Stockchase Opinions

Brian Prokop Ketch Resources Trust KER.UN-T HOLD Apr 05, 2005

Initially were a little shy of a production level, but brought out about 1,000 BOE's a dayof production that was behind pipe. That made them very solid for the rest of the year. Payout ratio is probably in the range of 60/65% which is excellent.
$12.970

Stock price when the opinion was issued

oil gas
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HOLD
Has performed very mediocretly compared to others. Good assests. Recently made a number of changes in management which should be good. Should be able to grow this a little better than what they have done in the past.
WEAK BUY
Somewhat undervalued. Had a bit of a rough ride. Changed management. Has not performed as well as some of the others out there and hopefully new management will tell the story.
DON'T BUY
Have been disappointing. There has been some change in top managaement.
DON'T BUY
Feels the valuations in the oil/gas royalty trusts are very reasonable. If oil/gas prices drop further, they will be even better value. This one is a natural gas focused trust. Has shorter reserve life index, so would prefer others.
WEAK BUY
Has stabilized. Doing OK, but not expecting great things out of it.
HOLD
Has been surprisingly disappointing in terms of the performance. Excellent management team with a spectacular track record. The ultimate fate of this company is probably is to get bought out. That will give you a premium from where it is today, but not a huge one.
TRADE
Ketch Resources has been an outperform compared to other gas trusts. Other gas trusts have imploded over the past month and a half. "This one looks like its ship is turning".
DON'T BUY
Missed a lot of their production numbers so he sold his holdings. A gassy name. Thinks it will be taken over in the next year but don't expect too much of a premium on this.
SELL
Advantage Energy (AVN.UN-T) and Ketch Resources (KER.UN-T) are emerging. Wouldn't own the merged company. He was short Advantage and longer Ketch.
SELL
Ketch Resources (KER.UN-T) and Advantage Energy (AVN.UN-T) are merging. By doing this, Advantage may not have to cut their distributions.