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Canadian Oil Sands (COS.TO)

BUY
Exposure to vast resource. Stay if oil will remain strong.
BUY
The Oil Sands is a great investment over a long term. This and Western Oil Sands (WTO-T) are great assets and will continue to grow. Likes the dynamics of oil. Within that, oil could fall $5/10 over a period of time. You have to think of these things as a long term story, but there might be some short term dip.
BUY
A long term HOLD. Positive on the price of energy, including oil, gas, uranium, etc. The demand is not going away and there are supply constraints. Very important to have exposure to this sector.
BUY
35 year proven reserves. Good for a long term hold. A fabulous asset, one of the best in Canada.
DON'T BUY
Has gone from $42 to over $82 in just 10 months. Based on his $40 oil value, it's not a particularily compelling value and he has been reducing his weighting. Has very strong wind at its back, not only with oil prices, but there's a ton of money pouring into income trusts, so hasn't sold everything. Better value elsewhere.
TOP PICK
Very competitive when you look at F & D costs. Royalty costs are cheap. Long reserve life.
BUY
Their hedges all ended in December. American buying is coming into our sector which is pushing energy stocks higher. Distributions of $2 a unit are scheduled to go to $5 once they finish phase 3 of their development in 2/3 years.
BUY
Feels this is the best long term holding in energy.
HOLD
In the midst of a phase 3 expansion and expects the start up will be closer to the 1st quarter mid 2006. To increase production 40/50%. The big story here is stronger oil prices. A lot of leverage to oil prices. A lot of the good news is priced into the trust. Yield is quite skinny now.
DON'T BUY
When you get to the top of a growth channel and start to build an exponential spike, it usually means the stock needs a break. January is usually the best time to sell these stocks. If you own, lighten up at this point and then if you get a pullback down to the trend line, buy back into it.
HOLD
Always buys trust fors income, not for capital appreciation, and this one has never had a particularily high yield. On this trust, your return is from capital gains. Have almost infinite reserves. On a long term outlook, there's a good probability that distributions will be increased in the next few quarters.
DON'T BUY
Has a great structure. From what he can see, Syncrude has some problems because it has been around for so long, so many pipes. Less enthusiastic about it. Prefers Suncor.
BUY
An extrordinary long reserve life. Production growth. Continually bringing down operating costs. If you are bullish on energy, having a position in this is very sensible.
BUY
If you are going to only own one thing in the energy business, this should be it.
BUY
Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands.
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