Denison Energy (DEN.TO) Buy, Sell or Hold

Denison Energy (DEN.TO)

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DON'T BUY

Feels that uranium is going to be one of the key resources that allows the US to break its hegemony on oil. He has chosen to use Uranium Participation (U-T) instead. This one is far too expensive.

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BUY ON WEAKNESS

The next Canadian uranium producer in size to Cameco (CCO-T). Likes uranium. Would buy this in the $13 range.

BUY

The story is good and you just have to watch that it doesn't fall below its June low. Low risk play.

BUY

Split between oil/gas development and uranium. An interesting mix. From this price, it offers an interesting opportunity going forward.

BUY

Temporary shutdown at Maclean Lake to facilitate growth. Impacted the stock way more than it should have.

PAST TOP PICK

(A Top Pick Mar 7/06. Down 15%.) Looked at this as an alternative to Cameco (CCO-T) which he still thinks it is. Just announced a share buyback which is unusual. Would still be aggressive on this.

DON'T BUY

Still struggling a little bit on the production side. There have been some management changes. Metal stocks are coming under pressure right now.

WEAK BUY

The 2nd largest Canadian uranium stock and producer. Despite the fact that uranium keeps pushing to all-time highs their last quarter was rather sloppy. The next couple of quarters should bring the stock back to $17.

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BUY

More of a junior related play in the uranium space. He generally deals with large caps. Likes the outlook for uranium in general.

WEAK BUY

The other way to play uranium. There are a lot of speculative uranium exploration stocks, out there, but there are only a handful of producers. Prefers Camico (CCO-T).

TOP PICK

Did an issue 6 weeks ago at $17 and a 5-year warrant. The warrant was attractive. Hedge funds bought the issue and were shortening the stock and going long the warrant so there is pressure on the stock. Uranium and the sector is going up while this one is down 25%. They also have to shut down one of the major mines for maintenance which will create a weak quarter. Good price.

TOP PICK

Denison Mines Limited offers some opportunity and is far less risky than Crosshair Exploration. Presently does not own but is looking to buy at $14.50 if possible.

DON'T BUY

Do not acquire.

SELL

Likes uranium and it is ultimately going to get more of a play but his problem with Denison (DEN-T) and Cameco (CCO-T) is the price to earnings ratio or the price to cash flow ratio is fired too high. He prefers Uranium Participation (U-T) which gets rid of the price earnings ratio issue and you get rid of the exploration rests. Given a three outlook, Uranium Participation could be much higher.

SELL

Likes the company, but the price/earnings ratio is far too high. Prefers to play uranium through Uranium Participation Corp. (U-T) which avoids exploration problems. Would sell this and move into Uranium Participation.

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Denison Energy (DEN.TO)