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Opinions Norman Levine
Harvest Energy TrustHTE.UN.TOBUYMar 10, 2008
2 businesses. Normal oil/gas trust in Western Canada, but also acquired the Come By Chance refinery in Newfoundland. This is great diversification for them and a good long-term business. The timing of it however was that they got it when margins where near their peak and have come down quite a bit. They had to cut their distribution. 15.8% yield.
Norman LevineUnknown
$22.80
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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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