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Stock Opinions by Bill Harris, CFA

TOP PICK
A way to get into beaten up western Canada. Natural gas business. Processing plants. Stock's been hit. Have put in a pipe to tie all their assets together. Great piece of infrastructure, growing dividend. Yield is 5.58%. (Analysts’ price target is $39.50)
oil / gas
TOP PICK
A unique story. Closed their mine to buy on the spot market to deliver into their contracts. Cleaned up inventory. Given time, they hope to move the spot market. Yield is 0.58%. (Analysts’ price target is $17.73)
integrated mines
TOP PICK
Might be having a mini-recession. Makes money no matter what, as it makes clear cedar for the refinishing market. No debt. One of the companies being given away in the stock market. Yield is 5.42%. (Analysts’ price target is $2.06)
west coast forestry
COMMENT

Market. He has expanded his scope beyond resource stocks lately, but because of current valuations he is back recommending this sector again as it is at its maximum pessimism. The US may be considering a tariff on uranium, which could be a boon for some Canadian producers like Cameco.

Unknown
COMMENT

Gold. It will be interesting to see what happens if inflation becomes prevalent. He thinks, as a pension style investor, you need gold in your portfolio. You need to be very specific on the company stock you buy as some are making cash hand over fist. Smaller niche players may be better than dealing with the major gold producers.

Unknown
COMMENT

TRP-T or ENB-T? At these prices, he thinks TRP-T is in fantastic shape and the mainline natural gas represents half of the company’s NAV. Within a short period of time he thinks this will decline to only about 10-15% of NAV. This signifies how the company is diversifying – although the stock is a little expensive right now. ENB-T is less dynamic, but he believes their infrastructure is advantaged (as there are few projects being approved) and the dividend continue to grow. You could own both and not be concerned.

oil / gas pipelines
COMMENT

TRP-T or ENB-T? At these prices, he thinks TRP-T is in fantastic shape and the mainline natural gas represents half of the company’s NAV. Within a short period of time he thinks this will decline to only about 10-15% of NAV. This signifies how the company is diversifying – although the stock is a little expensive right now. ENB-T is less dynamic, but he believes their infrastructure is advantaged (as there are few projects being approved) and the dividend continue to grow. You could own both and not be concerned.

oil / gas pipelines
COMMENT

Cannabis Stocks. He wants to see some proof that the new industry will do well. No one has a proven track record yet. The astonishing market caps are very risky. Growing will eventually move to a more understandable agricultural process, but until then he is staying on the sidelines.

Unknown
DON'T BUY

A year ago this stock looked very low and the commodity price was low, however, the companies in this sector were still making money. He thinks there will be good returns in the sector, but he prefers more torque with companies that will benefit from tighter heavy oil differentials.

oil / gas
BUY on WEAKNESS

He recently evaluated this space. As interest rates increase their long term liabilities should become more profitable. They are cleaning up their operational issues. He hopes there will be a market pullback, so they might be able to step back in. He actually prefers Manulife (MFC-T), but is watching both. He would love to buy both of these if the stock prices drop by $5.

insurance
BUY

If you want a company with the most stable contracts in the sector, this is one of the key players, with great connections to Fort McMurray. A great company with great returns. The stock has been sliding as interest rates have gone up and the company has no major growth plans outside of the major polypropylene project. They are spending $3.5 billion on the project and he believes they are on budget and on time. Yield 6%.

oil pipelines
WATCH

He is very neutral right now, but would become a buyer in the $20 range. There is risk to a global China tariff war.

Mining
WATCH

He would love to find an entry point. Rising interest rates could be an issue, but feels the bigger issue is that wind and solar are in the crosshairs of government. There is fear the governments could end long term contracts, which could create major headwinds.

electrical utilities
BUY on WEAKNESS

When concern over NAFTA emerged, the Canadian economy could have been effected but not the stock market – except for auto manufacturers. As interest rates rise, the first thing to get hit seems to be auto sales in the US. He would consider buying on further weakness.

Automotive
BUY

He added to their position, based on the dividend at these price levels. He likes the cash flow and feels it is simply out of favour.Yield 6%.

telephone utilities
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