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Stock Opinions by Bill MacLachlan

STRONG BUY
Likes this one. Need a reasonably long time frame for it. Security of energy supply will continue to be a big issue in the US. Cream of the crop. You know the reserves are there and demand will continue. Screaming Buy if you have a 5 plus years horizon.
integrated oils
BUY
At current levels, Agrium (AGU-T) and Potash (POT-T) are both looking compelling. Difficulty in that the fundamentals of both companies are overwhelmed by the credit crisis and fears in some circles that agriculture will not have access to enough credit to be able to farm at the same pace as in the past. Could go lower before going higher. Good for a 5-year hold.
chemicals
BUY
At current levels, Agrium (AGU-T) and Potash (POT-T) are both looking compelling. Difficulty in that the fundamentals of both companies are overwhelmed by the credit crisis and fears in some circles that agriculture will not have access to enough credit to be able to farm at the same pace as in the past. Could go lower before going higher. Good for a 5-year hold.
integrated mines
COMMENT
Some exposure to the housing industry but very well diversified. Financially solid. Compression business is solid as well. Its fundamentals are going to be overwhelmed by the credit winds. 3 to 5 year horizon, it's a buy.
machinery
COMMENT
Banks’ Preferred Shares: Dividends are safe. He prefers common stocks because the dividend increases. Could take a good 18 to 24 months for a return to the normal credit relationship and a move up to normal pricing for banks’ preferreds.
Unknown
COMMENT
Demand for China will probably decrease. Thinks the distribution is likely safe. Low cost producer and well run. Not a guarantee as commodity prices could fluctuate wildly from here.
Financial Services
COMMENT
Versus Enbridge (ENB-T)? Sees greater growth through Enbridge. Have been a little more nimble. Besides the dividend, there is growth as well. Both are solid companies and will be a round for some time.
oil / gas pipelines
HOLD
Although volatility and volumes help them, historically things flat line and are quiet for some time after. This would be bad for them. There will likely be pressure to reduce costs for some transactions. Likes it for the long haul.
other services
COMMENT
The weaker Cdn$ means the US banks involved will have to access less US$ but won't be the critical factor on whether the deal is done or not. The major players say the deal will be done and he feels the same.
telephone utilities
DON'T BUY
Although it seems like the central banks and governments are getting things in place, we don't know how severe the recession will be. This is particularly important for mining stocks and commodities plays. He would give it at least another quarter or two.
Mining
COMMENT
Prefers Suncor (SU-T), which is a better operator. Good value at current levels, but thinks Suncor is better.
integrated oils
HOLD
Likes this company. Well managed. Good for the long haul. Won't rebound until there is some change in the credit environment and some sign as to the duration of the recession. If you own, you could add to your position.
oil / gas
DON'T BUY
If you believe the credit crisis is going to get worse, gold will move up. He believes the government's have a handle on the credit crisis, and if so, then the lustre will come off gold. He is not a big fan of gold.
precious metals
BUY
Exposed to the overall decline in commodity prices and fears of a slowdown. Not a typical metals company, more of a distribution arm, which gives them a little more protection. If you have a 3 to 5 year time horizon it is a compelling value. Good yield and well managed.
steel
BUY
Had held in quite well until just a couple of weeks ago. Came under some pressure in terms of their exposure in the US. He feels there are no more skeletons in their closet. Triple A company. Good time to add to your position.
insurance
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