Petro-Canada (PCA.TO)

PAST TOP PICK
(A Top Pick May 10/06. No change.) One of the cheapest Canadian oil stocks. Still likes.
BUY
Had a little bit of a miss on earnings today, which was no surprise. This is an integrated producer, so you've got refining, exploring and retailing. This gives you a lot more protection from oil price changes. Trades at an attractive price to net asset value.
BUY
His favourite integrated. Had a little bit disappointing production from Terra Nova. Has very good production growth for a senior. A good entry point.
BUY
Likes the downstream business. Likes the integrateds more so than the oils. Likes the bigger companies with guys that can show production growth.
TOP PICK
His model price is $66.32, a positive 33% differential.
HOLD
A high-quality company, but has had some problems with production. The market is now in a “show me” mode. Trades at a discount. A reasonable investment.
TOP PICK
Has a lot of great things in front of it. Management is doing a great job. Expecting production to grow almost 30% from this year to next. Has a lot of oil sands exposure.
HOLD
This is the only major he would pick simply because it is cheap and ranks with CNQ (CNQ-T) and Talisman (TLM-T). Thinks it will hang in here and when people finally believe higher oil prices are with us, these stocks will be bid up.
BUY
Expect that crude will be going higher. A good stock on a 3 to 5 year basis. Gives you exposure to the oil sands.
PAST TOP PICK
(A Top Pick Apr 27/06. Down 5.3%.) If you had to own one energy company at current prices, this would be the one. Their oil sands is greatly unappreciated. Have invested a lot in their downstream operations and it's starting to pay off.
BUY
One of his favourites. Has been a little disappointing in its production so hasn't got the premium that it deserves. Has the best growth of any of the large cap names and integrated players. Good price.
BUY
Still has some upside.
BUY
It should break out with the rest of the resources. Has always been a laggard, but is now ready to catch up to the rest of the oil stocks.
BUY
Has always been one of the cheapest. Likes the company.
BUY
His favourite major oil producer. The cheapest of all the majors and has the strongest production profile. Should be a core holding in your portfolio.
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