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

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Harvest Energy Trust (HTE.UN.TO)

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DON'T BUY

Not keen on this one. Would prefer Vermilion Energy (VET.UN-T). Not as sure on the stability of the distributions.

DON'T BUY

A bit cautious on this.

BUY

Is into refining. They were in the right place at the right time. They are cleaning up their balance sheet so they are improving.

HOLD

Really interesting story. Management tends to make aggressive moves. Highly levered compared to most trusts. An interesting bet on refining. Historically, refining has produced horrible returns, but we are now in a more sustainable area of returns.

DON'T BUY

Diversified by buying a refinery in Newfoundland. This really increased their debt level that he is not comfortable with. Right now, profits are very good from the refinery, but refineries can be very volatile.

HOLD

The refinery acquisition in Newfoundland is interesting. Longer term, it might help to stabilize the distribution level. Wouldn't buy at this time.

BUY

Recently acquired a refinery in Newfoundland, which changed their structure. If you're looking for a refinery play, this is probably a good one, but is not a pure play.

COMMENT

Recently acquired an East Coast refinery, which significantly changes the outlook for this company. Assets in the western basin are middling to below average. Faces a considerable amount of challenge operating the refinery, but refinery's are very much in demand.

DON'T BUY

Recent cash flows have been doing quite well. Most of the time, refineries are not very profitable. This refinery went bankrupt once and had 2 fires. Debt levels are a bit too high. Distribution could be at risk.

COMMENT

Acquired a refinery in Newfoundland last year. Have been successful in financing this but probably have a little bit more equity financing to go. The refinery benefits from lower crude prices.

SELL

With all the problems of Earl T. trusts, this one has them all.

DON'T BUY

There is a disconnect between owning properties in the west and a refinery in Newfoundland. The refinery is quite old and has had a couple of fires. Had some concerns that the cap ex numbers for the refinery were quite low. Too much debt.

DON'T BUY

Not a fan of energy trusts. Although they are growing, they are issuing so many shares there is a decline in production per share. He is shorting this one in his fund.

HOLD

A question mark. A third of their assets are in a refinery. Would want to see how it performs.

DON'T BUY

Expect it will be challenged over the near term as they did a fairly significant refinery acquisition and will probably have to come to the capital markets to fund it.

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Harvest Energy Trust (HTE.UN.TO)