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Kevin Hall BComm, CFA Harvest Energy Trust HTE.UN-T DON'T BUY Dec 04, 2007

Unique story in the oil/gas trust space. Bought a refinery in Newfoundland. Did very well the first part of this year with healthy refining margins. Conventional assets disappointed in 2nd and 3rd quarters and refining margins have now fallen out of bed. Doesn't have a lot of confidence in refining margins, which can be very volatile.

Kevin Hall BComm, CFA

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DON'T BUY

(Market Call Minute.) Some potential for them but it is getting late in the day for energy trusts and he is nervous about their payouts.

COMMENT

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.

DON'T BUY

Hasn't participated in the upside. Cheap, but for a reason. Refining operations will continue to be challenged and the upstream operations have never been stellar. Ugly balance sheet.

COMMENT

As with many of the trusts, there is a risk that the 9.6% yield could be cut going into 2011. Their refinery business has been quite challenging.

DON'T BUY

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.

HOLD

(Market Call Minute.) Would hold the stock but by the convertible debentures.

DON'T BUY

Their payout is not very high but their debt is. The debt will become due in about 1 year. They'll probably do another equity issue so she wouldn't be surprised if they cut the distribution.

COMMENT

Sharply penalized because of narrow margins on the refinery side. Margins have been coming back. There are other companies that have more stability in the group but they have been doing better on both sides of their operation and that should continue. 8%+ yield.

COMMENT

Being acquired by Korea National Oil. A lot of people are not happy with the price agreed to.

SELL

Korea National Oil Company have offered to acquire but will be subject to government approval. If you own and have a nice profit and are close to the bid, Sell and that the arbitrageurs take the risk.

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Kevin Hall BComm, CFA Harvest Energy Trust HTE.UN-T DON'T BUY Dec 04, 2007

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