Harvest Energy Trust (HTE.UN.TO) Buy, Sell or…

Harvest Energy Trust (HTE.UN.TO)

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5 watching

BUY

Have 2 main businesses. Oil/gas and a Newfoundland refinery. Earlier in the year, refinery margins where really big, but started to shrink when the summer driving season was over. Because of this and weak natural gas prices, they had to cut their distribution. For long-term investors, 3 to 5 years, this is a very good company. 16.39% yield.

SELL

75% mostly heavy oil and have issues on the upstream operation. Have a refinery, which drove the earnings up, but crack spreads are now weak. Has a 50,000 acre oil sand lease. Recently had a distribution cut. Expects another weak quarter in Q4. Doesn't see a lot of near-term upside.

BUY

An oil/gas trust that bought the Come By Chance oil refinery that gave a whole new dimension to the company. Refining margins have weakened and they have to put in some capital expenditures and this has hurt the stock. In the long-term, this diversification will prove to be smart.

DON'T BUY

Doesn't think the stock will go anywhere for a while because they are doing a plant turnaround at Come-by-Chance, Newfoundland. Refining is weak now and their conventional production has been a little weak. Expects there is a strong chance of a distribution cut.

DON'T BUY

One of the more aggressive trusts in terms of its growth pattern. Very aggressive payout policy. Doubt if it would be an acquisition target.

DON'T BUY

One of the more interesting oil/gas trusts. Besides being an exploration/production trust, they also have a big weighting in refining with their acquisition of the Come By Chance refinery last year. One of the riskier plays and the biggest call you want

DON'T BUY

A great deal of their profitability is based upon their refining spreads. This makes it a little bit more unpredictable. Last quarter was a little disappointing. Looks a little bit pricey at the moment.

WAIT

Purchase of the refinery in Newfoundland turned out to be good. Used excess cash flow to pay down debt. Right now refining margins are relatively weak. Seasonally, you should buy it in the fall for run-up in refinery margins that occur in April, May and June.

COMMENT

This is really benefiting at the moment through the refining margins. These margins have recently being squeezed and the stock has sold off. Not sure that if the refining margins disappear how secure the distribution would be.

HOLD

Has done really well. Has a strategy that included buying a refinery. Refining margins have done very well, but are now history until next year. Wait until April, May of next year before buying.

DON'T BUY

Hit a bottom in January, had a nice run up into July and then broke down. Doesn't know what happened fundamentally for this to happen so would avoid.

COMMENT

There was a run-up due to very attractive refining margins. The margins are less attractive, so the stock has pulled back. 15% yield, which is quite high. Could be an indication of a distribution cut.

COMMENT

Many investors are questioning where refinery crack spreads will be by the end of the summer, so the price has dropped.

HOLD

Yield of about 13%. This is one of the more interesting energy trusts because of the refining asset they bought. Expect it will go higher.

BUY ON WEAKNESS

Purchased refinery at Come By Chance in Newfoundland. Crack spreads have been wider in the last couple of quarters. Production side has been a little weak. He is getting a little twitchy because he thinks the spreads will contract and the stock may pull back some. Like it long-term, but at this price he’s a little nervous.

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Harvest Energy Trust (HTE.UN.TO)