Vault Energy Trust

VNG.UN-T

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

Analysis and Opinions about VNG.UN-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
April 21, 2008
(A Top Pick Nov 17/06. Down 1%.) Acquired by Penn West Energy (PWT.UN-T)
(A Top Pick Nov 17/06. Down 1%.) Acquired by Penn West Energy (PWT.UN-T)
Ravi Sood
President and Chief Operating Officer, Lawrence Asset Management
Price
$3.880
Owned
No
COMMENT
COMMENT
September 5, 2007
Has declined significantly in the last 2 months. Part of it is due to the decline in gas prices. Also, their payout ratio is a little high. Market is looking for a distribution cut. Currently they are up for sale.
Has declined significantly in the last 2 months. Part of it is due to the decline in gas prices. Also, their payout ratio is a little high. Market is looking for a distribution cut. Currently they are up for sale.
Ben Cheng
President and Chief Investment Officer, Aston Hill Financial Ltd.
Price
$3.900
Owned
Unknown
COMMENT
COMMENT
July 4, 2007
Trading below net asset value. Difficult asset base causing them to miss production in the past. Near 20% yield. Looking interesting.
Trading below net asset value. Difficult asset base causing them to miss production in the past. Near 20% yield. Looking interesting.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$5.120
Owned
No
DON'T BUY
DON'T BUY
July 3, 2007
Higher cost production. They have a capital allocation problem. Distributions plus Cap-X is greater than their cash flow so they need an external source of capital to fund some of their distribution. Too much debt.
Higher cost production. They have a capital allocation problem. Distributions plus Cap-X is greater than their cash flow so they need an external source of capital to fund some of their distribution. Too much debt.
Sandy McIntyre
Vice-Chairman and CIO, Sentry Select Capital Corp
Price
$5.240
Owned
No
COMMENT
COMMENT
March 20, 2007
Historically have missed on their production numbers and he would like to seat management meet their numbers before owning. F&D costs were quite high this year. Have a lot of tax pools. Trading below its net asset value.
Historically have missed on their production numbers and he would like to seat management meet their numbers before owning. F&D costs were quite high this year. Have a lot of tax pools. Trading below its net asset value.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$4.190
Owned
No
COMMENT
COMMENT
February 23, 2007
Just released reserves, which met analysts’ expectations. Debt to cash flow is over 2 X’s. Payout ratio is around 80%. Have set production guidance in the past and had trouble meeting it. Have a lot of tax pool, which is becoming very valuable. Possible takeover candidate. Doesn't meet his criteria.
Just released reserves, which met analysts’ expectations. Debt to cash flow is over 2 X’s. Payout ratio is around 80%. Have set production guidance in the past and had trouble meeting it. Have a lot of tax pool, which is becoming very valuable. Possible takeover candidate. Doesn't meet his criteria.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$5.120
Owned
No
DON'T BUY
DON'T BUY
January 22, 2007
35% of their natural gas is hedged at $7.60. Had some disappointing production and drill results, and he sold his position. Thinks it is a takeover target within the next year, but doesn't think it will get too much of a premium.
35% of their natural gas is hedged at $7.60. Had some disappointing production and drill results, and he sold his position. Thinks it is a takeover target within the next year, but doesn't think it will get too much of a premium.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$4.970
Owned
No
HOLD
HOLD
January 18, 2007
An interesting situation. Quite a small trust and would be an early consolidation candidate. Distribution gives about a 20% yield, yet it has one of the lower payout ratios in the sector at about 110%.
An interesting situation. Quite a small trust and would be an early consolidation candidate. Distribution gives about a 20% yield, yet it has one of the lower payout ratios in the sector at about 110%.
Robert Toole
Managing Director, Creststreet Asset Management
Price
$4.680
Owned
Unknown
DON'T BUY
DON'T BUY
January 16, 2007
There are better producers. Smaller cap and there are safer places to invest in. Yield of about 20% is a red flag that they may have to drop their distributions.
There are better producers. Smaller cap and there are safer places to invest in. Yield of about 20% is a red flag that they may have to drop their distributions.
Glenn MacNeill, P.Eng.
CIO & Sr. Portfolio Manager, Lawrence Asset Management
Price
$4.830
Owned
No
WAIT
WAIT
December 29, 2006
Missed production numbers a couple of times and has more leverage than he likes. Has a good asset base, so has the opportunity to fix itself going forward. Because it is gas weighted, not a good time to enter.
Missed production numbers a couple of times and has more leverage than he likes. Has a good asset base, so has the opportunity to fix itself going forward. Because it is gas weighted, not a good time to enter.
Sandy McIntyre
Vice-Chairman and CIO, Sentry Select Capital Corp
Price
$5.500
Owned
Unknown
WEAK BUY
WEAK BUY
December 1, 2006
One of the smaller oil/gas trusts. Stumbled on production on a few quarters over the last few years. There is a risk this could continue. The properties within the trust are very good. Would hope for a change in management.
One of the smaller oil/gas trusts. Stumbled on production on a few quarters over the last few years. There is a risk this could continue. The properties within the trust are very good. Would hope for a change in management.
Ben Cheng
President and Chief Investment Officer, Aston Hill Financial Ltd.
Price
$5.830
Owned
No
TOP PICK
TOP PICK
November 17, 2006
Huge yield. Trading at a huge discount to its net asset value. Have $450 million of tax losses. When 2011 rolls around, this gives them a huge tax shield.
Huge yield. Trading at a huge discount to its net asset value. Have $450 million of tax losses. When 2011 rolls around, this gives them a huge tax shield.
Ravi Sood
President and Chief Operating Officer, Lawrence Asset Management
Price
$5.610
Owned
Yes
SHORT
SHORT
November 16, 2006
If you own sell. If you want a short position, this would be one.
If you own sell. If you want a short position, this would be one.
John Stephenson
President & CEO, Stephenson & Company Capital Management
Price
$5.180
Owned
Unknown
DON'T BUY
DON'T BUY
October 27, 2006
Has a couple of issues. Very highly levered relative to its peer group. High payout ratio.
Has a couple of issues. Very highly levered relative to its peer group. High payout ratio.
Kevin Hall BComm, CFA
Managing Director, Guardian Capital
Price
$7.560
Owned
No
SELL
SELL
October 27, 2006
Trading at about an 18% yield. One of the smallest royalty trusts out there. Hasn't gotten enough critical mass and could be a consolidation candidate. Better places to be.
Trading at about an 18% yield. One of the smallest royalty trusts out there. Hasn't gotten enough critical mass and could be a consolidation candidate. Better places to be.
Robert Toole
Managing Director, Creststreet Asset Management
Price
$7.560
Owned
No
DON'T BUY
DON'T BUY
August 23, 2006
Possibly a takeover target. Last couple of quarters have been disappointing. Production has declined more than expected. Relatively high debt. He owns a small amount.
Possibly a takeover target. Last couple of quarters have been disappointing. Production has declined more than expected. Relatively high debt. He owns a small amount.
Glenn MacNeill, P.Eng.
CIO & Sr. Portfolio Manager, Lawrence Asset Management
Price
$9.000
Owned
Yes
DON'T BUY
DON'T BUY
June 16, 2006
Debt levels and payout ratios are high. Some of the assets it is developing are not as high quality as some others.
Debt levels and payout ratios are high. Some of the assets it is developing are not as high quality as some others.
Glenn MacNeill, P.Eng.
CIO & Sr. Portfolio Manager, Lawrence Asset Management
Price
$8.300
Owned
No
HOLD
HOLD
June 1, 2006
Getting cheap at this price. Estimated production is 8000/8200 BOE’s a day. If it stays down at this price, it could be a takeover target.
Getting cheap at this price. Estimated production is 8000/8200 BOE’s a day. If it stays down at this price, it could be a takeover target.
Michael Simpson, CFA
Senior Vice-President, Sentry Investments
Price
$8.090
Owned
Yes
BUY
BUY
May 16, 2006
Experienced management. About 60% natural gas and 40% oil. 1st quarter results were in line with expectations. Payout is about 71%. Reserve life index about 7.5 years. Good candidate for a merger or a takeover.
Experienced management. About 60% natural gas and 40% oil. 1st quarter results were in line with expectations. Payout is about 71%. Reserve life index about 7.5 years. Good candidate for a merger or a takeover.
Glenn MacNeill, P.Eng.
CIO & Sr. Portfolio Manager, Lawrence Asset Management
Price
$8.490
Owned
Yes
BUY
BUY
February 3, 2006
A good hold at these prices. Good quality management team. Trades at a discount to its peers.
A good hold at these prices. Good quality management team. Trades at a discount to its peers.
Dean Orrico
President, Middlefield Capital Corp.
Price
$10.550
Owned
Yes
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