Veresen Inc (VSN.TO) Buy, Sell or Hold

Veresen Inc (VSN.TO)

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DON'T BUY

Last time he was on he had it as a Top Short. Fundamentals are pretty weak. The market believes the dividend is going to be cut.

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HOLD

Payout ratio is in the high 70s but thinks the payout is safe in the near term. Lowered their cash flow growth estimates a few times this year and disappointed a few people that way. They own half the Alliance Pipeline and have a gas plant in the Chicago area. 7.9% yield but doesn’t expect you will see a lot of growth in the near-term.

TOP PICK

TOP SHORT Quality of the dividend looks sort of weak right now. Recovering a bit but not as much as it should. You buy it back about $13.50. It is also paying a dividend and you have to keep this in mind if you Short it. Hopefully you’ll see a drop a couple of dollars in the next 3-6 months.

COMMENT

Recently sold his holdings as he is not sure they will be able to hold their dividend where it is.

DON'T BUY

Sold it earlier this year. Prefers Pembina and Altagas. Pipeline is steady revenue stream but coming to the end of its contract period. Lots of softness in Nat Gas liquids pricing. They make a lot of money in price spreads between liquid and non-liquids. That has been reducing recently.

COMMENT

Pays a high dividend (8%) but is in good condition to continue paying. The play in NGL liquids is a long term structural play. Thinks this will do well as the volumes continue to increase over time. (He has a very small position.)

DON'T BUY

(Market Call Minute.) Doesn't like it. Worries a lot about the dividend.

TOP PICK

VSN.PR.A 4.40 % Series A. A little lower yield but really likes the story.

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DON'T BUY

Has been paring back exposure to energy infrastructure in favour of more growth oriented E&P names. Feels dividend is stable on this one but wouldn't expect dividend increases over time. An uncertainty here is the re-contracting business on Alliance that is going to take place in 2015.

HOLD

Continues to like the mid-stream sector. Primary concern is that there might be less volume flowing through pipelines. Have until 2015 to book up the pipeline.

BUY

(Market Call Minute.) Midstream energy asset. Pipeline.

HOLD

Few better places that he would recommend then this one, principally because of their 50% ownership stake in Alliance Pipeline that goes into Chicago. A lot of the issues revolve around whether they will be able to re-contract Aux Sable, the fractionation plant at the same rate, when their contracts roll over in next year.

COMMENT

Best known for its 50% interest in the Alliance pipeline and much of the liquid rich gas that has been typically transported to south of Chicago, is being diverted to other processors. Several contracts coming up for renewal in the next 2 years that pose some risk to this company. Feels there might be better names. 7% yield. (See Top Picks.)

BUY

Excellent utility company. The kind of name you want to own when times are tough. Fantastic dividend of nearly 7%. Relatively stable.

BUY

Good-looking chart with good volume. Nice upward trend in very close to a new high. If the trend continues it could hit $16-$17 before year-end. He would use a 100 day moving average as a Stop, which is $13.81.

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Veresen Inc (VSN.TO)