Viking Energy Royalty Trust (VKR.UN.TO)

BUY
Not his favourite royalty trust, but management has turned the company around. Potential for distribution increase by the end of this year. Not a bad name.
BUY
New management has done a good job. Good yield.
WEAK BUY
A lot of income trusts are going to have to raise distributions to avoid income tax. This one is very oil oriented. Wouldn't be his #1 choice.
WAIT
Assets aren't as good as he hoped. Management is very skilled. Hasn't performed as well as he would like and hopes that good management will prevail over the long term.
BUY
One of his tier 2 positions. Into tier 2, not because of management, but because of underlying assets. Good management. Slowly improving the assets.
BUY
A turn around story. Previous management had made some acquisitions that were not too good. New management made 3 good acquistions in the last 1.5 years which significantly increased the size and reduced the payout ratio.
BUY
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.
BUY
New management team has done a reasonably good job in turning things around. Not as high quality as some of the other trusts. There's a possibility of a small increase in distributions. They're taking in more than they're spending.
TOP PICK
One of the overlooked energy trusts. Has struggled in comparison to other energy trusts. Has been forming a nice base. Payout is only 67% of cash flow. Gassy trust. Starting to break out. 13% payout.
BUY
Made a major acquisition of Krang Energy. One of his favourite trusts.
BUY
A bit more aggressive than some of the other energy companies. Their operations are mainly in Alberta, B.C. and Saskatchewan. Involved in natural gas liquids extraction. Pying out $0.96 and doesn't see this as a particularily stressful amount and shouldbe able to maintain that for the next 1/2 years. 13.7% yield. A reasonable trust to own for more aggressive accounts.
BUY
New management team has done a very good job of reducing costs.
BUY
This is a company in transition. One of the original oil and gas trusts. Ran into some production/acquisition problems over the 2002/2003 period. New, well repected, management team was brought in 2004. Have done some work to improve the underlying quality. Sees progress being made.
BUY
Likes this trust. A good turn around candidate.
BUY
Has been looking at this one as another alternative in the energy area. Getting pretty close to the price level they would be interested in. Has come off generally with the oil/gas area.
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