New 52-Week Highs and Lows (Nov 21-27)

Opinion about CWL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research IF growth returns then CWL could do OK, but it has seen revenues decline for nearly the last two years. Margins also took a significant dip in 2023 and CWL generated a net loss. Looking back to years when CWL did see…

Opinion about TRI-T: Mission-critical information for legal, tax, and accounting professions. Not huge topline growth. Very strong recurring revenues. Always looks expensive, today PE is ~50x. You can get twice the same earnings yield in bonds and in the markets.

Opinion about ASG-X: It was all " gung ho" about 2 years ago. It is difficult to find out what is going on. Management have been rather shy for a long time. Overall revenues have not risen dramatically for a long time. There are a lot of competitors. He needs to look more closely into…

Opinion about GAL-X: A tricky one. Have a very small mine in Ireland that they are trying to put into production as well as a small jewellery division. There is no clear indication of what they are trying to be. Gold deposit is very small.

Opinion about CMR-T: Stock vs. Stock. FIE-T vs. CMR-T. CMR-T is a money market fund. FIE-T is a multi holding income strategy holding all kinds of assets, so there will be more volatility. When markets are up go into CMR-T and FIE-T when they are down.

Opinion about FN-T: Good company, but dividend too high. Mature company. Better growth companies out there. Well run, and stable business. Lots of mortgage exposure but overall a good business. 

Opinion about HR.UN-T: Hostile takeover. Diversified REIT that doesn't work very well anymore, as it tends to trade at the multiple of the least-liked sector it owns, and it has a lot of office. If you own, hold on, as today's press release indicated interest from multiple parties (and so a higher bid may come…

Opinion about PEGI-T: A good dividend play. The yield is at 4.6%. People tend to focus on the tech side of green stocks, but this has utilities that have consistent income. They are a potential takeover target for Brookfield so the price has recently shot up. Could get decent returns.

Opinion about AGI-T: (A Top Pick Apr 03/24, Up 86%) Gold bull markets go on for a long time, and this one's driven by central banks. Cashflow generated will continue to rise. Inexpensive. Sector's consolidating right now. 

Opinion about CMMC-T: Just completed an expansion. A bit more debt leveraged. Fortunes rise and fall with copper, especially with a recession scenario. China's problems aren't helping. Should be back to $3 in next 3-6 months, $4 in a year. Operational issues in Q1. Second half should improve. Sit tight. You could dip your toe…

Opinion about ROXG-T: (A Top Pick Dec 15/20, Up 12%) Taken over. He got out when the deal was announced, as the acquirer wasn't somewhere he wanted to put his money.

Opinion about S-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research It is certainly not beyond possibility. Bloomberg default ratio is 7.36%, which is very high for that indicator. Cash flow was negative in the last quarter, yet 12-month interest expenses were $36.1M net. With its small size and Cuban and other issues,…

Opinion about AR-T: Expecting company to be bought. Would recommend holding.  

Opinion about CFF-T: Forestry space He owns no names. The stocks are okay but face trade disputes and an economic slowdown that will hit housing stocks. The stocks have been beaten up.

Opinion about ELD-T: (A Top Pick Dec 13/22, Up 19.2%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ELD has triggered its stop at $13.50.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment gain of 19%, when combined with our previous recommendations.  

Opinion about LGD-T: Likes management. Note that there is nothing immediately happening. It’s not something to chase, but just accumulate over the summer. Turkey is not bad at all, it is a democratic system. Their mining code is working. He thinks they have permitted 10 mines in 10 years. This company is technically very, very…

Opinion about LYD-T: Too much political risk. Too much financing risk. Nice deposit.

Opinion about PG-T: Hold until sale to Equinox, or buy more? He holds both to benefit from long-term effects of inflation. He thinks the takeout is great. EQX is well run, a buy, with a $12 price target.

Opinion about RUS-T: His fundamental analyst on this name rates it "outperform" and doesn't see 50% tariff ramifications as huge. Higher highs, higher lows. Since tariff tantrum, has really started to pick up and try to push higher. Likes the setup. If he's right about the rally into August, should retest recent highs around $46.…

Opinion about SXP-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 9c missed estimates of 17.5c; revenue of $72M missed estimates by 2%. EBITDA missed by 11%. SXP is down significantly over the last twelve months by ~42% and recent earnings pointed towards declining profits and revenues. Revenue fell $6M. Earnings…

Opinion about USA-T: Junior speculative. Not profitable. At the price for gold and silver today, if a company's not profitable you have to ask why. He doesn't play penny stocks, and certainly not in the junior mining area. A very challenging asset class; he learned his lesson 35 years ago.

Opinion about ATC-X: Agnico-Eagle (AEM-T) came in a while ago and made a 9.9% stake in this company. The stock went up, but it really hasn’t done much since then. Then Barrick (ABX-T) came in and said they really liked the deposit and wanted to do a joint venture. This is a much better approach…

Opinion about IPT-X: CCL.B-T A great label maker. A fantastic story over the years. He would never recommend selling it. You also have IPT-T and have been selling weak with all the hurricanes in the last weeks. They create a lot of value but there is better value with IPT-T. He holds this over CCL.B-T…

Opinion about BGM-X: The Barkerville district has a lot of prospectivity. Their individual drill results are excellent but under the control of the Osisko company. He doesn't own it, because has a hard time getting the drill holes to tie together. That said, the district has a lot of promise and the exploration team is…

Opinion about GMV-X: Thinks there is another mine in this company. This is a story that is going to unfold and he likes it.

Opinion about UCU-X: It’s a tough deposit. Erratic mineralization with the Uranium. He doesn’t think a lot of the deposit. Prefers others.

Opinion about AAV-T: One of the worst energy names. The CEO and board did one of the word acquisitions in history. When the market wanted natural gas, they added liquids exposure. Are the worst-performing nat gas stock in North America. No upside. An activist has put members on the board.

Opinion about BNE-T: Their debt has always been an issue. Trading at in-line levels for their multiple. Does not check his boxes in his fund.

Opinion about CFW-T: Oilfield services firm that has big fracturing technology presence. Horizontal drilling and shale boom not as strong. Very dependent on energy prices. Lots of assets that must be carried on the books. Not investing at this time. 

Opinion about CJ-T: Bought at $8.50, now at $6.64. Sentiment remains challenged in the space (a common theme today), even though the Energy Index is up about 20% YTD. People are hiding in large caps, with few funds coming to small- or mid-caps. Hard to see it outperforming. Yield is 10.7%, pretty hard to replace.…

Opinion about CNQ-T: Dividend choice for an 18-year-old to hold forever. Young investors don't care as much about dividend stocks, but they're really important. It's like collecting rent, instead of making money only once you sell a stock. The earlier they start, the more they reap the benefit of the compounding effect that takes place…

Opinion about CPG-T: Great company. Looking at the chart, big wall of resistance it just couldn't get through. Then it broke out. If you own it, hold. If it pulls back to the neckline, he'd be all over it.

Opinion about ESN-T: One of the largest fleets of generation 3 and 4 deeper coil tubing. Two businesses: coil tubing and tools. Both are being run efficiently. Margin pressure in the sector. Great little story that will be a big beneficiary of LNG drilling. No debt. 5-year bull market target of $3. 2023 will be…

Opinion about KEL-T: Has deep assets, which they won't sell for 9-12 months, as they add others. He can't own every midcap, though this is good.

Opinion about KEY-T: Last quarter was a nice beat. Asset sales. Sizeable projects seem to be making progress. Low leverage, low payout ratio with nice dividend, lots of volume growth on existing assets. Lots of upside from new project announcements. Natural gas plus getting it offshore are real tailwinds for Canada. Trading ~16.3x 2027, not cheap,…

Opinion about MTL-T: Grown by acquisition quite steadily over the years. Very good company and it won't hurt you, but he owns TFII instead.

Opinion about NVA-T: Chart shows a pretty positive pattern of an "ascending triangle", which is a really powerful one in technical analysis. You're seeing a series of higher lows because investors continue to snap up the stock on the move higher. What you're really looking for is a breakout of the multi-year range. Rated "outperform"…

Opinion about PGF-T: Companies with challenged balance sheets (high debt in this case) face difficulty in banks continuing to finance growth. He would not own this one.

Opinion about PRQ-T: They have two plays. It is pressured because of debt load. Production came down in the third quarter and should now increase. They should knock debt down with the sale of two non-core assets next year. It needs a catalyst before the market will revisit this story.

Opinion about PXT-T: Yield is 13%. Dividend not sustainable. Great candidate for tax-loss selling, and buy another high yielder (such as WCP) with the proceeds. WCP has meaningfully better assets, reliable management, with no Colombian geopolitical risk. 

Opinion about PXX-T: For full disclosure, she is on the Board of Directors of Blackpearl. International Petroleum has made an offer to acquire. It is expected to close in mid December. She would not be buying a stock that may only be around for a few weeks. Management is very strong and will be going…

Opinion about SCL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research At 8X forward earnings and with investors/analyst attention seeming to increase, we don't think much has to change here. As always, we would use prudent portfolio principles around trimming/re-balancing to limit a single company becoming too much of a portfolio but do…

Opinion about SDY-T: One of the more conservatively run oil service companies. A smaller oil service business. He likes some of the stuff they do in their rig matting and gas compression businesses. They have an acquisition strategy, and in this environment they may see some opportunities that could be accretive to shareholders. Balance sheet…

Opinion about TCW-T: High beta service name, so can be volatile on a tweet. CEO is honourable, respected, and a good operator. Healthy stock buybacks have supported the stock. Net cash lets them survive anything. May see weakness in FCF. He's cautious on the services sector, owns none right now.

Opinion about TVE-T: Trades at a 10% free cash flow yield. Pays a 3.4% dividend yield. They can keep production flat down to $42 oil, among the lowest break-evens for a Canadian company. Are seeing great results. Share buybacks over time make this a sit and wait name. For Canadian oil names, the stay-afloat price…

Opinion about VII-T: (A Top Pick Feb 09/21, Up 9%) Continues to hold.

Opinion about WCP-T: WCP vs. ARX He'd skew toward ARX, as it's the best-run intermediate O&G company in Canada. On most fundamental metrics, WCP is cheaper. It depends on your own investing style. He's often willing to pay up for management that he considers superior. In a 5-10 year timeframe, you can't go wrong with…

Opinion about YGR-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of $0.11 missed estimates of $0.13 and revenues of $42.41M missed estimates of $44M. Its FFO increased by 29% against the previous quarter, and its operational efficiency improved by 3% in average production. It demonstrated drilling cost reductions in the quarter,…

Opinion about ZAR-T: This had been on his Short List of about 10 companies. There is absolutely nothing wrong with it. He thinks you could get an 8%-10% rate of return. It just didn’t seem to have that key catalyst driver that could make it exciting. (See Top Picks.)

Opinion about ARX-T: ARX vs. WCP He'd skew toward this one. Best-run intermediate O&G company in Canada. On most fundamental metrics, WCP is cheaper. It depends on your own investing style. He's often willing to pay up for management that he considers superior. In a 5-10 year timeframe, you can't go wrong with either.

Opinion about ECA-T: Just beat earnings and have increased production. Cheap valuation compared to peers. But it's getting more expensive heading into 2021. There's no growth here, but that goes with the entire oil patch. The real issue is will they survive. Their balance sheet is getting better, but still high for a blue-chip name.…

Opinion about OBE-T: Not a good investment with current management team. Other energy companies available with better opportunities.

Opinion about POU-T: It is a good value stock. It explores and develops conventional oil and gas. It is too volatile for them even though it outperformed the last quarter. You could trim back and wait for a more favourable price target. It is a mix of buy, hold and sell.

Opinion about SPB-T: Dividend wasn't sustainable, got cut. Game-changer for him, as now this name offered value (instead of income). Analysts are now starting to reward that decision. Very good footprint feeding into long-term energy demand.

Opinion about CVV-X: Uses intellectual acumen to stake prospects, mainly in the Athabasca Basin. A uranium explorer, which tend to move later in bull markets but more dramatically. If they're successful in the next 6 months on farm-out deals, he's likely to buy in. Has done well in past uranium bull markets.

Opinion about SOG-X: Has been really hurt by the execution of this very difficult play they are in. Company is going through some high costs, to make sure this very extreme area in northern Alberta, is all pipelined in. There are good reasons why two very, very good, smart, rich people have got ownership of…

Opinion about BPF.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Debt becoming a concern. Delivery and take-out only sources of sales. Special dividend paid this quarter. Dividend reinstated at a lower rate.

Opinion about CLIQ-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. No longer backed by Aurora. Multiple attempts to redesign stores. Multiple products sold at steep discounts. Deteriorating margins.

Opinion about DII.B-T: It's never done anything and has disappointed shareholders. He owned shares 10 years and sold it because he got fed up with its lack of progress.

Opinion about DOL-T: In his firm's Canadian dividend growth strategy portfolio. Not a great dividend, though it does grow. Focused more on inorganic growth and share buybacks. Almost AMZN-proof, scale gives them buying power. In Canada, topline is growing close to 10%, margins are improving. Trades at over 40x next year's earnings, so wise to…

Opinion about SOY-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We think investors can wait. With a highly leveraged balance sheet, very weak momentum, economic concerns and a history of mixed results and losses, we do not think it is the type of stock to own in the current market environment, especially…

Opinion about TOY-T: A definite series of lower highs and lower lows. Continues to languish, downtrend remains in place. Value trap. Unless something changes, just avoid. So many other good places to put your $$ to work.

Opinion about CGX-T: It was a darling, a great business years ago that generated tons of free cash flow. He once owned it. Then, it was supposed to be bought, but bad luck saw Covid hit and the deal died. Great management and still a good business that generates cash, but times have changed--there are…

Opinion about RET-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. There are no analysts/estimates for RET.A, insiders owns around 57% of the company. 4Q sales increased by 11.4%. Marketing helped store traffic but higher costs and macro headwinds hurt the quarter.Comparable sales rose 12.7%, with e-commerce sales 34% of the total. The 4Q…

Opinion about WPRT-T: We've reached the tipping point where we're sick of really dirty oil. But don't get greedy with this now. Can't recommend buying it at current levels after such a big run.

Opinion about CCX-T: This ETF tracks Canadian oil prices. There is only $9 million of capital in this fund – be very, very careful.

Opinion about CPD-T: Not interested at current pricing. Waiting for interest rates to rise. Not a good time to buy.

Opinion about DXP-T: (A Top Pick Apr 05/24, Up 15%) Incredible job outperforming the passive benchmark in the space. Be cautious -- can draw down by significant double digits if there's a selloff. Small position sizes only.

Opinion about HEU-T: HPB Energy Bull+ ETF. Immediate leverage to oil price moves. If you have a very good near-term bet that you want to make on oil this would be the way to go but if you are looking for an investment in the oil patch that has a long-term investment implications, then you…

Opinion about HFP.A-T: He would rather have direct access to floating rates. In Canada there are very few original floating rate preferreds left. One of the highest quality is the Brookfield BAM Preferred B or Preferred K and generally they are in the market and trading 17, 18, so they are at a big discount…

Opinion about HPR-T: Preferred share market is risky - not a good place for average investor.Not much upside with lots of downside risk.Income oriented investors have better options.Canadian Dividend Index a better product. 

Opinion about XEG-T: He's relatively positive on Canadian energy, with some caveats. Oil stocks have been near the bottom of a trading range, whereas the gas stocks have done OK. More probability of upside in gas over the next couple of years. Yet there might be opportunity in oil stocks.This ETF is probably more biased…

Opinion about ZEF-T: An EM ETF? He's used this in the past and recommends it, if you're looking for a single EM ETF.

Opinion about ZEO-T: (A Top Pick Apr 26/24, Down 7%) Not devastating, but there are other things to do with capital. With the current macro economic situation, keep this allocation smaller. Follow through in the markets and some outperformance in energy would be encouraging. It's probably going to be a volume game, not a price…

Opinion about ZPR-T: A preferred share ETF This is one consideration, but he has his own preferred ETF within his company, so he doesn't use others. Check to see if the ETF's exposure and tax implication suits you.

Opinion about XMD-T: (A Top Pick August 8/17, Up 8%) This holds what’s left over from the XIU 60. Wanted to get into some smaller stuff to get better diversification, and focus on this rather than the broader-based indices.

Opinion about CWB-T: Bought into the arbitrage. Upon closing will own NA, which is a really good bet for the long term.

Opinion about AX.UN-T: Diversified with office, retail, industrial in both Canada and US. Institutional investors tend not to like diversified REITs. Over their skis on the balance sheet, so forced to sell assets and a lot of the best ones. Has become more of an office REIT in challenged markets.When REITs come back into favour,…

Opinion about CUF.UN-T: Interesting transaction. Takeover at a discount, which is atypical and disappointing. Hard to assess this deal, not enough detail.

Opinion about HOT.UN-T: They own U.S. hotels, a high-risk, high-reward stock. He's bearish on hotels, which is struggling with labour costs and keeping labour. HOT.UN has done a good job restoring vacancies, in the low-70s, though their peak was in the 80s. However, they've made up the balance on their hotel rates. Their balance sheet…

Opinion about MRT.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Trading at high discount to NAV. Significant cash retention compared to peers. Diversified cash flow streams. Bid competition to slow acquisition growth.

Opinion about POW-T: Insurance space is cheaper than the banks, better growth, lower payout ratios. Fairly exempt from tariffs. Cradle-to-grave financial services. Beautiful dividend. Nice discount to NAV. Upside from private capital and nice little investments like Wealthsimple. Another quiet place to put $$ to work.

Opinion about HUT-T: (A Top Pick May 01/25, Up 29.8%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with HUT has achieved its target at $24.  To remain disciplined, we recommend covering half the position at this time and trailing up the stop (from $10) to $15.  

Opinion about TII-X: They had a project where they had lent out some money to the big Urban Corp. real estate company, which defaulted on their loans. Fortunately, the loan was secured by some real estate. Terra Firma just announced getting full repayment of the principal plus interest for that property. Now it will be…

Opinion about HIVE-X: Longer double bottom from 2023 to 2025. If we are starting a new cycle, it will be positive for assets across the board. Bitcoin is traditionally more of a risk-on asset. Doesn't mind nibbling here, then add exposure as it shows it's a winner and worthy of adding more capital.

Opinion about GPS-T: Uses their GPS system to figure out where trains are, and to more accurately schedule trains and service vehicles for people working on the rails. Reported on Aug 14 and earnings were down 10%. That was against a 32% increase in sales. In the coming quarter, earnings are expected to be down…

Opinion about XAU-T: He rarely talks about Gold. He thinks it is a strong sector bet. It is been out of favor for so long that mines have closed, productions have closed, mergers and acquisitions happened. Central Banks are now massive buyers of Gold. they want to get out of the US dollar. The Fed…

Opinion about LTE-X: They are doing distinctive infrastructure, where they are digging trenches to get that last mile to the home. They are doing this in the UK, and have a large contract with one company. He really likes the story, but is waiting to see some revenues and earnings drop to the bottom line…

Opinion about WJX-T: Medium-quality, in the competitive industrial space. Not a long-term compounder. Exposed to all kinds of risks including tariffs. Capital intensive; real FCF not as high as it appears. 

Opinion about BUS-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Buses may be electric, CNG, or clean diesel and electric buses are offered by the company. Over the past five years, sales have shrunk by a compounded annual growth rate of 14.5%, while EBITDA and Net income have grown at a CAGR of…

Opinion about EXE-T: Focused on LTC in Ontario, also a home healthcare business just in Ontario (which forms 50% of the business). No longer in retirement homes. If you own it, you've done well; continue to hold and collect the yield now south of 4%. If you have strong view of the home healthcare business,…

Opinion about HVT-X: There is so much concern on quality of earnings and when the companies will be profitable. He wants to see the industry mature. He likes it long term. The health side of this could be revolutionary over the next couple of decades.

Opinion about ZMS-X: A new CFO about six months ago is resulting in a change in their business operations. He thinks this is a lottery ticket if you already own it. He would wait until year end -- if it does not do well, take the tax loss then. Right now the company is running…