Veresen Inc (VSN.TO)

This is kind of a two-tiered company. It has a pipeline carrying natural gas into Chicago, with the extraction of liquids. Has been operating for years and years and years. A pretty stable source of cash and cash flow. They are actually expanding the chemical operations in Chicago, which is good. However, the real story behind this company is the LNG plant they are developing in Oregon. It will probably wind up taking Canadian natural gas into the US.

Anything in energy, people don't really care about, but it creates an opportunity here. Pipelines and utilities kind of get lumped into that. This is a top quality company, with some massive growth opportunities over the next 5-7 years. Some of the growth opportunities in the US and Canada are going to make the stock stand out over the next few years. Yield of 5.43%.

Likes the pipelines that are actually adding capacity. This one is building an LNG plant in Oregon. Once it is built, it is going to add quite a lot of revenue going forward. In the meantime, you get a dividend yield of 5.48%, which is higher than the other pipelines. With all of these plays, pension money needs to find yield in this whole interest rate environment, and that is going to give some backing to all these plays.

Stock had a nice run, and was really a function of them de-risking their Jordan Coal project, a West Coast-based LNG export project. They need to secure the financing and an off taker for their LNG facility. Thinks this is worth $21. Still have the risk of the alliance pipeline that needs to be re-contracted. He doesn’t want to take on their risks. Dividend is safe for now, but it depends on how they re-contract.

Grown significantly from expectations that the Oregon LNG project will be completed. However, it is also in the mid tier pipeline space in Canada, that has been on fire. With the recent court judgment in favour of the natives, it could be a case that product will flow down into the US.

His target price is around $19. 1^st quarter distributable cash flow was roughly $.33 a share. Has had a 22% increase year-over-year. Dividend yield of about 5.35%.

The area for the latter part of this year shows a 52 week high, so when you break out into new all-time highs, there is probably more to come. Felt this was an overlooked pipeline play, and thinks it has a ways to go.

They are going to be building a big LNG plant, which would take about three years to complete. Hasn’t moved as much as some of the other pipelines, but in the meantime, you are getting 5.44%. Still expects growth from all the pipelines.

US and Canadian LNG projects. It probably came off because it had a pretty good move recently. He likes the story and doesn’t see any problems with it here.

At a 52 week high and he thinks it goes higher. This is in the right space. Stock is overlooked. Still has a respectable yield.

Dividend is not a slam dunk, but he thinks it will be fine. A $4 Billion company building out a $9 Billion project. This will be America’s only West Coast LNG facility so could be a take-out target for Exxon and so he wants to own it.

Thinks this is very fully priced. They have a big tie-in with pipelines and various other areas in the chemical production. Not a simple situation to analyze. Recent earnings were very good, partly because of a one-time gain on spot gas. That won’t happen again. There are other companies that pay a similar dividend, probably more secure, and have better growth prospects.

Has done very well over the year, and will continue to do so. Dividend of around 5%.

This has run in tandem with the rest of the group. They own 50% of the Alliance pipeline which is up for recontracting at the beginning of 2015. Have relatively limited shipper contracts in place so they have started forming agreements with companies, in terms of building facilities for them in exchange for a guarantee that the gas will go down into Chicago. Her concern is with the economics with the underlying deal.

Energy infrastructure and a little bit expensive. They have a half interest in the Alliance pipeline that goes towards Chicago. Big driver recently has been some approvals on an LNG project in the US. We are a long way from that happening. They have to get in offtake agreement and probably sell down some of their interests because it will take a tremendous amount of capital to build it.