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Canadian Oil Sands (COS.TO)

PAST TOP PICK
(A Top Pick Feb 6/09. Up 42.78%.) Still a buy.
TOP PICK
Has been a laggard. They had operational hiccups with vacuum distillation unit this year. Always been concerns about reliability. His view is that over time he will see considerable enhancements in reliability and operation.
TOP PICK
Has a reasonable yield and has the ability to raise its distributions.
PARTIAL SELL
(Market Call Minute.) Good long-term hold but she would be trimming. Excellent long life forty-year resource play. Good payout ratio. 4.7% yield.
PAST TOP PICK
(A Top Pick Oct 21/08. Up 8.3%.)
COMMENT
Can be volatile as it is a call on the volatility of oil. She is bullish on oil long-term. Also, ConocoPhillips (COP-N) indicated they would sell their 9% holdings in Syncrude and this company is interested. This would be a large amount of equity and debt they would have to issue.
COMMENT
Has gone up substantially and has done very well and is very much driven by oil prices. Has gotten fairly expensive. Long life reserves so every portfolio should have some in it.
DON'T BUY
Not a super fan of this one. Vulnerable when the market starts to sell off. US legislation poses a potential problem for any oil sands producer.
COMMENT
Likes it fundamentally long-term but sold his holdings to add to his cash position. Would definitely buy when he gets out of his gas plays.
HOLD
Their long-lived reserve assets have never been priced correctly. Most companies have reserved lives of 3 to 7 years. If you have any patience, you just sit and hold as it will go up over time.
PARTIAL BUY
Start accumulating (33%) and when it goes down another 10%-15% accumulate more. Just raised their distribution.
SELL
(Market Call Minute.) Pretty expensive and doesn't have much of a yield.
HOLD
Getting back near its highs. If you have 2 to 3 years, definitely hold it and wait for weakness to buy more, otherwise there is not much more upside.
BUY
37% interest in Syncrude. Cut its distribution earlier in the year but raised it last quarter and there is speculation that they will do so again. If you are positive on crude, this is a reasonable investment. 2.9% yield.
TOP PICK
Longer term, she is a bull on oil. Shorter term, she believes they are going to increase their distribution by 20%-30%. Have a debt goal of $1.6 billion and are at $1.2 billion. With current oil prices they will be paying down their debt pretty quickly. 3% distribution.
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