Black Rock (BVI.TO)

TRADE
Did own, but sold as there was a wide diversity on the stock. Analysts basing it on Price to Cash Flow felt it was grossly overpriced, while the ones that based it on a net asset value felt it was undervalued. You pick.
BUY
Likes the company very much. Sold at around $6.65. Has some great reserves behind it. The analytical group at First Energy is convinced the stock is worth close to $12. Considering buying it again.
PAST TOP PICK
(A Top Pick July 5/04. Down 8%.) Sold at a profit. Likes the story, but too many people say it's too expensive on a price to cash flow basis.
HOLD
(A previous Top Pick at $5.05. Sold for a profit.) Market felt that on a price to cash flow basis it was expensive. First rate company and management.
PAST TOP PICK
(A Top Pick July 5/04. Then: $7.40) The price is going down and stock is cheap.
SELL
A very expensive stock. 100% heavy oil.
HOLD
It is stagnating at $7 because of an element on the street that says it is overpriced. However, on a net asset value looking out over 2/3 years, the NAV could be as high as $20 with a potential $12 share price.
PAST TOP PICK
(Past top pick July 5/04. No change.) Still likes. Has a buy target of $6.50.
TOP PICK
(Past top pick Apr 14/04. Up 27%.) Expensive on a cash flow basis, but on an asset value is worth between $12/20. Good properties. Would buy more at $6.50.
TOP PICK
Looking for cash flows of $1/1.50. Sees the stock going to its net asset value of $12/12.50. Some good heavy oil properties.
BUY
Management has had great success with it. A heavy oil play in northern Alberta. A phenomenal asset. Incredibly low cost. Very profitable.
DON'T BUY
Has had a fantastic run, but thinks it's way overpriced by 25/30%. Has quite a bit of downside.
TOP PICK
Debt free and strong management. Present heavy oil property recovery rate is 12 and could go as high as 20
TOP PICK
(A past top pick Mar 16/04. Up 4%.) Expects the cash flow will quadruple in the next 4 years. Very cheap stock.
TOP PICK
A way to play the oil, it's heavy oil. 6000 barrels a day through pipelines. Debt free.
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