Enbridge (ENB.TO)

(A Top Pick Nov 14/13. Up 21.04%.) In July he had a feeling future earnings might be impacted by the low oil prices, so he exited his position.

The view was that falling oil would mean less Alberta production. To really impact their growth visibility you're going to have to have enormous change in Alberta production. For that you probably need $60 oil. He sees EPS growth of 12% for the next 5 years. Low payout ratio of 43%, so they have plenty of room to revisit their dividend policy, which they might. There is a lot of growth coming from drop-downs. Their earnings are exceptionally high quality. Yield of 2.67%.

Got hit hard today, and he is suspicious that there are starting to be concerns in the marketplace that producers are going to be cutting back their growth projections. This one has a real growth profile over the next couple of years and it is not cheap.

Got hit hard today, and he is suspicious that there are starting to be concerns in the marketplace that producers are going to be cutting back their growth projections. This one has a real growth profile over the next couple of years and it is not cheap.

Pipelines. Are these coming down because the whole market is, or is it more specifically because there is less demand for oil? It is just a general drag by the whole market and the whole market is re-pricing to a lower level. Feels there is going to be continued demand for oil. We have a lot of oil and we have great pipelines. If you can get this at a lower level, that would be great. Historically it has been a very, very good performer.

Getting very close to levels where he would consider buying. If you can get this under $50 and are a long-term holder, you are going to do well with this well managed company.

Long-term hold and is the dividend safe? Doesn’t own this because it is large and when they do have growth projects, it is harder to move the needle relative to some of the smaller companies. They do have some pretty good visible long-term growth and it is looking quite attractive here. He would suggest that you nibble away and leave yourself some room in case it does get cheaper.

Stock has pulled back by about 8%. They have very good earnings visibility on projects that they have in their $33 billion secured backlog with long-term contracts in place. With that backlog, they have now extended their 10%-12% compounded annual growth EPS out to 2018. Along with that, dividend increases, at a minimum, are going to be at the same pace.

In the future (about 2018), earnings growth will go up to 25% according to their investor day recently. It could double by 2020-21. They will probably raise the dividend by December. It will be a safe place to be.

(Top Pick Sep 23/13, Up 24.59%) Bought the IPO in 1952 and still holds it. Has been a 10% total return story for a very long time. Probably has never had the kind of growth ahead of them that they do right now.

This is going to be impacted if yields go a lot higher The move has been really big. Trading at around 7% its 2015 estimated pre-cash yield. This is in line with TransCanad Pipeline (TRP-T). However it has 11%-12% earnings growth for years out. His target is $70.

(Market Call Minute) Does not like pipelines. If you forced him to own one he would take this one. That whole group is expensive because of being a safety and low interest rate.

This is a great study of being a leader within a group, at a time when the group has been out of favour. In 2009 this was a sector that was generally unloved, but this company has been executing very well. It is a remarkably disciplined business. They look at every potential new project based on return of capital. They had a lot of long-term projects lined up to build. They continue to be that way. He thinks there is a long runway for the energy infrastructure companies, and this company will participate in that.

Preferred Series ‘F’ (Top Pick Nov 22/13, Up 4.70%) He never bought it. He is disappointed in this one. He thinks it is a hold or a buy. It has a fair reset rate.

He is starting to pick away at this, even at these levels, as they have a tremendous amount of growth CapX ahead of them, over $40 billion, which will enable them to increase their dividend and earnings by double-digit rates through to 2017. A very good, sleepy dividend payer. Thinks they will start more meaningfully to drop assets down into its MLP, which should surface some value and that will create long-term growth potential.