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Opinions Matt Baillie
Viking Energy Royalty TrustVKR.UN.TOBUYJul 15, 2005
Royalty trusts in general haven't been keeping up with the oil stocks and are now in line on a cash flow basis with the oil corporations. Look a lot more attractive. This one has a lower payout ratio than last year. Lower valuation than the group because it is somewhat of a turn around story. Prefers others, but doesn't think you will get hurt on this one.
$7.57
Stock price when the opinion was issued
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HOLD
Would rank as a tear 2/3 player. Good quality people are running the trust. Has a lot of heavy oil exposure. Management has good heavy oil experience.
Dean OrricoOwned
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HOLD
HOLD
This one is merging with Harvest Energy (HTE.UN-T). The combined trust will be attractive to large institutional investors which will create an improved valuation. It is possible they could get a US listing that would improve the valuation. On Mergers, there is always integration risks but in 6/9 months, it will be a good trust.
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BUY
Merging with Hardest Energy (HTE.UN-T) giving them a much larger land-base. Management has a great track record in heavy oil. Feel there will be good upside.
Michele RobitailleOwned
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HOLD
Merging with Harvest Energy Trust (THE.UN-T). Because Viking pays out more in distributions, Holders of Harvest Energy will get less in distributions. We'll probably become a better run trust because of the merger. If you own, wait until it gets listed on the exchange and then take some profits, probably in the first quarter.
Robert LauzonOwned
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PAST TOP PICK
(A Top Pick July 4/05. Up 30% plus distributions.) Had a target of $10, so when it came close to that, he took some profits. Has a very good payout. A little high on the payout and is in a bit of a downtrend right now. Wouldn't buy right now, but is probably a hold.
David ChapmanOwned
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HOLD
A reasonable quality trust. New management team and is in a bit of a turn around. Recently increased their distribution which gave it a bit of a pop. Probably not a bad idea to take a little bit of money off the table.
Michele RobitailleOwned
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BUY
BUY
WEAK BUY
Just increased distributions. Fundamentals continue to hang in there. Payout ratio has jumped because of their increase in distributions, so you want to keep a close eye on to make sure they are not over paying.
Dean OrricoOwned
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