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Opinions Robert Lauzon
Harvest Energy TrustHTE.UN.TODON'T BUYSep 08, 2006
An oil weighted trust. Has a higher degree of leverage then he likes to see. Purchased a refinery in Newfoundland, which is a totally new area for them. Gasoline prices have decreased which shows the risks involved. Needs to raise about $7 million equity so there will be a lot of stock coming to the market in the next few months.
$32.40
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Conventional oil/gas production in Western Canada and refining in Newfoundland. Had taken on a lot of debt to acquire the refinery and refining margins have not been good. Doesn't see this changing for while. Changeover in 2011 is another challenge and they have their work cut out for them.
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One of the few companies that has a refinery and have done quite well on the refinery margins. Has been playing this through the convertible bonds, which he thinks is a better way of playing it.
Jaime CarrascoOwned
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COMMENT
One of the riskier oil/gas income trust. Huge refinery in the Maritimes. Plant was upgraded and is good. The refinery can swing earnings around significantly. Oil and gas operations have not been that great. Likes the yield of 8.6%. Doesn't expect it to go back to its high levels of a couple of years ago.
David CockfieldOwned
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