Petro-Canada (PCA.TO) Buy, Sell or Hold

Petro-Canada (PCA.TO)

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33 watching

DON'T BUY

Has been a perennial laggard. Trades at a discount to its NAV. Never seems to appreciate from a multiple standpoint. Would suggest Nexen (NXY-T) or Talisman (TLM-T) instead.

TOP PICK

Energy has not done very well in the last year. Has a growing production profile. About 2/3 oil and 1/3 natural gas. Have both upstream and downstream operations. Selling at 2 X Book Value.

HOLD

Has great potential, but it just keeps missing its production objectives. Would like to see some management changes. Multiples are quite reasonable.

HOLD

He sees a net asset value of $55-$60 a share. Has had a disappointing performance. Likes their downstream business. Not a lot of refining capacity in Canada. Eventually it will get some respect.

BUY

Stock has really been tracking the price of oil. The stock is cheaper than almost any international integrated oil company. Refining margins this quarter will be very high.

BUY

Chart shows periodic upturns. Thinks the stock has been oversold and is due for a rise. The support level from Sept/06 is similar to where we are now. Would have to get through $46 and then could go on to $51. Make sure you have a trailing stop of no more than $1.

TOP PICK

(A Top Pick Dec 21/06. Down 10.7%.) Unloved. If you took all of the TS60, it would be #1 and the cheapest in his rankings. His model price is $66.84.

COMMENT

Edmonton refinery just had a fire and production has been cut by 85% to 90%. Oils may need little more selling off .

DON'T BUY

There is government legislation that precludes any takeover. Other stocks are buoyed up by takeover rumours. This does not happen here. Once there is a more solid up market in energy, this will be a “go to” stock.

HOLD

Relatively cheap compared to its peers. Likes their properties. Keeps hoping that the McKenzie will come into being, because they have lots of reserves there. Keeps fumbling the ball occasionally.

DON'T BUY

If a stock, on an up day, is up less than its peers, and down more on a down day, it would not be what you would want to own.

HOLD

Has been a disappointment. Have not delivered on the production that had been expected. They're downstream operation is their highlight. Needs to demonstrate that it can execute.

TOP PICK

Beginning to see some value in energy. Almost at its 52-week low. Has a very dominant position in the Canadian oil patch. Involved in both upstream and downstream operations as well as the oil sands. Expecting some production growth.

DON'T BUY

This stock has had a series of failing highs. Feels that natural gas and oil are in a trading range. Wait until you see a trend re-emerge.

BUY

Production growth could be as high as 30%. East Coast production is getting back on stream. Operations have been tightened up.

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Petro-Canada (PCA.TO)