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Talisman Mining Ltd (TLM.TO)

COMMENT
With the announced change in corporate direction, he will have another look at this one. One of the cheaper ones.
WATCH
Have now come out with their new platform where they are moving and transitioning into a more resource space platform. Looking for long life and more predictability in regards to growth. Have a massive land base. Trades at a discount to its peer group. Looking for a 12 to 18 months transition period.
PAST TOP PICK
(A Top Pick July 13/07. Down 5%.) Has been a bit of a roller coaster like a lot of the oils but he still likes it and has been adding to his position. Selling at around 5X-6X cash flow. As one of the strongest balance sheets. A lot of international plays that have prospects for future production growth.
PAST TOP PICK
(A Top Pick Mar 3/07. Up 14%.) Well run company. Good diversification of assets. Still under priced.
BUY
(Market Call Minute.) One of the cheaper on a price to cash flow basis in the oil/gas sector.
BUY
New management and new emphasis on production. He is still buying at this price.
BUY
(Market Call Minute.) Large-cap energy and likely long-term acquisition candidate.
PAST TOP PICK
(A Top Pick Apr 24/07. Down 3%.) Pulled back too far and stopped him out of his position. A wonderful company, but feels there are better opportunities.
BUY
(Market Call Minute.) Cheap statistically.
BUY
Was not doing well compared to where commodity prices where. New management. Tremendous amount of resource plays. Will be doing new presentations and outlining new strategies on May 21 so there will be a lot more interest in the company.
BUY
International oil and gas. Big institutional day coming in mid-May so the market has been moving in advance of this. These are usually good things. Management will be explaining their 3 to 5 year plan. Will have a little bit better direction and a little bit better sense. Statistically cheap.
TOP PICK
(A Top Pick Apr 16/07. Down 9%.) Old management had great assets but over promised and under delivered. Early indications are that new management will be going back to their roots and concentrating a lot on non-conventional natural gas.
DON'T BUY
His energy exposure is more to smaller gas companies so doesn't own this one. Ranks 217 out of 600 stocks. Year-over-year earnings were down 47%. Earnings expected to grow about 51% giving a 13 PE. ROE is reasonable at 18%. Expects oil to remain above $100 but feels there are other companies that can grow production faster.
BUY
Starting to behave a little better. Has been meandering for quite awhile but it is now possible for it to have a breakout. A little trouble around $21 or $22 as there is some overhead resistance. Because it is in the energy area, it should do well.
BUY
A change in management, which will be beneficial. Putting a greater emphasis on their low risk unconventional natural gas. Good international diversification. Good product diversification. Should start to over deliver. $21 target is conservative.
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