Opinions Robert Toole
Canetic Resources TrustCNE.UN.TOSELLJan 18, 2007
This one is right in the middle of its peer group in terms of payout ratio and its yield of about 14/15 percent. There is risk of continued further cuts.
$15.09
Stock price when the opinion was issued
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COMMENT
Just acquired Titan Exploration. Being acquired by Penn West Energy (PWT.UN-T). Recommends that you roll your positions into this company, as it is a great long-term play.
Peter BriegerOwned
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HOLD
Being acquired by Penn West Energy (PWT.UN-T). He will take shares rather than cash. Looking out 3 to 4 years, he likes oil and gas. Merged company will have 2 advantages. 1) Tax pools will probably defer any taxes to be paid out on until 2013/2014 and 2) It may be converted back to a corporation and will be a major challenge to other large caps.
Peter BriegerOwned
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COMMENT
Merging with Penn West Energy (PWT.UN-T). Penn West is one of the better companies and has a huge supply of undeveloped land. These mergers are very positive, as there is economy of scale.
David CockfieldOwned
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HOLD
Being acquired by Penn West (PWT.UN-T). Good acquisition as it gives critical mass of 2000 barrels a day production, capacity to absorb other income trusts and/or oil/gas exploration companies. Also gives them leverage to expand not only outside of Alberta, but into the US. Would wait for the merger to take position before buying Penn West.
Peter BriegerOwned
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DON'T BUY
Some concerns about their longer term sustainability. In a bit of a “show me” mode. Made a number of acquisitions leading up to the point where the government changed the rules last year and are going through a bit of an integration mode. Questions if they have deep enough technical focus and drilling inventory. Have a strong US ownership base, so could consider changing to the US.
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HOLD
An excellent company going forward. Be prepared for cuts in distributions.
Peter BriegerOwned
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