Bonavista Energy Corp (BNP.TO) Buy, Sell or…

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Bonavista Energy Corp (BNP.TO)

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0.04

-0.01 (11.11%)

as of Aug 14, 2020, 8:00:00 pm Market Open.

140 watching

BUY

The trick is what will they do with their cash flow when they convert to a corporation. Will they replace income with growth. A recent acquisition shows they plan growth. With the assets they have it will work out really well.

TOP PICK

Solid management team. Very, very good set of assets. Above average growth trajectory. They are getting involved with unconventional plays, which is a risk.

BUY

Yield is just a little bit over 8%, which indicates it is probably not in jeopardy going forward. Recently raised over $400 million. Tend to hedge a fair amount of their production. Fairly steady cash flow. Well managed.

TOP PICK

About 60% gas. Made a large acquisition last year. Management owns about 15%. Relatively low costs. 7%-8% yield plus growth. Also have exposure to the cardium play in Alberta. Should see some real growth over time.

TOP PICK

About 60% natural gas. Made a nice acquisition last year from Encana (ECA-T). 8% yield. Management owns 15% of the company.

DON'T BUY

With trusts having to convert in 2011, you have to be very careful of a depleting asset based company. However, this company has always been run as a corporate entity so it doesn't have the same problems. Fantastic business and is really well run but too expensive for him.

TOP PICK

60 Nat Gas/40% oil. Bulk of business in central Alberta. Organic growth of 5% a year enhanced by acquisitions. 17-18% capital gain on top of 9% yield expected.

DON'T BUY

(Market Call Minute.) Gassy and not his favourite place to be. Would prefer Progress (PRQ-T), which has better drilling upside.

COMMENT

More than half the assets are in natural gas, which is where a lot of the problem has been. There is overcapacity in the gas market and pricing has not been great. Yielding over 9.1%. Have been fixing their balance sheet and have sold some properties.

BUY

Excellent name. Hasn't participated in the rally as much as some of the others. Recently made an attractive natural gas acquisition from Encana (ECA-T) and will use horizontal multi-stage fraqing and is probably economic in the $3-$4 gas pricing. 8.8% distribution is likely safe.

HOLD

One of the better names and he doesn't see a problem with the 8.6% distributions getting cut imminently. Very good operating metrics.

BUY

One of the best trusts out there. Gas oriented. Results were in line with expectations. Management keeps their costs very low and their debt reasonable. 8.8% distribution.

BUY

Has moved up with the improvement of natural gas prices. This is a very volatile period for natural gas because of the large inventory and the discovery of huge new fields. If you believe in the longer term future for natural gas, this would be a good trust. 8.3% yield.

PAST TOP PICK

(A Top Pick Aug 14/09. Up 29.44%.) Just made an acquisition. Still a Buy.

BUY

Mainly natural gas. The distribution and good yield of 9.5%, which he thinks, can be maintained going forward. Like outlook for natural gas.

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Bonavista Energy Corp (BNP.TO)