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Trinidad Energy Services (TDG.UN.TO)

HOLD
Been hit along with the other trusts. Cyclical and seasonal. Outlook looks better in the next quarter.
BUY
Attractively priced. They have one of the best fleets out there.
PAST TOP PICK
(A Top Pick Sept 1/05. Up 4.5%.) Good drilling company. Good choice of rigs.
DON'T BUY
Focused on the deeper drilling. Better rigs with higher utilisation rates. Tend to be more gas focused so could have some slippage in day rates in a warm winter. Have somewhat higher financial leverage then he likes. Good management.
BUY
Drilling company. Reasonably profitable and well-managed. Have made a number of astute acquisitions.
BUY
An energy services company, but more in the drilling aspects. A little bit sensitive to commodity prices and drilling activity.
PAST TOP PICK
(A Top Pick Sept 1/05. Up 19%.) Owns this for growth, not the yield. It has a light more growth potential.
BUY ON WEAKNESS
He doesn't treat this as an income trust as the yield is relatively low. He looks at them as a pure driller. From that standpoint, it really hasn't given much upside. Really likes the company.
DON'T BUY
Between this one and Cathedral Energy Services (CET.UN-T) he would probably buy Cathedral. Given the nature of the drilling business, he would stick with Precision Drilling (PD.UN-T).
BUY
One of its favourite names in oilfield services. Area has been volatile because of the spot price for natural gas. Looking at cash flows, they are reporting record numbers. Some concern on reduction of drilling, but this one is better placed because their rigs are on the deep side.
PAST TOP PICK
(A Top Pick Feb 10. Down 8%.) Has had significant volatility. Sold his holdings except for one fund. Setting up nicely again. Still a favourite to play for the back half of the year.
PAST TOP PICK
(A Top Pick Apr 28/06. Down 7.4%.) Getting caught in the decline of need of drilling rigs. A very good trust.
HOLD
Yield isn't that high, but the growth prospects, the equipment base they are operating with and the management are good. Haven't been buying recently because of concerns that the drilling area is going to suffer.
BUY
3rd largest driller. Drilling has been very robust during the past winter. Relatively clean balance sheet to make acquisitions. Recent one in the US got them 20 more drilling rigs.
BUY
An oilfields services company. The majority of the drilling out west is for gas so the prices have been a little weaker. A fast growing name they give you good upside to the natural gas story.
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