Fairborne Energy Trust (FEL.UN.TO)

DON'T BUY
His original attraction to this trust was its exposure to coal bed methane gas. Thinks it is very overpriced in the short term.
TOP PICK
Has had a good year, but still feels there are some good things happening. A gas weighted trust. The 5th largest producer of coal bed methane. Will be going into the index. Production guidance keeps growing. Management owns 17% of the trust.
TOP PICK
A relatively small trust. Has significant ownership by management. The fifth largest coal bed methane in Canada. It’s opportunity rich. Has over 300 possible drilling locations.
PAST TOP PICK
(A Top Pick Sept 2/05. Up 11% plus distributions.) Likes what it's done with its properties.
HOLD
All the hot global money has been chasing these stocks over the last several months and when it rolls, that money comes out fast. This is an A list name. It's fair price, so can't get excited about it right now.
PAST TOP PICK
(Top Pick July 29/05. Up 30%.) A gas weighted trust and still likes. They have about 150 drilling prospects.
BUY ON WEAKNESS
Could be a further pullback along with the oil sector. If you see this one any lower, it would definitely be a buy. Good gas exposure.
BUY
The outlook for natural gas is much rosier and the growth is steadier than it is for oil.
TOP PICK
(A Top Pick July 29/05. Up 40% plus distributions.) Has exposure to the coal bed methane market. Has identified about 150/200 wells that it's going to drill over the next year or two.
TOP PICK
(A Top pick June 17/05. Up 42%.) Continues to exeed expectations. Good guidance on production going forward. There's an distribution increase coming maybe by the end of the year.
TOP PICK
Has a great slate of assets. Have been able to grow their production constantly. Good management which has a good stake in the company. 78% of production in gas. Probably a little expensive right at the moment.
TOP PICK
A recent conversion to a trust. The oil/gas trust space is getting pretty competitive. This is one trust that gives exposure to coal bed methane which looks to be the one growth area in the oil patch.
BUY
Likes this because of the nature of their reserves (coal bed methane gas) and the relatively low payout ratio. Also likes the Fairquest Energy (FQE-T), an offshoot of this.
BUY
Gas weighted. Have a lot of coal bed methane assets which has a lower decline rate than oil and gas. Should have a nice stable 10 year reserve life. Lower multiples than the competition. Low payout ratio.
BUY
An excellent company. Likes what they've seen.
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