to do so. Focused heavily on real estate. If interest rates flatten out, the appreciation of real estate probably finally comes to an end, especially in commercial real estate. Probably a decent investment. You get nice dividends and it will gradually grow.


Price: $51.970
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 PAST TOP PICK Blackrock Inc.
BLK-N
David Burrows

(A Top Pick April 19/16. Up 7%.) A very straightforward way to invest in investment management and better markets. While he prefers to be an active manager, this is more index focused, but they do have an active ETF business. This will continue to grow. Dividend yield of 2.7%.


Price: $377.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 TOP PICK Bayerische Motoren Werke AG
BMW-GR
Bruce Murray

The auto sector is one of the few areas that is cheap. The world has decided that the auto cycle is over, gasoline powered cars are going to disappear, and therefore we don’t need to own these stocks. This is selling at 8X earnings and it is a global luxury brand. Their entire line-up is higher luxury cars. They will make as many electric vehicles as Tesla this year, and have all of the technology. Highly profitable. The one issue is debt. They have €1 billion of debt on a $50 billion market cap, because all the car leases are still done internally. Dividend yield of 4.5% and has been going up 10% per annum. (Analysts’ price target is €86.)


Price: $0.000
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 COMMENT Bank of Nova Scotia
BNS-T
Bruce Murray

A pretty good exposure in Latin America, where the growth rates are higher. Probably a little riskier, but probably will grow a little better. The regulatory environment in Canada has been so good for so long. In his career, all the US banks have gone bankrupt at some point.


Price: $76.350
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-04-19 BUY Carnival Corp.
CCL-N
David Burrows

Carnival Cruise (CCL-N) or Royal Caribbean Cruise (RCL-N)? As a thematic investor, one of the key themes he is interested in is travel and leisure. Both these companies play into that theme, as does Disney (DIS-N). Both are well run companies and global. He would buy either one. Both should grow earnings in the mid-teens, and you could do well in either one.


Price: $58.680
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 TOP PICK Celgene Corp
CELG-Q
Bruce Murray

One of the surest growth stocks out there. They have a product called Revlimid which treats a whole series of blood cancers. The one they have right now is multiple myeloma, and it prolongs people’s lives substantially. They are going to grow revenue 25% over the next 4 years. It is selling at 18X. Thinks it gets close to $200 in the next couple of years. (Analysts’ price target is $143.)


Price: $122.920
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 COMMENT Crescent Point Energy Corp
CPG-T
Bruce Murray

He owns no commodity oil producers. Oil has done well twice during his investment career. It did well when Japan industrialized in the 60s and 70s. Peaked in 1979 at $40 a barrel, and bottomed 18 years later at $8. China came along in 2002 and it started to perk up again. Meanwhile, the Western world is working hard to become more energy efficient and switching to natural gas, which has become abundant. Companies like this do very well when there is peak pricing. It is a high risk/high cost provider, but they do best when prices go up because there is lots of leverage.


Price: $13.730
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 BUY on WEAKNESS Cisco
CSCO-Q
Bruce Murray

A matured technology company. Their heavy growth days are behind them, but they own the market. They have enough money to go out and develop new products. The problem is that they own this market, so there is not a lot of growth, so they are under the pressure of new technology coming on cheaper. At this price, it is probably fine and you won’t lose money. If it were below $28, he would buy this again.


Price: $32.650
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 BUY CSX Corp
CSX-Q
Bruce Murray

Hunter Harrison did it at Canadian National, and then Canadian Pacific, so he assumes he would do it with this railway also.


Price: $46.930
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 HOLD CVS Health Corp
CVS-N
Bruce Murray

This had issues when they became an insurance company and a drugstore. They also went into the UK and bought Boots. The conflict of interest between being a healthcare provider and trying to get people to go to your store has hit it. A solid business and is not going away.


Price: $77.830
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 COMMENT Walt Disney
DIS-N
Bruce Murray

One of the greatest franchises on the face of the earth. However, it has been struggling with the decline in the TV business. They own ESPN, and there has been a marginal decline in sports viewership in US football. They’ve had some blockbuster movies. Feels the stock has re-based and will do fine from here on in. However, if it stuck its head up, he would probably sell it.


Price: $113.730
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 COMMENT Enbridge
ENB-T
Bruce Murray

This has a nice dividend yield. It just made a huge acquisition of Spectra in the US. They claim to have lots of runway and that dividend growth is going to be 10% per annum. They are going to rebuild the main pipeline that runs from Alberta into Duluth. It is probably a very solid company. If they can deliver the 10% dividend increase, you’ll be fine.


Price: $56.130
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 TOP PICK Facebook
FB-Q
Bruce Murray

$200 billion of business will move from the TV business to the Internet, and this company’s revenues last year were $27 billion, and they are growing at $10 billion a year. The new messenger is damaging all the other messaging apps. This company knows everything about you and can specifically target market you. A no-brainer. (Analysts’ price target is $164.)


Price: $142.270
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 PAST TOP PICK Franco-Nevada Corp.
FNV-T
David Burrows

(A Top Pick April 19/16. Up 7%.) He is not a big gold bug, and not overly bullish on the gold sector, but what is good about this company is that they are a financier, really the “financier of last resort”. When the market isn’t interested in small companies, they’ll go in and buy a royalty stream.


Price: $92.890
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 PARTIAL BUY Gilead Sciences Inc.
GILD-Q
Bruce Murray

One of the most controversial names in healthcare in the US. They have cured hepatitis C. Insurance companies in the US will only pay for the treatment if you have proof that you have hepatitis C. There is a lot of untreated hepatitis C still out there. Amgen as a competitive product that is almost as good. This is only trading at 6 or 7 times earnings and is probably pretty safe here. He would average into this.


Price: $66.280
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 BUY Alphabet Inc. (A)
GOOGL-Q
David Burrows

One of the most important themes in this market are the big Internet content companies. The things they have going on in this business are quite remarkable, not to mention their key businesses which are doing remarkably well. This is a theme that investors have to be invested in.


Price: $856.510
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 PAST TOP PICK Alphabet Inc. (A)
GOOGL-Q
Bruce Murray

(A Top Pick May 13/16. Up 18%.) This is 6% of his portfolio and will remain his biggest holding. There’s $200 billion of advertising that is going to move from old media, mainly TV, to the Internet over the next few years. This is not that expensive. This is still a Buy.


Price: $856.510
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 PAST TOP PICK Honeywell International
HON-N
David Burrows

(A Top Pick April 19/16. Up 9%.) He continues to like industrials. If he had to pick 4 themes, he would pick technology, industrial, financial and consumer discretionary. The US spent less last year on capital spending than in any year in 85 years, but it is picking up. With better small business optimism, there is money getting spent on capital spending, outside of the energy industry. This company is at the centre of the Internet of Things (loT) in creating connected devices and measurement devices in the manufacturing processes. It should continue to do well.


Price: $122.740
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 TOP PICK Ingersoll-Rand Co
IR-N
David Burrows

Capital spending in the US is set to rise. 85% of their business is environmental control. HVAC systems are being put in or being replaced in commercial buildings. If there is an infrastructure spend on schools and hospitals, that is a big spend. Their compressor systems are used in construction sites. Dividend yield of 1.95%. (Analysts’ price target is $85.50.)


Price: $81.850
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT Johnson & Johnson
JNJ-N
Bruce Murray

One of these great franchise stocks. It is so big, that it is dominant in quite a number of categories. You are going to make 5%-6% per annum over the long term. It is a bond substitute. A fine stock to just Buy and hold forever. You are probably not going to make substantial returns, but you can sleep at night.


Price: $121.370
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-04-19 BUY Lumentum Holdings
LITE-Q
David Burrows

He really likes the fibre networking space, and this company sells components into that area. This has pulled back in the last couple of weeks as some of the more economically sensitives have pulled back.


Price: $42.950
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT Lithium X Energy Corp
LIX-X
David Burrows

Hasn’t spent a lot of time looking at this, however, he is an investor in lithium, which is a big beneficiary of what is happening with the proliferation of batteries. Owns Albemarle (ALB-N), which is trading at new all-time highs. Also, owns the ETF Global X Lithium (LIT-N).


Price: $1.790
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 PAST TOP PICK Mastercard Inc.
MA-N
Bruce Murray

(A Top Pick May 13/16. Up 19%.) His current target price is about $130. Whether it is MasterCard or Visa, the world is going cashless. He will continue to hold a 4% position in this.


Price: $112.290
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 PAST TOP PICK Medtronic Inc
MDT-N
Bruce Murray

(A Top Pick May 13/16. Up 2%.) The leading medical device company. He owns it because they have a plethora of products right across the range. They had a bit of an earnings hit in the 3rd quarter, and he bought more. He has a $92 target on this.


Price: $80.320
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 COMMENT Methanex Corp
MX-T
David Burrows

A business that generates cash. An activist is getting involved, and hopefully some good things can come for shareholders. It has had a pretty good run from $33 to about $70, pulling back from there. He really likes material companies in some areas. Prefers materials in the area of building and construction right now as he thinks there is going to be a lot of infrastructure build. This one is behaving well.


Price: $62.010
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-04-19 BUY Oclaro
OCLR-Q
David Burrows

He really likes the fibre networking space, and this company sells components into that area. If he had to choose today, he would probably choose Lumentum Holdings (LITE-Q) which is also in the component space. Both can do well. Both have pulled back in the last couple of weeks as some of the more economically sensitives have pulled back.


Price: $8.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 BUY Pfizer Inc
PFE-N
Bruce Murray

Yield is about 4% and the stock is selling at about $33, so he sees a skinny into the low $40’s. They’ve struggled for the last 2 years because blockbuster drugs have come off patent, but they are using financial engineering to continue to push the company forward. Have made several acquisitions of new and upcoming companies with some very interesting drugs. A very low risk way of playing the healthcare industry. There is more upside than downside.


Price: $33.610
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 COMMENT Polaris Infrastructure
PIF-T
David Burrows

Geothermal energy. They punch holes in the ground down to hot water and steam, and send it up through a power plant. Producing about 70 MW of power, which is supposed to grow over time. This is a cash flow investment. Once they set up the facilities, they should run and generate cash. It will be a dividend play over time. Based in Nicaragua, which apparently has pretty good laws. Probably not a huge growth stock.


Price: $14.300
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT Power Corp
POW-T
David Burrows

A business that gets revenue stream from multiple operating businesses. Not a rocket ship, just a slow steady performer. In financials, he would prefer focusing on US banks and capital market companies like Morgan Stanley (MS-N). They will give you better returns going forward. (See Top Picks.)


Price: $30.720
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 BUY Royal Caribbean Cruises
RCL-N
David Burrows

Carnival Cruise (CCL-N) or Royal Caribbean Cruise (RCL-N)? As a thematic investor, one of the key themes he is interested in is travel and leisure. Both these companies play into that theme, as does Disney (DIS-N). Both are well run companies and global. He would buy either one. Both should grow earnings in the mid-teens, and you could do well in either one.


Price: $95.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 BUY Shopify Inc.
SHOP-T
David Burrows

One of the most transformational themes is internet commerce, and this is right in the middle of it. They provide the plumbing to all kinds of small and medium-sized web-based retailers, and continue to grow. The pie is growing very rapidly and they have a very dominant space in it. People continue to underestimate the transition we are going through and the way people do business. Ideally you want to get a combination of 2 things in a growth stock. Growth in earnings and revenue, and expansion in the multiples investors are prepared to pay as they continue to execute. This company is doing that. (See Top Picks.)


Price: $97.790
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT Sun Life Financial Inc
SLF-T
David Burrows

Financials are a theme we are going to be focused on for the next number of years. Insurance, banking and investment dealers all do well when long-term rates are rising. We turned a long-term corner on interest rates at the beginning of last year, and reversed a 30-year trend to lower rates. This is not going to be a straight line. You own this because you like their asset management and wealth management businesses. In the last couple of months, long term rates have pulled back a little, so the whole insurance sector has been under some pressure. He prefers Manulife (MFC-T) from a technical perspective, as well as some US companies. However, you should do well with the whole group.


Price: $47.120
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-04-19 COMMENT Toronto Dominion
TD-T
Bruce Murray

He likes their positioning in the US. Thinks you can buy into any of the Canadian banks. The regulatory environment in Canada has been so good for so long. In his career, all the US banks have gone bankrupt at some point.


Price: $65.840
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-04-19 COMMENT Teva Pharmaceutical
TEVA-N
Bruce Murray

Made a huge acquisition and overpaid massively for it. The generic drug industry is a competitive industry. The patent is there for anybody to look at. It looks cheap, but they still have a big slug of debt from their acquisition.


Price: $30.700
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-04-19 COMMENT Tesla Motors Inc
TSLA-Q
David Burrows

A truly unique company. Some people look at this as a car company and some will see it as a battery or alternative energy company. In reality, it is a company that is changing the world. The cost of a battery cell a year ago was $500. Today it is $190. As the giga factory comes online, it will be $150 per cell with a clear line of sight to $100 per cell. At that time, there is no petrol-powered drivetrain that can compete with an electric drivetrain., They think they can cut costs of capital spending by half in the utility business. If they can produce 500,000 of the Model3 car, they can earn $20 a share. There are risks in this.


Price: $305.520
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT Domtar Corp.
UFS-T
David Burrows

This has been quite erratic and trading in quite a wide range. He’s been seeing contraction in breadth in forest companies, so is a little cautious on this area. If he had to focus in one space, it would be on lumber which looks attractive. You can use a basket of them through the ETF Guggenheim Timber (CUT-N). Dividend yield of 4.4%.


Price: $49.780
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-04-19 COMMENT Whiting Petroleum
WLL-N
David Burrows

Energy started getting hit in June 2014. It got creamed in Jan/2015 when oil hit $25 a barrel. The sector bounced 75% from January last year through January this year, and then rolled over. He would say the sector is technically broken. The breadth of the percentage of stocks performing well, is contracting, meaning that money is leaving the space. Whether it is energy service, refiners or service companies, there are risks. He would be very careful.


Price: $8.160
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-04-19 DON'T BUY Wal-Mart Stores Inc.
WMT-N
David Burrows

Since the beginning of February, a lot of the most under performing stocks in the market have bounced, and a lot of the strongest stocks have had a little pullback. There are a lot of people who feel the PE multiple of the market is expensive, so a lot of investors have tried to take down the number of expensive companies in their portfolios. This is a good company, but it’s in the wrong place in the industry long-term. They will continue to be under assault from companies like Amazon (AMZN-Q). He would rather be a shareholder in Amazon.


Price: $74.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2017-04-18 N/A A Comment -- General Comments From an Expert
A Commentary
Derek Warren

REITs. REITs have been more stable than the broad market because of the income component. A lot of that has been aided by lower interest rates over the last 10 years. Returns for the next 10 years will not be as strong as the previous 10. There will be a little more volatility, so you want to Buy dips and Sell peaks. Focus on your yield and you will get that plus a little bit.


Price: $0.020
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: _N/A
2017-04-18 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Market. Today’s market was definitely to the side of the downside, and Goldman Sachs was probably the big catalyst. There were pretty good results out of City, Bank of America and even Wells Fargo was okay. There were disappointing trading revenues, up only 1%, particularly in the fixed income and the commodity side. Equities wasn’t great either and that really hurt. When you look at the move in the Dow, in particular, Goldman is such a huge component in it, for 35%-40% of the move so far since the election. A huge mover. He still likes the financials and it is a good place to be, but this didn’t help.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: _N/A
2017-04-18 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Gold/Silver stocks that will have the biggest potential in the next 3-4 months? He would just stay with gold stocks. If we continue to have uncertainty and the US$ continues to be weak, then you want to be in gold. Silver will also benefit, but so much of what Silver produces is also zinc. It is very hard to get a pure play silver. He would stick with the larger caps.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2017-04-18 HOLD Pure Industrial Real Estatetrust Trust
AAR.UN-T
Derek Warren

The trend that has been pushing names like this up, is the e-commerce trend. This is a fantastic company, a little pricey right now. It has done a great job of aligning itself with FedEx. There is going to be a point where that exhausts itself, which is when you can expect the price to pull back. However, there is no reason why you would want to sell a company that is doing so well and was such a good future going forward. It has brought its debt down and its earnings are very steady, and it could be very much a perpetual hold.


Price: $6.450
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: Yes
2017-04-18 TOP PICK Acadia Realty Trust
AKR-N
Derek Warren

Feels the 3 top picks have probably lagged the market unfairly. In the US, all retail REITs have been destroyed. This one has been beaten up too much. It is very rare to get this REIT at a discount. It has SOHO, Brooklyn, Chicago street front retail. It is irreplaceable real estate. Trading at a discount to NAV. Dividend yield of 3.3%. (Analysts’ price target is $35.50.)


Price: $31.720
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: Yes
2017-04-18 COMMENT Artis Real Estate Investment Trust
AX.UN-T
Derek Warren

Preferreds. The common stocks have done very well lately. They expanded into the US at the right time, which has helped provide stability. The common stock is yielding about 8%, and you may find by switching from the preferreds to the common, you get a similar yield plus upside, as opposed to the preferred which will be capped. You might want to talk to a financial advisor as some of the tax treatment might be different.


Price: $13.670
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: Unknown
2017-04-18 COMMENT Alibaba Group Holding
BABA-N
John Stephenson

A good company. It has had some struggles of late, but in general it is really good. It controls e-commerce in China. To the extent that they can roll out any real initiative to consumers in North America. It is a very good name.


Price: $111.230
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2017-04-18 BUY Bank of America
BAC-N
John Stephenson

Just reported and results were quite good. He likes this name. The capital return story is a growth story. Banks have just had the worst possible scenario ever. Not only were interest rates low, affecting net interest margins but borrowing when the lending book was weaker and coming out of the great recession, as well as this burdensome regulation. A little less regulation would be good. This is a “go to” name.


Price: $22.710
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2017-04-18 BUY Bank of America
BAC-N
John Stephenson

A North American bank? He would suggest Bank of America (BAC-N) for a US name, and if you want a Canadian name, then he would suggest the Royal Bank (RY-T).


Price: $22.710
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2017-04-18 PAST TOP PICK Brookfield Property Partners
BPY.UN-T
Derek Warren

(A Top Pick Feb 3/16. Up 13%.) A great company, and still cheap, trading at a significant discount. When you buy this, you are buying a collection of very high quality real estate assets around the world.


Price: $30.670
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: Yes
2017-04-18 COMMENT BTB Real Estate Investment Trust
BTB.UN-T
Derek Warren

An investment in this is an investment in Québec, so you have to be favourable to the Québec marketplace, which he is. One of the struggles he has with this is that when you are a small REIT, you can have high debts or a high yield ratio. In this case, it has both. However, they know the real estate market very well. If you think the Québec economy is going to continue to improve, this is a good way to do it. Dividend yield of 8.6%.


Price: $4.870
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: No
2017-04-18 WAIT Chesapeake Energy Corp.
CHK-N
John Stephenson

Probably a name he would hold or avoid, simply because it is so highly levered. A good company. It has some good assets. If you see a sustained bull market in energy, this could be fairly attractive. However he doesn’t think we are going to have a bull market in energy right now, so this is going to be range bound. He would sit on the sidelines for the next 6 months.


Price: $5.660
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2017-04-18 PARTIAL BUY Cardinal Energy Ltd
CJ-T
John Stephenson

This looks cheap and is attractive here, but wouldn’t go too heavily into it.


Price: $6.950
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2017-04-18 HOLD Crescent Point Energy Corp
CPG-T
John Stephenson

Feels this is fully valued. It is implementing big water floods to try and tweak the reservoir and keep the decline rate more manageable. A really well-managed company, but he doesn’t really see any strong growth or any particular reason you need to have this.


Price: $14.040
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2017-04-18 COMMENT CT Real Estate Invest Trust
CRT.UN-T
Derek Warren

Holds Canadian Tire real estate as well as some of the properties. A great company. They have good growth built into their leases and a very good real estate management team. This has been flat for about a year, and is starting to look more attractive. They continue to do very well on their earnings. Many retailers have faced issues, but this is not one of them. However, if that happens, you will end up with buildings in very, very small towns.


Price: $14.730
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: No
2017-04-18 COMMENT Chartwell Seniors Housing
CSH.UN-T
Derek Warren

A big fan of management and their story. People are getting older and need someone to take very good care of them, and this is a very good operator. The real estate component looks very attractive as well. The stock is fairly valued, perhaps a little bit rich, but he continues to hold at these levels. If there was a significant real estate correction, this company would be affected along with others in senior residences. 3.7% dividend yield.


Price: $15.740
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: Yes
2017-04-18 TOP PICK Cominar Real Estate Inv Tr
CUF.UN-T
Derek Warren

Feels the 3 top picks have probably lagged the market unfairly. He sees an improving Québec economy, and this is the largest landlord in Québec. Management has gone through some decisions over the last 2 years that were not great, when they tried to grow too aggressively. However, they have said they are done and are now focusing internally on the company. Payout ratio is a little high, but there is some visibility in the future leases that are signed but not yet economically contributing to the income statement. If you have a 3-year hold, buying in the $14 range is going to give you a very solid yield, and it will skate through over the next couple of years. Dividend yield of 10%. (Analysts’ price target is $15.)


Price: $14.730
Subject: REAL ESTATE & REIT's
Bias: OPTIMISTIC
Owned: Yes
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