Daylight Energy Ltd (DAY.TO) Buy, Sell or Hold

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Daylight Energy Ltd (DAY.TO)

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HOLD

This will be another of the trusts that once the tide turns, the stock will move out. Strong assets strong management.

TOP PICK

55% gas. Has done some hedging. Natural gas prices is his reason for liking this. They were down around $5/$5.50 and now at around $8.50 and staying above $8.00. The drilling rig counts are way off and drilling is way off and very high decline rates. LNG miracle is not materializing. Looking for higher natural gas prices and this is a good way to play it.

BUY

(Market Call Minute.) Beaten up in December. Has a bit higher debt level than it should, but very cheap compared to its peers.

SELL

One of the more quality oil/gas trusts. Cut their distribution early this year. Probably trades at a healthy discount to its NAV but is probably cheap for a reason. Wouldn't count on too much of a premium if it gets taken out. Would move on to a better trust.

DON'T BUY

Like all oil/gas trusts, this is affected by commodity prices and currency. This has natural gas exposure. Reduced their distribution recently. Have some debt that needs to be refinanced. Very impressed with management and it's on his Watch list. Not impressed with the financial structure.

COMMENT

Gas weighted. 14.4% yield. Had a distribution cut. The problem with these companies is that the commodity price is weak, costs are higher and there is the tax overhang coming in a few years.

COMMENT

Natural gas. Has a history of not meeting its production. New management team is very qualified. Debt levels are a bit above average. Have reduced their payout ratio. Wants to check out their asset base before considering.

HOLD

It's had a few disappointments, but things are settling down now.

COMMENT

Would use for torque in his portfolio. If he were bullish on commodities, this would go in because of its more aggressive style giving better upside.

COMMENT

A good second tier name. Reasonable volume. Debt is higher than what he would like, but not outrageous.

DON'T BUY

Had some production drops in its profile which ahs been very disappointing. Debt levels are somewhat high.

DON'T BUY

Merged with Sequoia (SQE.UN-T). He would be very cautious about this one. Relatively high payout ratio. Gas weighted. Relatively low reserve life.

DON'T BUY

A gas weighted trust. Has had some production misses as well as some earnings misses.

DON'T BUY

Merging with Sequoia Oil & Gas (SQE.UN-T). Not comfortable with the merger and would prefer to see them what the way from it.

SELL

Shares have performed far worse than the actual underlying business. Have been contaminated by their merger with Sequoia Trust. Expect further negative developments with Sequoia.

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Daylight Energy Ltd (DAY.TO)