Whitecap Resources

WCP-T

Analysis and Opinions about WCP-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
September 25, 2013

(A Top Pick September 19/12. Up 66.28%.) Did a perfect job of commissioning the market for its conversion into a dividend company, put together a stable of assets that fit that and using the currency that the market gave them to make accretive acquisitions from Barrick. Could see this getting to $14.

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Whitecap Resources (WCP-T)
September 25, 2013

(A Top Pick September 19/12. Up 66.28%.) Did a perfect job of commissioning the market for its conversion into a dividend company, put together a stable of assets that fit that and using the currency that the market gave them to make accretive acquisitions from Barrick. Could see this getting to $14.

HOLD
HOLD
September 11, 2013

(Market Call Minute.) One of the juniors that has turned itself into a part yield/part growth play. Has already done well.

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Whitecap Resources (WCP-T)
September 11, 2013

(Market Call Minute.) One of the juniors that has turned itself into a part yield/part growth play. Has already done well.

BUY
BUY
August 26, 2013

Energy exposure with good yield. 5.6% yield. 65% oil and one of his favourites.

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Energy exposure with good yield. 5.6% yield. 65% oil and one of his favourites.

BUY
BUY
August 23, 2013

He has a short list of Junior companies that have gone into paying dividends. If they stumble, the stock market really penalizes them. It seems this one has the assets to successfully pay the dividends. Lower decline rate and better efficiency in the wells. The only risk is that they are relatively new and have to execute on the drilling side. Over 5% dividend yield.

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He has a short list of Junior companies that have gone into paying dividends. If they stumble, the stock market really penalizes them. It seems this one has the assets to successfully pay the dividends. Lower decline rate and better efficiency in the wells. The only risk is that they are relatively new and have to execute on the drilling side. Over 5% dividend yield.

SELL
SELL

(Market Call Minute)

PAST TOP PICK
PAST TOP PICK
August 19, 2013

(A Top Pick Sept 19/12. Up 53.75%.) Good management. Bought a suite of assets that support the model very well. Declines are low and capital efficiencies are very strong.

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(A Top Pick Sept 19/12. Up 53.75%.) Good management. Bought a suite of assets that support the model very well. Declines are low and capital efficiencies are very strong.

TOP PICK
TOP PICK
August 9, 2013

Have been getting their debt down to a very low level so they have access to capital. Bought out interest in a key property and now have 100%. Very low decline rates. Valuation is high but he has no problem with this because he knows that when they have capital efficiencies with lots of opportunities, they can grow giving more chances to pay a higher dividend. 5.5% dividend yield.

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Have been getting their debt down to a very low level so they have access to capital. Bought out interest in a key property and now have 100%. Very low decline rates. Valuation is high but he has no problem with this because he knows that when they have capital efficiencies with lots of opportunities, they can grow giving more chances to pay a higher dividend. 5.5% dividend yield.

BUY
BUY
August 1, 2013

Was a growth dividend that converted to a dividend model. They can sustain it for a long time. The asset they just purchased is exceptional. Really underpins the sustainability of the dividend and provides some growth. Dividend could be increased.

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Was a growth dividend that converted to a dividend model. They can sustain it for a long time. The asset they just purchased is exceptional. Really underpins the sustainability of the dividend and provides some growth. Dividend could be increased.

PAST TOP PICK
PAST TOP PICK
July 30, 2013

(A Top Pick September 19/12. Up 53.27%.) Trading at 6 times and could approach $13. 5.7% dividend yield.

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(A Top Pick September 19/12. Up 53.27%.) Trading at 6 times and could approach $13. 5.7% dividend yield.

COMMENT
COMMENT
July 29, 2013

Not a name you have to worry about if interest rates go up. Not yield sensitive. Just boosted their dividend by 5% in October and the 5% dividend is very safe. Estimates effective payout ratio for 2014 at 106%, one of the lowest in the group. Just did a deal that looks accretive to their earnings by about 7%. Growing production well. One of the best names to be looking at in the oil patch for a higher risk investor.

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Not a name you have to worry about if interest rates go up. Not yield sensitive. Just boosted their dividend by 5% in October and the 5% dividend is very safe. Estimates effective payout ratio for 2014 at 106%, one of the lowest in the group. Just did a deal that looks accretive to their earnings by about 7%. Growing production well. One of the best names to be looking at in the oil patch for a higher risk investor.

HOLD
HOLD
July 23, 2013

(Market Call Minute.) This is a hold for the yield. Feels there is better growth elsewhere. Stock has done so well already changing to the dividend model. 5.7% yield.

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(Market Call Minute.) This is a hold for the yield. Feels there is better growth elsewhere. Stock has done so well already changing to the dividend model. 5.7% yield.

TOP PICK
TOP PICK
July 20, 2013

Have changed their spectrum into becoming more of a dividend payer. Production spectrum looks pretty good.

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Have changed their spectrum into becoming more of a dividend payer. Production spectrum looks pretty good.

PAST TOP PICK
PAST TOP PICK
June 20, 2013

(A Top Pick July 16/12. Up 68.08%.) This recommendation was based that they would be converting to a dividend paying company which they did. If you are looking for dividend yield this is one of the most sustainable models.

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(A Top Pick July 16/12. Up 68.08%.) This recommendation was based that they would be converting to a dividend paying company which they did. If you are looking for dividend yield this is one of the most sustainable models.

BUY
BUY
June 13, 2013

Chart shows an upward trend from mid-2012 and the price has come back to the trend line. Nothing wrong with this chart. 5.9% dividend.

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Chart shows an upward trend from mid-2012 and the price has come back to the trend line. Nothing wrong with this chart. 5.9% dividend.

BUY
BUY
May 21, 2013

(Market Call Minute) Big weighting for him. It ticks all the boxes for an up and coming dividend payer. A favourite.

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(Market Call Minute) Big weighting for him. It ticks all the boxes for an up and coming dividend payer. A favourite.

PAST TOP PICK
PAST TOP PICK
May 14, 2013

(Since Sept. 2012, up 45.16 %) Well known management team that has been successful over time and they know how to find gas and manage the wealth. Issued a dividend six months ago.

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(Since Sept. 2012, up 45.16 %) Well known management team that has been successful over time and they know how to find gas and manage the wealth. Issued a dividend six months ago.

BUY
BUY
May 3, 2013

A resource that was a pretty decent story. Never argue with the trend. This chart looks good. The only point of danger is that it is reaching the previous high. Something has to push it through that. If it fails, it could be the sign of a top. 5.7% yield.

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A resource that was a pretty decent story. Never argue with the trend. This chart looks good. The only point of danger is that it is reaching the previous high. Something has to push it through that. If it fails, it could be the sign of a top. 5.7% yield.

BUY
BUY
April 22, 2013

Good growth. Has a good balance sheet and is not over distributing. Yield of 6.3%. This would be a reasonable entry point.

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Good growth. Has a good balance sheet and is not over distributing. Yield of 6.3%. This would be a reasonable entry point.

BUY WEAKNESS
BUY WEAKNESS
April 17, 2013

Sold his holdings about a month ago at $9.50. Wait for a bit more of a pullback before buying. Very sustainable business model.

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Sold his holdings about a month ago at $9.50. Wait for a bit more of a pullback before buying. Very sustainable business model.

BUY
BUY
April 16, 2013

Great example of brilliant execution but it has the support of a very healthy dividend yield and he thinks there is a strong argument to see the dividend growth coming out. Of all the dividend players, he would rank this as #2. Has one of the lowest, if not the lowest payout ratios in the sector. Tremendous assets in the Cardium as well as exposure to the fabulous Montney play in Northeast BC and western Alberta. Below $10 it is a pretty good buy. (See Top Picks.)

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Great example of brilliant execution but it has the support of a very healthy dividend yield and he thinks there is a strong argument to see the dividend growth coming out. Of all the dividend players, he would rank this as #2. Has one of the lowest, if not the lowest payout ratios in the sector. Tremendous assets in the Cardium as well as exposure to the fabulous Montney play in Northeast BC and western Alberta. Below $10 it is a pretty good buy. (See Top Picks.)

TOP PICK
TOP PICK
April 8, 2013

Oil/gas exploration in Western Canada. Strong player in west central Saskatchewan especially in the Dogsland Viking area. Also, in the west central Alberta area with Pembina (PPL-T) which is Cardium gas. Also, an active hedger and lock in their net backs. Dividend yield of 6.11%. Cheap at 4.7X 2013 cash flow. Payout ratio is under 100%.

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Oil/gas exploration in Western Canada. Strong player in west central Saskatchewan especially in the Dogsland Viking area. Also, in the west central Alberta area with Pembina (PPL-T) which is Cardium gas. Also, an active hedger and lock in their net backs. Dividend yield of 6.11%. Cheap at 4.7X 2013 cash flow. Payout ratio is under 100%.

PARTIAL BUY
PARTIAL BUY
April 5, 2013

Very good story. Management is very focused on costs and returning capital. Quarter after quarter they have been beating and exceeding expectations. If there were a yield play she would want in the smaller cap space, it would be this one. The only knock against it is that it is currently yielding about 6.5%, which is lower than Crescent Point (CPG-T). With oil coming down, it might be a buy at a slightly lower level but you could pick some up at this point and by more as time goes on..

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Very good story. Management is very focused on costs and returning capital. Quarter after quarter they have been beating and exceeding expectations. If there were a yield play she would want in the smaller cap space, it would be this one. The only knock against it is that it is currently yielding about 6.5%, which is lower than Crescent Point (CPG-T). With oil coming down, it might be a buy at a slightly lower level but you could pick some up at this point and by more as time goes on..

BUY
BUY
March 27, 2013

Great cash flow generator. One of the few high income oil/gas companies that actually has a payout ratio, including CapX, of less than 100%. Price target of $11 is very much achievable. Very nice yield of about 6%..

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Great cash flow generator. One of the few high income oil/gas companies that actually has a payout ratio, including CapX, of less than 100%. Price target of $11 is very much achievable. Very nice yield of about 6%..

BUY
BUY
March 22, 2013

Likes what management is doing. They are growing internally only. Has a $12 target. 6% dividend.

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Likes what management is doing. They are growing internally only. Has a $12 target. 6% dividend.

BUY WEAKNESS
BUY WEAKNESS
March 12, 2013

One of the new dividend payers. Looks pretty good on its payout ratios and operationally. Prefers buying this below $9. Good for dividend portfolios. 6.4% dividend.

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One of the new dividend payers. Looks pretty good on its payout ratios and operationally. Prefers buying this below $9. Good for dividend portfolios. 6.4% dividend.

PAST TOP PICK
PAST TOP PICK
March 6, 2013

(Top Pick Oct 9/12, Up 16.02%)

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(Top Pick Oct 9/12, Up 16.02%)

BUY
BUY
March 4, 2013

A reasonably good stock. Feels the dividend is safe. Has a pretty clean balance sheet. Growth rate in production has been good.

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A reasonably good stock. Feels the dividend is safe. Has a pretty clean balance sheet. Growth rate in production has been good.

TOP PICK
TOP PICK
February 27, 2013

(A Top Pick March 29/12. Up 2.29%.) Should be able to achieve some high single digit growth on the asset side in addition to receiving the 6.70% dividend. Good blend of growth and income. Assets in the Viking and Cardium pay back in 1-1.5 years. Modest debt. Adopted a three-year hedging program. 20%-29% upside is fairly achievable. An overhang in the near-term is an asset sale out of Barrick, which has one asset that would be a perfect fit for them, but would require financing.

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Whitecap Resources (WCP-T)
February 27, 2013

(A Top Pick March 29/12. Up 2.29%.) Should be able to achieve some high single digit growth on the asset side in addition to receiving the 6.70% dividend. Good blend of growth and income. Assets in the Viking and Cardium pay back in 1-1.5 years. Modest debt. Adopted a three-year hedging program. 20%-29% upside is fairly achievable. An overhang in the near-term is an asset sale out of Barrick, which has one asset that would be a perfect fit for them, but would require financing.

BUY
BUY
February 19, 2013

One of the better dividend stocks in the sector. 1.8% dividend. 4th quarter production was at a record. As long as production continues to increase and with the dividend and growth it is one of the better plays in the sector.

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Whitecap Resources (WCP-T)
February 19, 2013

One of the better dividend stocks in the sector. 1.8% dividend. 4th quarter production was at a record. As long as production continues to increase and with the dividend and growth it is one of the better plays in the sector.

TOP PICK
TOP PICK
February 11, 2013

Has the most sustainable dividend model in Canada. Yield is 6. 47 %. From strictly cash flow, not using any debt, they can pay the yield and grow production by about 5%. Have a reserve life of over 14 years. Clean balance sheet at 1X debt to cash flow. Trading around 5.5X this year’s cash flow and could easily move up to 6X.

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Whitecap Resources (WCP-T)
February 11, 2013

Has the most sustainable dividend model in Canada. Yield is 6. 47 %. From strictly cash flow, not using any debt, they can pay the yield and grow production by about 5%. Have a reserve life of over 14 years. Clean balance sheet at 1X debt to cash flow. Trading around 5.5X this year’s cash flow and could easily move up to 6X.

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