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Opinions David Cockfield
NAL Energy CorpNAE.TOTOP PICKJul 22, 2010
Quite a good yield (10%). Balance between oil and gas. Hit their production levels.
David CockfieldOwned
$11.01
Stock price when the opinion was issued
oilgas
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WATCH
Acquisition by Pengrowth (PGF-T). Is this a good deal for the stockholders? He is not super enthused about Pengrowth. As a combined company, they'll get some good assets from the NAL but expects they will have to get rid of some assets to maintain their payout. He is going to Watch and not dump his position yet.
David CockfieldOwned
oilgas
HOLD
This company is being acquired. What happens to the 6.25% convertible shares that are maturing Dec/14? A “change of control” clause gets triggered and NAL will basically offer you your money back. You don't want to do that because this takeover creates a stronger company and credit quality is improving.
oilgas
HOLD
There was anticipation of the cut. He averaged down. Payout ratio is ok. With a secure yield at this level he is quite happy to sit with it. It is acting very well in sell-offs.
David CockfieldOwned
oilgas
HOLD
Dividend is sustainable through 2012 but after that it depends on energy prices. They are doing the best they can to keep the dividend where it is. If Nat. Gas prices remain low there is potential for a cut. Still owns it but is not thrilled with it. He is not looking to exit at this point
Douglas KeeOwned
oilgas
TOP PICK
Doesn't expect any further cuts in the 8% dividend. Just did a new bond issue, which will put some money in their pocket. Likes the areas they are in.
David CockfieldOwned
oilgas
BUY
Just added to his positions. Liked the company and where they are drilling in Alberta. They are good managers, but someone has been selling it and it has been significant and it has brought the stock down. They did cut the dividend but it is still at 8%. Will do quite well over the next couple of years.
David CockfieldOwned
oilgas
COMMENT
Still likes this one but is more favoured towards other names such as Crescent Point (CPG-T) and Arc Energy (ARX-T) but this one trades at a discount to the group. There are some questions as to how sustainable the oil/gas companies growth pattern is as their balance sheets become more and more restrained. Better names to own.
oilgas
PAST TOP PICK
(A Top Pick Dec 17/10. Down 40.52%.) Good management. They are in the cardium. Back in the spring, new selling came in and has been going on ever since. Using about 11%. Still a Hold.
David CockfieldOwned
oilgas
