Opinions Peter Brieger
Acclaim Energy TrustAE.UN.TOBUYMay 18, 2005
Has been hit like all energy stocks. One of the risks of the energy trusts is that they are now discounting $45 oil, possible lower. This company is in a very good space. Good reserve life. Slightly oriented to natural gas.
Peter BriegerUnknown
$14.65
Stock price when the opinion was issued
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BUY
Acclaim Energy (AE.UN-T) and Starpoint Energy (SPN.UN-T) are amalgamating. If you own either of these, continue to hold. Likes the prospects, especially with the current commodity prices.
Michael Simpson, CFAOwned
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BUY
There is a friendly merger with Starpoint Energy (SPN.UN-T). Likes Royalty Trusts. The only risk factor is that there are two large energy trusts making one of the largest Royalty trusts. There will be a lot of integration risks. It will be listed on the New York stock exchange giving access to US investors.
Robert LauzonOwned
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HOLD
Acclaim Energy (AE.UN-T) and Starpoint (SPN.UN-T) are merging. This will make it close to the 4th or 5th largest royalty trust. They will be getting a NYSE listing so there will be more demand from the US. There might be some short term weakness as many managers will end up owning too much and will have to reduce the weighting in their portfolios.
Robert LauzonOwned
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BUY
Likes the company. Over the course of 4 or 5 years it made about 5 acquisitions. Have beefed up their technical expertise which will look to exploit and integrate those acquisitions. Has a lower reserve life index than he would like to see. Good value.
Dean OrricoOwned
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WEAK BUY
Likes it. Like most energy trusts, not sure he would be buying. Highly gas oriented. Started small and built through acquisition. Distribution is paid at exactly $0.165 a month, even though their cash flow is higher than that. The result is that their payout ratio is 65/70%.
Bruce HartmanOwned
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TRADE
The most "tax efficient" trust. The taxable portion of the distribution is about 30%.
Sandy McIntyreOwned
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BUY
Has really transformed their business over the last couple of years. Made a couple of large acquisitions. Should do very well.
Robert LauzonOwned
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