Capital Power L.P.

CPA.UN-T

0.00
0.00 (0.00%)
This company is not ACTIVE.

Analysis and Opinions about CPA.UN-T

Signal
Opinion
Expert
HOLD
HOLD
May 4, 2011
Payout ratio went from 67 to 112 and down from $20 to $18.93 in about a week. Is it a Sell? When the payout goes beyond what they can afford, you know something is going to happen. Chart trend line looks like it is holding at about$19, the level back in September/October. Likes the utilities sector.
Payout ratio went from 67 to 112 and down from $20 to $18.93 in about a week. Is it a Sell? When the payout goes beyond what they can afford, you know something is going to happen. Chart trend line looks like it is holding at about$19, the level back in September/October. Likes the utilities sector.
Hap (Robert) Sneddon FCSI
Chief Portfolio Manager & Founder, Castlemoore Inc.
Price
$18.930
Owned
No
COMMENT
COMMENT
March 4, 2011
Primarily coal generated power plants. Stock just dropped and he doesn’t know why.
Primarily coal generated power plants. Stock just dropped and he doesn’t know why.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$18.950
Owned
No
TOP PICK
TOP PICK
June 7, 2010
5.95% 2036Doesn’t mind the very long term. Potential for capital appreciation.
5.95% 2036Doesn’t mind the very long term. Potential for capital appreciation.
Mark Carpani
Senior Vice President, Ridgewood Capital
Price
$15.450
Owned
Yes
PAST TOP PICK
PAST TOP PICK
January 15, 2010
(A Top Pick Jan 5/09. Up 2.6%.) It looks okay. Has a nice chart. Had a Stop on it and pretty much broke even. Nice dividend.
(A Top Pick Jan 5/09. Up 2.6%.) It looks okay. Has a nice chart. Had a Stop on it and pretty much broke even. Nice dividend.
Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$16.800
Owned
No
BUY WEAKNESS
BUY WEAKNESS
January 6, 2010
Not much capital appreciation. Would look for a pullback to $15. (See Top Picks.)
Not much capital appreciation. Would look for a pullback to $15. (See Top Picks.)
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$15.840
Owned
Yes
HOLD
HOLD
November 25, 2009
Current level of distribution should be safe.
Current level of distribution should be safe.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$14.080
Owned
Yes
BUY
BUY
July 17, 2009
Created Capital Power (CPX-T), which becomes the parent as well as having the management contract. Cut distributions just before the Capital Power IPO and thinks the new distribution will be sustainable over a 5-year period.
Created Capital Power (CPX-T), which becomes the parent as well as having the management contract. Cut distributions just before the Capital Power IPO and thinks the new distribution will be sustainable over a 5-year period.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$15.300
Owned
Yes
COMMENT
COMMENT
July 6, 2009
Have about 20 power facilities in Canada and the US. Recently cut its distribution with their payout ratio at about 75%-80%. Their parent recently spun off another entity Capital Power, which has a lower payout ratio but greater growth prospects. It also owns 30% of this company. The 2 may merge in 2011.
Have about 20 power facilities in Canada and the US. Recently cut its distribution with their payout ratio at about 75%-80%. Their parent recently spun off another entity Capital Power, which has a lower payout ratio but greater growth prospects. It also owns 30% of this company. The 2 may merge in 2011.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$14.700
Owned
Unknown
WATCH
WATCH
May 25, 2009
Limited partnership. Have utilities. Best asset base in terms of power plants and utilities. Massive overhang because they are carving out some of their best assets to Capital Power. It's a whole mishmash of assets. He would wait to see what happens to Capital Power.
Limited partnership. Have utilities. Best asset base in terms of power plants and utilities. Massive overhang because they are carving out some of their best assets to Capital Power. It's a whole mishmash of assets. He would wait to see what happens to Capital Power.
Prakash Hariharan
Portfolio Manager, Analytixinsight Inc.
Price
$12.850
Owned
No
BUY
BUY
May 22, 2009
Looking very cheap right now. There is some concern about the distribution but she is comfortable they will be able to maintain the 21% yield. Edmonton Power has announced another spin out of another entity, which raised the question of what was going to happen to this one.
Looking very cheap right now. There is some concern about the distribution but she is comfortable they will be able to maintain the 21% yield. Edmonton Power has announced another spin out of another entity, which raised the question of what was going to happen to this one.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$12.600
Owned
Yes
DON'T BUY
DON'T BUY
April 23, 2009
Fairly valued but cannot maintain their current distribution.
Fairly valued but cannot maintain their current distribution.
Charles Lannon
Director of Research, Toron Investment Management
Price
$13.450
Owned
Unknown
HOLD
HOLD
March 6, 2009
Operates about 20 power projects in Canada and the US. Earnings were a little disappointing this last quarter. Distributing over 100%, which could potentially become an issue. Does have a fair amount of tax pools.
Operates about 20 power projects in Canada and the US. Earnings were a little disappointing this last quarter. Distributing over 100%, which could potentially become an issue. Does have a fair amount of tax pools.
John Stephenson
President & CEO, Stephenson & Company Capital Management
Price
$14.640
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
February 27, 2009
(A Top Pick Dec 4/07. Down 18%.) Infrastructure type of play. More defensive. Good market cap and good liquidity. Very good operators. Stable distribution in a tough economic market.
(A Top Pick Dec 4/07. Down 18%.) Infrastructure type of play. More defensive. Good market cap and good liquidity. Very good operators. Stable distribution in a tough economic market.
Kevin Hall BComm, CFA
Managing Director, Guardian Capital
Price
$16.200
Owned
Yes
HOLD
HOLD
February 27, 2009
(Market Call Minute.) Very nice distribution yield. In this environment it is the right place to be.
(Market Call Minute.) Very nice distribution yield. In this environment it is the right place to be.
Kevin Hall BComm, CFA
Managing Director, Guardian Capital
Price
$16.200
Owned
Unknown
BUY
BUY
January 28, 2009
Thinks the distribution is safe. Likes the yields and in a more buoyant market it will go up.
Thinks the distribution is safe. Likes the yields and in a more buoyant market it will go up.
Michael Decter
President & CEO, Lawrence Decter Investment Counsel
Price
$17.570
Owned
Yes
TOP PICK
TOP PICK
January 5, 2009
(Not to be confused with its parent Epcor, which is owned by Edmonton.) Owns a basket of about 20 power-generating stations. Thinks it has been oversold. Likes the distribution. Use a $16.50 Stop.
(Not to be confused with its parent Epcor, which is owned by Edmonton.) Owns a basket of about 20 power-generating stations. Thinks it has been oversold. Likes the distribution. Use a $16.50 Stop.
Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$18.670
Owned
Yes
BUY
BUY
October 29, 2008
Power trusts are generally more stable. Just reported earnings and were generally in line. Has some US$ exposure. Pretty strong parent and good management team.
Power trusts are generally more stable. Just reported earnings and were generally in line. Has some US$ exposure. Pretty strong parent and good management team.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$16.700
Owned
Unknown
BUY
BUY
September 9, 2008
12% yield. Has utility type income. Stable cash flows. Great name to diversify into.
12% yield. Has utility type income. Stable cash flows. Great name to diversify into.
Lyle Stein
Sr. Portfolio & Managing Director, Vestcap Investment Management
Price
$21.650
Owned
Yes
WEAK BUY
WEAK BUY
April 28, 2008
Pays distributions on a quarterly basis. Yield of over 11%. Fairly stable set of assets. Payout ratio is higher than he likes. Buy as part of a basket of power trusts. Going out to when their Power Purchase Agreements expire, their assets are not hydrology but have a lot of gas-fired plants which require capital expenditure every 15 years or so.
Pays distributions on a quarterly basis. Yield of over 11%. Fairly stable set of assets. Payout ratio is higher than he likes. Buy as part of a basket of power trusts. Going out to when their Power Purchase Agreements expire, their assets are not hydrology but have a lot of gas-fired plants which require capital expenditure every 15 years or so.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$22.510
Owned
Unknown
TOP PICK
TOP PICK
December 4, 2007
Had been beaten up quite a bit but recently had a nice little recovery. Well diversified across 20 different power facilities through natural gas, hydro and biomass. Market has over penalized and it is cheap. Over 11% yield. Defensive.
Had been beaten up quite a bit but recently had a nice little recovery. Well diversified across 20 different power facilities through natural gas, hydro and biomass. Market has over penalized and it is cheap. Over 11% yield. Defensive.
Kevin Hall BComm, CFA
Managing Director, Guardian Capital
Price
$22.690
Owned
Yes
BUY
BUY
November 28, 2007
Thinks distribution is safe. Has been really beaten up here. Investors are concerned about their US$ exposure but they have hedges on about 70% of their cash flow. 50% stake in Primary Energy recycling (PRI.UN-T), which suspended their distributions, but expects it will be reinstated. Yield of about 12%.
Thinks distribution is safe. Has been really beaten up here. Investors are concerned about their US$ exposure but they have hedges on about 70% of their cash flow. 50% stake in Primary Energy recycling (PRI.UN-T), which suspended their distributions, but expects it will be reinstated. Yield of about 12%.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$20.820
Owned
Yes
BUY
BUY
November 8, 2007
Diversified with both natural gas and coal. They have a 15% interest in Primary Energy (PRI.UN-T), which recently released some bad results. At these levels it represents very good value for the long term.
Diversified with both natural gas and coal. They have a 15% interest in Primary Energy (PRI.UN-T), which recently released some bad results. At these levels it represents very good value for the long term.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$22.550
Owned
No
HOLD
HOLD
September 21, 2007
Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base.
Capital Power L.P. (CPA.UN-T)
September 21, 2007
Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base.
Patrick Kim
Vice President and Portfolio Manager, KBSH Capital Management
Price
$24.480
Owned
Unknown
HOLD
HOLD
August 8, 2007
A decent name to hold. With these contractually based, electric generating utility type assets, there is an issue where there is so much cash flow being paid out that it is interest-rate sensitive. 10% yield is very safe.
A decent name to hold. With these contractually based, electric generating utility type assets, there is an issue where there is so much cash flow being paid out that it is interest-rate sensitive. 10% yield is very safe.
John Stephenson
President & CEO, Stephenson & Company Capital Management
Price
$25.320
Owned
Unknown
COMMENT
COMMENT
July 25, 2007
Power generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure.
Power generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure.
Leslie Lundquist
Lead Manager, Jones Heward Investment Counsel
Price
$27.060
Owned
Unknown
COMMENT
COMMENT
June 20, 2007
Recent environmental policy decisions seem to penalize the people who have done the most. They're going to have to reduce emissions. Pretty solid value at 8 X cash flow.
Recent environmental policy decisions seem to penalize the people who have done the most. They're going to have to reduce emissions. Pretty solid value at 8 X cash flow.
Michael Decter
President & CEO, Lawrence Decter Investment Counsel
Price
$26.660
Owned
Unknown
HOLD
HOLD
March 20, 2007
Yield of about 9.5%. As a little bit higher debt level than others, but as a utility, the cash flow is pretty reliable. It should continue to prosper because of electricity needs.
Yield of about 9.5%. As a little bit higher debt level than others, but as a utility, the cash flow is pretty reliable. It should continue to prosper because of electricity needs.
Neil Wickham
President, Wickham Investment Counsel
Price
$26.560
Owned
Unknown
BUY
BUY
March 14, 2007
One of the better trusts and better yields in that sector. You have another good 3 years to own.
One of the better trusts and better yields in that sector. You have another good 3 years to own.
David Baskin
President, Baskin Wealth Management
Price
$26.280
Owned
Yes
BUY
BUY
February 13, 2007
Thinks it was oversold. Very good value.
Thinks it was oversold. Very good value.
David Baskin
President, Baskin Wealth Management
Price
$25.600
Owned
Yes
BUY
BUY
January 5, 2007
Feels the distribution is safe. Expects some modest increase in valuation.
Feels the distribution is safe. Expects some modest increase in valuation.
John Stephenson
President & CEO, Stephenson & Company Capital Management
Price
$26.710
Owned
Yes
COMMENT
COMMENT
December 1, 2006
Still trading a bit expensive to where its corporate counterparts are trading. Expecting further pull back. However, more clarification is needed from the government as to what the trusts can do going forward. If they have a 4 year window to raise capital, they may be OK.
Still trading a bit expensive to where its corporate counterparts are trading. Expecting further pull back. However, more clarification is needed from the government as to what the trusts can do going forward. If they have a 4 year window to raise capital, they may be OK.
Ben Cheng
President and Chief Investment Officer, Aston Hill Financial Ltd.
Price
$24.750
Owned
Unknown
BUY
BUY
November 24, 2006
Likes this and has been buying a little bit at these prices. As some growth potential ahead of its in adding some assets and revenue. Good value.
Likes this and has been buying a little bit at these prices. As some growth potential ahead of its in adding some assets and revenue. Good value.
Michael Decter
President & CEO, Lawrence Decter Investment Counsel
Price
$24.970
Owned
Yes
HOLD
HOLD
November 21, 2006
Took a huge hit. No compelling reason to sell at this price. Will gradually come back to where it should be.
Took a huge hit. No compelling reason to sell at this price. Will gradually come back to where it should be.
David Baskin
President, Baskin Wealth Management
Price
$25.000
Owned
Yes
BUY
BUY
November 1, 2006
The infrastructure trusts in general, including this one, will outperform a lot of the regular business trusts. A very high-quality name.
The infrastructure trusts in general, including this one, will outperform a lot of the regular business trusts. A very high-quality name.
Patrick Kim
Vice President and Portfolio Manager, KBSH Capital Management
Price
$27.300
Owned
Unknown
BUY
BUY
October 20, 2006
A dull boring company, providing power. You won’t hit a home run with this, but if you are looking for 7%-8% return each year, it will work for.
A dull boring company, providing power. You won’t hit a home run with this, but if you are looking for 7%-8% return each year, it will work for.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$32.750
Owned
Unknown
BUY
BUY
May 17, 2006
Distribution yield a little over 8%. Has dropped quite a bit since the beginning of the year. There is some fear on power units that are sometimes fed by natural gas. This one has long-term fuel contracts.
Distribution yield a little over 8%. Has dropped quite a bit since the beginning of the year. There is some fear on power units that are sometimes fed by natural gas. This one has long-term fuel contracts.
Leslie Lundquist
Lead Manager, Jones Heward Investment Counsel
Price
$31.100
Owned
Yes
BUY
BUY
April 7, 2006
Raised some money to buy a power plant from their parent. It is S1 rated which means that it is one of the most stable trusts. Yield is about 7%. Won't make a lot of money on it, but it is stable.
Raised some money to buy a power plant from their parent. It is S1 rated which means that it is one of the most stable trusts. Yield is about 7%. Won't make a lot of money on it, but it is stable.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$33.300
Owned
Unknown
BUY
BUY
February 10, 2006
Likes this trust in the utilities sector. Distribution is very sustainable.
Likes this trust in the utilities sector. Distribution is very sustainable.
Ravi Sood
President and Chief Operating Officer, Lawrence Asset Management
Price
$33.800
Owned
Yes
BUY
BUY
December 9, 2005
Very stable distribution. High degree of stability. Don’t look for much growth. Relatively inexpensive relative to its peers.
Very stable distribution. High degree of stability. Don’t look for much growth. Relatively inexpensive relative to its peers.
Ravi Sood
President and Chief Operating Officer, Lawrence Asset Management
Price
$36.300
Owned
Yes
WEAK BUY
WEAK BUY
September 16, 2005
Usewd to be Trans Canada LP and was sold to Epcor. Very highly rated by the rating agencies. These units won't set the world on fire. You won't get super high returns out of these but you should get a very stable distribution stream. Expect that Epcor will roll some plants into the LP structure which should give some distribution increases.
Capital Power L.P. (CPA.UN-T)
September 16, 2005
Usewd to be Trans Canada LP and was sold to Epcor. Very highly rated by the rating agencies. These units won't set the world on fire. You won't get super high returns out of these but you should get a very stable distribution stream. Expect that Epcor will roll some plants into the LP structure which should give some distribution increases.
Leslie Lundquist
Lead Manager, Jones Heward Investment Counsel
Price
$36.800
Owned
Yes
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