Viking Energy Royalty Trust (VKR.UN.TO)

BUY
A high yield situation. Had some major problems. Bought a real turkey. New management was brought in. The company is working its way back. Still has to prove itself.
BUY
A turn around story in the royalty trust space. New management team made significant acquisition last year.
DON'T BUY
Q: Viking (VKR.UN-T) versus TKE (TKE.UN-T). A: Has a little shorter reserve life. A turn around story which seems to be working.
HOLD
Has gone from a negitive to a neutral recently. Does have a premium yeild. A bit more risk in this situation.
TRADE
Calpine transaction improved quality per barrell, and barrels per unit.
WAIT
Prior to its most recent acquisition, it was having a hard time. Had a change in management. Now a very gas weighted trust. Q4 results look positive. Wants to see how the new acquisition and management works out before buying more.
HOLD
Under new management and have acquired Calpine which was a good purchase. Have also acquired Kensington without paying too much for it. Pays out 89% of its cash flow which is pretty high. Not sure how the new management will do with their new acquisitions. 14% cash flow return, but there is higher risk.
BUY
Management is very competent, but the group of assets they were given were not some of the best. Think they will win over the long run. Has the ability to improve the multiples.
BUY
Ran into some difficulty a couple of years ago and had extensive management changes. Recently merged with Calpine natural gas which the analytical community seems to like. Looking at it now.
BUY
Has new management from top to bottom and a new game plan. Currently merging with Calpine which will make it into a much larger trust. Will be a big high quality name with an equal balanced production between natural gas and oil. High yield.
WAIT
Oil/gas holdings were mid to lower tier versus its competitors. Merging with Calpine which is a little bit of an experiment and will have to wait and see how it unfolds. It could be beneficial for both.
BUY
Has a sector outperform on it. Yield of about 14.8%.
BUY
Has performed quite well. Complete management changeover which is for the good. Good potential. Will probably work to get their large debt down.
SELL
Had a change of management, is up on a spike and also has the heaviest exposure of any income trust to oil.
SELL
A sector underperform. Reserve life is about 8 to 9 times. 70% oil. Didn't get the assets they had hoped for from an acquisition they got last year. Restructered and new management is getting it turned around.
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