Legacy Oil and Gas Inc. (LEG.TO) Buy, Sell or…

Legacy Oil and Gas Inc. (LEG.TO)

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BUY

Has run back up nicely. Thinks it will get close or at the highs of last spring of $16-$18. Well-managed. Pretty widely dispersed so you are not banking on just one area. Great growth coming.

HOLD

Did another acquisitions and not as great a start. Good oil leverage. He added when it was in the single digits. It’s early days but not a bad play to have with its strong asset base and size. They can stomach a few bad wells. Doesn’t think he would add to it at this point.

TOP PICK

Un-booked reserves plus upside. Balance sheet concerns are over blown.

HOLD

You could take half out if you are holding too much, but the people are good. Has been clawing back since October. Continue to hold it.

PAST TOP PICK

(A Top Pick Nov 12/10. down 13.05%.) Had a really wet environment in the 2nd quarter. Now you can start to see production growth coming through. Still buying.

BUY

Has been in a downward channel and is finally showing some movement by breaking out. There have been 4 days of rather significant of both price and volume perspective. Short term target would be $12 by the spring but if it falls back, you have to get out at $9.50.

STRONG BUY

Was almost a Top Pick. Feels it is the most attractive oil/gas investment in North America. At $100 oil, it is 2 P (proven plus probable barrels), which is what they have already discovered and is worth $10.25. Stock is trading at a 10% discount to that. Very cheap on current production. FV of $15.

BUY

Favorite mid-cap oily producer in western Canada. Has rebounded lately. They had a wet second quarter and got behind on production. Production is going to be 30-40% over next couple of years. Great entry point if you have some patience.

COMMENT

His issue with anything in the oil/gas industry at this stage, he wants to get a yield. His favourite company would be one like Freehold Royalties (FRU-T) that has a 10% yield. If oil pops back up to $100, this one could go up 50%-70% but he prefers to have a sure thing.

TOP PICK

NAV of proven reserves is about $8 and trading at about 1.1X that. Delineating several plays in the next couple of months that have significant upside, including Alberta Bakken, Spearfish and Turner Valley.

DON'T BUY

Likes the name. Few miss-steps but in general a good name and people are well disposed to it. In a normal you should feel comfortable buying it but given that you could walk into a SU and it is cheap too and is a large cap and senior he would prefer that.

TOP PICK

Oil company that used to be a darling. People chose to sell off oil. Aggressive management team – increased production. Trading at less than pier group, but used to trade at a premium. People are going to want to buy oil for the long term. Thinks it will eventually be taken over.

BUY

Stock got a bit head of itself earlier in the year. Hasn’t looked back. Has been off quite harsh this year. More oil waited. Has started to add to. Now that it has corrected, it is a good buy.

DON'T BUY

In the bottom 15% of his database. Cash flow growth is modest at 11%-12%. Forecasted at 36% next year giving a 4X price to cash flow. Prefers Coastal Energy (CEN-T).

TOP PICK

PP is $9 so you get all of their unbooked upside for free. 5 very high impact plays. 3 positive well results in Dakota with more to come. Huge exposure to Alberta Bakken and Turner Valley and others. $14 in the next 6 months.

Showing 136 to 150 of 185 entries

Most Recent Experts

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Gordon Reid

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Jim Cramer - Mad Money

CNBC

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Legacy Oil and Gas Inc. (LEG.TO)