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Opinions David Cockfield
Harvest Energy TrustHTE.UN.TOHOLDDec 21, 2007
Market is beating up on the units because it is anticipating a cut in distribution. Likes their refinery, which is their major asset in the Maritimes. Recently, spreads on refining have narrowed significantly but he thinks they are going to open up again. There is a shortage of refining space in North America and this is strategically placed. 18% yield.
David CockfieldOwned
$20.40
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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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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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