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Opinions Glenn MacNeill, P.Eng.
Pengrowth Energy Trust (B)PGF.B.TOBUY ON WEAKNESSAug 23, 2006
Recently sold his position. Payout ratio has come down to about 70% and hired a new management team that have strong technical skills. Recently acquired Esprit, which was good, but paid a full price for it. Will buy on weakness.
$25.31
Stock price when the opinion was issued
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PAST TOP PICK
(A Top Pick Mar 23/06. Up 17%.) Looking to consolidate the A and B shares to make it one class.
Michael SprungOwned
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COMMENT
As other trusts were running down their payout ratios, this one continued to pay on a relatively high level and relied on acquisitions to replace production. That model doesn't work any more. They are now changing. From a fundamental basis, they are improving.
Dean OrricoOwned
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DON'T BUY
The class structure is being dissolved. They have done a pretty good job over the last year of cleaning up some of their problems. Owns some in an index fund, only because he has to. Prefers others. Reserve life of about 11 years. Payout ratio is a little high.
Robert LauzonOwned
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HOLD
Combining their A and B shares together. At these levels, this is a pretty good hold.
Ravi SoodOwned
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TOP PICK
About 55% natural gas. Very good yield at 13%. Represents reasonably good value. Has good properties to develop. Very good balance sheet.
Michael SprungOwned
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TOP PICK
Relatively safe with a good balance between oil (55%0 and natural gas (45%). 13% yield. Good reserve life and they continue to replace them. Payout is in the 80/5% range.
Michael SprungOwned
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