Petro-Canada (PCA.TO)

TOP PICK
Still dirt cheap at an 8 X multiple relatives to all its peers. Has very strong production growth. Truly international.
TOP PICK
This gives you international exposure. They are integrated so, besides exploration and production, they are in marketing and refining. They have very good and growing oil sands and east coast participation. Probably the cheapest of the major integrated firms.
BUY
There has been at 63% increase in oil/gas so what do you do from here. He feels you should focus on the integrateds and is one is an outstanding producer and is a little undervalued.
BUY
Breaking out. One of the lowest multiple stocks in the integrateds. They have great assets in the Mackenzie Delta.
TOP PICK
They sold their Syrian producing assets which is good for the company. Have some good partnerships. Looking for increased production this year.
BUY
With its refineries and retail, it has less leverage to oil prices than to producers and explorers. On the other hand, if oil prices go down it will dampen any downward movement. This is his favourite integrated stock. Not a bad way to play the oil sands because you are insulated from that pure oil sands risk.
BUY
They will start increasing their production related to several different developments. Likes what he sees. Selling off their Syrian assets.
BUY
His model price is $75.56. A 48% differential. That is the #1 value stock in the TSE60.
BUY
Sort of likes the positioning of this company a little better than most. Has a better international growth profile. The valuation is a little bit better. They have downstream operations which are going to protect the profitability are little bit more.
WEAK BUY
A good company, but one of the problems is where does the growth come from after 2007. Well run and will participate in any oil rally.
BUY
Extremely well-positioned. Despite the fact that energy has been a big driving force, this company, through its exposure to the east coast and Alberta has good prospects for increasing production over the next 4/5 years. On a price to earnings basis, it is probably around 16 X which is not too bad. Pays a modest dividend.
PAST TOP PICK
(A Top Pick Sept 1/05. Down 5.9%.) Still likes and is buying for accounts. A good core holding.
BUY
Probably has the most upside of the integrateds because four years ago they bought some international assets. Among the best managed integrateds.
BUY
More of an emerging story then an old story. Went through a couple of years where they had production disappointments. Lately, they have been making some good acquisitions, good production gains and their refining and marketing have been very good for them lately. Continues to be one of the cheapest if not the cheapest majors in the world.
WEAK BUY
Of the integrateds, this is the cheapest. Prefers other areas.
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