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Stock Opinions by John Priestman

BUY
A terrific core holding. Has grown at 15%+ every year. Great management and make smart acquisitions.
oil / gas
VAGUE
Has had a great run and have been trimming back their positions. Good substitutions for a 2/3 year hold would be Arc Energy or Canadian Oil Sands.
oil / gas
BUY
Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands.
oil / gas
BUY
Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands.
oil / gas
BUY
A good trust, especially if you are looking for income. About 2/3 of its distribution is tax deferred income. Yield is about 12 1/2%. Good up front tax-effective income.
investment companies / funds
BUY
Has new management from top to bottom and a new game plan. Currently merging with Calpine which will make it into a much larger trust. Will be a big high quality name with an equal balanced production between natural gas and oil. High yield.
investment companies / funds
HOLD
A reasonable distribution for next year would probably be around $1.20/1.25 which is a substantial increase from what they have been paying for the last 4/5 years. Volumes and coal prices will be going up.
INDUSTRIAL PRODUCTS
DON'T BUY
The embarrassment of the year in income trusts. Standard Poor ranked it as a very stable trust. A lot of the acquisitions they have made have not produced cash flow.
electrical utilities
DON'T BUY
Distributions have been high at 13% or so which was 138% of cash flow in the 3rd quarter. There will probably be a cut. A better trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Better balance sheets.
Financial Services
BUY
A good trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Good balance sheets.
investment companies / funds
BUY
Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Chartwell. This one caters to high income earners. Will be a little slower growing.
property mngmnt / investment
BUY
Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Sunrise Senior. This one will be the most aggresive. Have doubled their assets in less than 18 months.
property mngmnt / investment
BUY
Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Chartwell and Sunrise Senior. Had surplus capacity and a high yield, so cut its distribution, so it's a good turnaround story.
property mngmnt / investment
BUY
Has increased distributions every year for 11 years. Low payout ratio. Great balance sheet and terrific management. Could be a core holding.
property mngmnt / investment
HOLD
Very expensive. Has had a huge move. Trading at over 20% premium to its net asset value. 7% yield. Do some profit taking. Can repurchase at a cheaper price down the road.
property mngmnt / investment
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