Cenovus Energy (CVE.TO)

(A Top Pick Aug 20/12. Up 1.29%.) His thinking a year ago was that energy stocks were cheap and this one was well run with probably 8%-10% production growth over 10 years. It applies now because it really hasn’t moved so he still likes it.

Excellent long-term growth profile. This is the premier SAGD operator in terms of lowest costs. Fully integrated through its deal with ConocoPhillips (COP-N). He is looking for growth in excess of 10% a year on the volume. Company has targeted 11% for the next 10 years. Yield of 3.09% and he expects a 10% growth per year.

(A top pick June 29/12. Down 4.54%.) Struggling along with the group and he sees no reason why it should struggle. Operationally they are firing on all metrics and producing about 280,000 barrels per day. One of the best operators in the SAGD oil sands. Looking for a 10% compound annual growth over the next 10 years.

Prefers others. It is a case of how oil production will look next year and what happens to the keystone and Canada East decisions. Prefers CPG-T

Very well run oil sand company. Have some of the most economic oil sand deposits in Canada with the breakeven price of about $40-$45. Trades at a premium because it is viewed as a more quality name. Can’t see any real catalysts.

(A Top Pick Jan 3/13. Down 7.14%.) Still one of his highest conviction names. Would still recommend this. Great, deep resource base. Raised their dividend 2 years in a row, 10% each time. Good long-term holding.

(Top Pick Apr 10/12, Down 14.03%) Over time is one of the better quality energy companies out there, but energy is weak right now because global growth is weak. There is no reason to be there right now. Wait until industrial economy is picking up in the US and China.

Has some Nat Gas production which is a hedge for the production costs of the oil sands. He has shied away from oil sands producers because of execution on projects but CVE has stood out head and shoulders above their pier group. He only owns CPG-T

Underowned and underliked by the big money out there.

Low cost producer. Has refining also. Most sensible, conservative way he can own oil in Western Canada. It is 3% position for him.

(A Top Pick April 4/12. Down 9.91%.) Still thinks it’s a great name to own. Has been hampered by concerns over the oil differentials. Had very strong results in the 1^st quarter of their refinery.

The negative with this is the sector it is in but it is one of the top ranked stocks on Bay Street. Very strong dividend yield. Down at these levels, you could start nibbling away. US and global investors have a new, very strong interest in US energy, so money is flowing that way.

When we are going through such a prolonged selloff in the energy sector, the companies that come back first are the very large, well-capitalized, very liquid companies that are integrated i.e., with upstream and downstream operations. On valuation, you are probably better off with Suncor (SU-T). (See Top Picks.)

Great company, incredibly well run, one of the lowest cost producers in the patch. Rail is going to transport a lot more oil. Great management. You can make a reasonable amount of money on it.

(A Top Pick April 10/12. Down 10.87%.) One of the more defensive ways to play the commodity cycle and had expected good long-term predictable growth in terms of production, which he still thinks is the case. Because commodities are struggling, he sold his holdings.