Torc Oil & Gas Ltd

TOG-T

Analysis and Opinions about TOG-T

Signal
Opinion
Expert
SPECULATIVE BUY
SPECULATIVE BUY
October 21, 2013

A small producer. One claim is a partner called Canada Pension Plan with deep pockets. A good speculation.

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Torc Oil & Gas Ltd (TOG-T)
October 21, 2013

A small producer. One claim is a partner called Canada Pension Plan with deep pockets. A good speculation.

TOP PICK
TOP PICK
September 27, 2013

Good entry point at this price. Switching to a dividend model. Debt to equity ratio is something like 12%, which is very small. Will be really good for a portfolio on a long-term basis. Yield of 5.7%.

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Torc Oil & Gas Ltd (TOG-T)
September 27, 2013

Good entry point at this price. Switching to a dividend model. Debt to equity ratio is something like 12%, which is very small. Will be really good for a portfolio on a long-term basis. Yield of 5.7%.

TOP PICK
TOP PICK
September 25, 2013

This is the most recent convert to a dividend paying model and what he likes is that management has about $47 million invested. Have used very conservative estimates for building the business model to figure out payout ratios. On the payout ratios, he has them spending 96% on cash flow and at the same time they are growing at about 8% with a 6% yield. Drill results they are achieving in the Cardium as well as their Monarch play and a potential play in the 3 Forks is going to allow them to increase guidance in the next couple of months to increase the dividend.

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Torc Oil & Gas Ltd (TOG-T)
September 25, 2013

This is the most recent convert to a dividend paying model and what he likes is that management has about $47 million invested. Have used very conservative estimates for building the business model to figure out payout ratios. On the payout ratios, he has them spending 96% on cash flow and at the same time they are growing at about 8% with a 6% yield. Drill results they are achieving in the Cardium as well as their Monarch play and a potential play in the 3 Forks is going to allow them to increase guidance in the next couple of months to increase the dividend.

BUY
BUY
September 11, 2013

This is doing a consolidation of 1 for 5 and turning itself into a dividend company after an acquisition at the same time. A little expensive on a multiple basis but management has a very good track record and expects you will see pretty good cash flow growth. He would agree with a $2 target over the next 12 months.

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Torc Oil & Gas Ltd (TOG-T)
September 11, 2013

This is doing a consolidation of 1 for 5 and turning itself into a dividend company after an acquisition at the same time. A little expensive on a multiple basis but management has a very good track record and expects you will see pretty good cash flow growth. He would agree with a $2 target over the next 12 months.

BUY
BUY
August 23, 2013

(Market Call Minute.) A yield play.

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(Market Call Minute.) A yield play.

BUY
BUY
August 19, 2013

Management caught people a little off guard when they converted to a dividend paying company. The selloff created a huge opportunity. Trading at around 5.3X cash flow and he can see it easily trading to 6 times.

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Management caught people a little off guard when they converted to a dividend paying company. The selloff created a huge opportunity. Trading at around 5.3X cash flow and he can see it easily trading to 6 times.

TOP PICK
TOP PICK
August 15, 2013

Used to be a growth story but now CPP owns 25% of the company. This is CPP’s basic vehicle to light oil in Canada. They will be a good source of capital if need be. Thinks it is undervalued. 6% yield.

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Used to be a growth story but now CPP owns 25% of the company. This is CPP’s basic vehicle to light oil in Canada. They will be a good source of capital if need be. Thinks it is undervalued. 6% yield.

BUY
BUY
August 14, 2013

Canada Pension Plan has invested about $250 million because this company made an acquisition of Pengrowth’s (PGF-T) southeast Saskatchewan assets. Also, converted to a dividend model. Assets are low decline and will generate sufficient cash flow to pay the dividend.

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Canada Pension Plan has invested about $250 million because this company made an acquisition of Pengrowth’s (PGF-T) southeast Saskatchewan assets. Also, converted to a dividend model. Assets are low decline and will generate sufficient cash flow to pay the dividend.

BUY
BUY
August 9, 2013

Company has been managed very well by a group from Saskatchewan. Everyone was waiting to see if they had left their valuable Saskatchewan experience behind. Acquired some properties from Pengrowth (PGF-T) and now have some interesting swapping it should be able to do. Company has changed to a dividend paying company with a very low decline type of asset. Likes the way the dividend model works for this company. Can see a 25% upside.

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Company has been managed very well by a group from Saskatchewan. Everyone was waiting to see if they had left their valuable Saskatchewan experience behind. Acquired some properties from Pengrowth (PGF-T) and now have some interesting swapping it should be able to do. Company has changed to a dividend paying company with a very low decline type of asset. Likes the way the dividend model works for this company. Can see a 25% upside.

STRONG BUY
STRONG BUY
August 1, 2013

Visited company earlier this year and thought that it was so undervalued that he had to own it. Then things changed when they made an acquisition. Spectacular assets and they didn’t pay too much. Excited about it.

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Visited company earlier this year and thought that it was so undervalued that he had to own it. Then things changed when they made an acquisition. Spectacular assets and they didn’t pay too much. Excited about it.

TOP PICK
TOP PICK
July 30, 2013

Recently did a $380 million financing to buy an asset from Pengrowth (PGF-T). Purchased a very long producing asset with a very low decline rate (12%) and paid 5X cash flow for a 10 year reserve life where they drill wells which are paid back in about 1.5 years or less. Converted to a dividend paying company and at the same time brought in CPP, which gave them a cheque for $70 million. Key asset to the play is Monarch which, in the past, has been perceived as an exploration play. Has drilled several successful wells and feel they have de-risked 30 sections and think they have 530 million barrels in place. This would double their current reserves.

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Recently did a $380 million financing to buy an asset from Pengrowth (PGF-T). Purchased a very long producing asset with a very low decline rate (12%) and paid 5X cash flow for a 10 year reserve life where they drill wells which are paid back in about 1.5 years or less. Converted to a dividend paying company and at the same time brought in CPP, which gave them a cheque for $70 million. Key asset to the play is Monarch which, in the past, has been perceived as an exploration play. Has drilled several successful wells and feel they have de-risked 30 sections and think they have 530 million barrels in place. This would double their current reserves.

COMMENT
COMMENT
July 23, 2013

There was a big run-up in the shares. Company did a financing to buy some Pengrowth (PGF-T) assets and financed it at $1.57. The deal was $210 million and he feels they struggled to get it across the finish line and the shares have been weak here. As part and parcel of that deal, Canada Pension Plan stepped in with $170 million worth of equity which is a tremendous vote of confidence to have them on board. Expects there will be some recycling in the shares. This might be in a little bit of a choppy “no mans land” for the share price. Over the long run, this team is going to execute well.

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There was a big run-up in the shares. Company did a financing to buy some Pengrowth (PGF-T) assets and financed it at $1.57. The deal was $210 million and he feels they struggled to get it across the finish line and the shares have been weak here. As part and parcel of that deal, Canada Pension Plan stepped in with $170 million worth of equity which is a tremendous vote of confidence to have them on board. Expects there will be some recycling in the shares. This might be in a little bit of a choppy “no mans land” for the share price. Over the long run, this team is going to execute well.

HOLD
HOLD
June 20, 2013

Sees a lot of value in this name. There have been new buyers stepping in at the $1-$1.45 level. They will be releasing a well result in their Monarch play. Believes their Q2 will be very strong.

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Sees a lot of value in this name. There have been new buyers stepping in at the $1-$1.45 level. They will be releasing a well result in their Monarch play. Believes their Q2 will be very strong.

HOLD
HOLD
May 14, 2013

Torc Energy She is watching it and looking to get into it. Recommends holding if you own. There is a chance they might do a share consolidation. Don't panic. Good management team.

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Torc Energy She is watching it and looking to get into it. Recommends holding if you own. There is a chance they might do a share consolidation. Don't panic. Good management team.

TOP PICK
TOP PICK
April 17, 2013

The poster child for a segment of the market that is completely out of favour. Stock went from $2 down to $1.44 on nothing but positive news. Announced 2 highly successful wells and a high-impact play in an area called Monarch. Trading at its proved developed producing reserves value. That means the market is ascribing zero value for proven undeveloped, their probable reserves and their resource. No debt. Strong management team. The $1.44 stock price is absolutely ridiculous.

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The poster child for a segment of the market that is completely out of favour. Stock went from $2 down to $1.44 on nothing but positive news. Announced 2 highly successful wells and a high-impact play in an area called Monarch. Trading at its proved developed producing reserves value. That means the market is ascribing zero value for proven undeveloped, their probable reserves and their resource. No debt. Strong management team. The $1.44 stock price is absolutely ridiculous.

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