Stock Opinions by Dennis da Silva - Stockchase Experts
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Dennis da Silva @

On Stockchase since : Apr 2007

Managing Director & Sr Portfolio Manager at Middlefield Capital Ltd.

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Dennis da Silva Latest Top Picks...

Stock Opinions by Dennis da Silva - Stockchase Experts

Signal Opinion Expert Chart
HOLD
Torc Oil & Gas Ltd(TOG-T) 

January 9, 2019

The shares paid to CPP as a dividend is dilutive in a traditional sense, but it does preserve cash for other shareholders. It has light oil and is working on asset preservation. He has no issue with the share being paid. He will continue to hold.
oil/gas
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The shares paid to CPP as a dividend is dilutive in a traditional sense, but it does preserve cash for other shareholders. It has light oil and is working on asset preservation. He has no issue with the share being paid. He will continue to hold.
oil/gas
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$4.730
Owned Owned
Yes

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SPECULATIVE BUY
Royal Nickel Corp (RNX-T) 

January 9, 2019

They have announced a gold find in Australia recently. He thinks it is very early days and they need to prove things up. He thinks investors are looking for this company to be acquired. He hopes they are successful, but views it as speculative at this point.
Mining
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They have announced a gold find in Australia recently. He thinks it is very early days and they need to prove things up. He thinks investors are looking for this company to be acquired. He hopes they are successful, but views it as speculative at this point.
Mining
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.470
Owned Owned
No

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HOLD
Surge Energy Inc(SGY-T) 

January 9, 2019

He likes the dividend. They postponed a dividend increase late last year on the heels of a recent acquisition. It is too early to know if that decision will change. He is optimistic differentials will help their light oil production. He will continue to hold it. The dividend is sustainable he thinks.
oil/gas
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He likes the dividend. They postponed a dividend increase late last year on the heels of a recent acquisition. It is too early to know if that decision will change. He is optimistic differentials will help their light oil production. He will continue to hold it. The dividend is sustainable he thinks.
oil/gas
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.530
Owned Owned
Yes

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HOLD
Argonaut Gold(AR-T) 

January 9, 2019

He has owned this in the past. He likes their approach to mining in Mexico. Growth requires relatively low capital expenditures. They have low costs (under $900 US/oz.) and are relatively low risk. Tougher regulations are likely ahead for them in Mexico.
Mining
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He has owned this in the past. He likes their approach to mining in Mexico. Growth requires relatively low capital expenditures. They have low costs (under $900 US/oz.) and are relatively low risk. Tougher regulations are likely ahead for them in Mexico.
Mining
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.660
Owned Owned
No

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TOP PICK
Enbridge(ENB-T) 

January 9, 2019

His favorite Canadian pick. They have cleaned up the corporate structure and likes the 10% dividend growth. They have over $7 billion in asset sales and this helps reduce leverage. It trades at a discount to its peer group. Line 3 will start filling in June and the US side will fill later this year. This should be a high-$50 stock. Yield 6.5%. (Analysts’ price target is $53.86)
oil/gas pipelines
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His favorite Canadian pick. They have cleaned up the corporate structure and likes the 10% dividend growth. They have over $7 billion in asset sales and this helps reduce leverage. It trades at a discount to its peer group. Line 3 will start filling in June and the US side will fill later this year. This should be a high-$50 stock. Yield 6.5%. (Analysts’ price target is $53.86)
oil/gas pipelines
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$45.700
Owned Owned
Yes

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TOP PICK
Kelt Exploration(KEL-T) 

January 9, 2019

A natural gas producer with liquids rich output. Management has a large holding. A core holding for him. Yield 0%. (Analysts’ price target is $8.80)
oil/gas
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A natural gas producer with liquids rich output. Management has a large holding. A core holding for him. Yield 0%. (Analysts’ price target is $8.80)
oil/gas
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.080
Owned Owned
Yes

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TOP PICK
Harte Gold Corp(HRT-T) 

January 9, 2019

Ontario gold production. It has started small but expanded through satellite operations. He expects good growth going forward. Yield 0%.
Mining
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0 comments
Ontario gold production. It has started small but expanded through satellite operations. He expects good growth going forward. Yield 0%.
Mining
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.420
Owned Owned
Yes

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COMMENT
General Market Comment 

September 28, 2018

Market. The S&P500 has been having the longest bull-run in its history.  It is hard for investors to focus on beaten down areas, like resource stocks, when everything else is doing well.  The US tax cuts and deregulation have contributed to a breath of fresh air to the market.  A strong US market should be good for base metals globally, as long as we can wade through the tariff issues.  With countries agreeing to reduce or eliminate Iranian imports, it should allow WTI to stay between $70-$80 per barrel.        

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Market. The S&P500 has been having the longest bull-run in its history.  It is hard for investors to focus on beaten down areas, like resource stocks, when everything else is doing well.  The US tax cuts and deregulation have contributed to a breath of fresh air to the market.  A strong US market should be good for base metals globally, as long as we can wade through the tariff issues.  With countries agreeing to reduce or eliminate Iranian imports, it should allow WTI to stay between $70-$80 per barrel.        

Unknown
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

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BUY
Whitecap Resources(WCP-T) 

September 28, 2018

This is a name that is well held institutionally and in the retail market.  There may be some acquisition overhang that will ultimately be beneficial.  Management will do small acquisitions, but the big deals are likely done he thinks.  This company has an attractive payout ratio (near 80%) and so the dividend should be sustainable.  It has been a core holding of theirs for years.  

Oil and Gas (Integrated Oils)
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This is a name that is well held institutionally and in the retail market.  There may be some acquisition overhang that will ultimately be beneficial.  Management will do small acquisitions, but the big deals are likely done he thinks.  This company has an attractive payout ratio (near 80%) and so the dividend should be sustainable.  It has been a core holding of theirs for years.  

Oil and Gas (Integrated Oils)
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$7.840
Owned Owned
Yes

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DON'T BUY
Tahoe Resources(THO-T) 

September 28, 2018

This is a name he has avoided due to the uncertainty of their Guatemala silver mine investment. Social license is a big issue for some of these countries. Half of their net asset value is in this country. He worries about the potential for public company conflict with the various levels of government there.

Mining
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This is a name he has avoided due to the uncertainty of their Guatemala silver mine investment. Social license is a big issue for some of these countries. Half of their net asset value is in this country. He worries about the potential for public company conflict with the various levels of government there.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.570
Owned Owned
No

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WATCH
Alamos Gold Inc(AGI-T) 

September 28, 2018

It is an under-appreciated name that fell out of favour with a previous large Canadian acquisition that the market felt they over paid for.  He likes the geographic mix between Canada and Mexico.  He is watching for further developments.

precious metals
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It is an under-appreciated name that fell out of favour with a previous large Canadian acquisition that the market felt they over paid for.  He likes the geographic mix between Canada and Mexico.  He is watching for further developments.

precious metals
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.930
Owned Owned
No

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COMMENT
Royal Nickel Corp (RNX-T) 

September 28, 2018

They were trying to sell their Australian gold assets and found gold in the process.  There is much talk of the Quebec nickel project that would require a $1 billion of investment.  They ran out of patience waiting for projects to be developed, so have not bought back into it.  

Mining
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They were trying to sell their Australian gold assets and found gold in the process.  There is much talk of the Quebec nickel project that would require a $1 billion of investment.  They ran out of patience waiting for projects to be developed, so have not bought back into it.  

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.890
Owned Owned
No

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COMMENT
Hudbay Minerals Inc.(HBM-T) 

September 28, 2018

There is a more technical based CEO there now. The company has gone through good expansion and now they are focusing on permitting in the Arizona mine. It has been a lengthy process to get approvals and expects 2019 to see approval. He is generally very light on holding base metals, especially in the face of current trade disputes.

precious metals
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There is a more technical based CEO there now. The company has gone through good expansion and now they are focusing on permitting in the Arizona mine. It has been a lengthy process to get approvals and expects 2019 to see approval. He is generally very light on holding base metals, especially in the face of current trade disputes.

precious metals
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0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.540
Owned Owned
No

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HOLD
Parex Resources Inc.(PXT-T) 

September 28, 2018

A Colombian oil producer that they own currently. The company recently put itself up for sale. He thinks this company feels some of the assets may have reached a maturity point, especially the Colombian assets. He thinks the company is under-valued by about $2-$3 per share and that is why they continue to hold it.

oil/gas
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A Colombian oil producer that they own currently. The company recently put itself up for sale. He thinks this company feels some of the assets may have reached a maturity point, especially the Colombian assets. He thinks the company is under-valued by about $2-$3 per share and that is why they continue to hold it.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$21.950
Owned Owned
Yes

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HOLD
Trevali Mining Corp(TV-T) 

September 28, 2018

He has owned this periodically, especially when production started in Peru and New Brunswick.  Now they have diversified further into Africa.  It is the largest independent iron producer and the balance sheet is impeccable.  He also likes their leverage to zinc.  He also worries about the social license of a public company in some of these countries.  

Mining
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He has owned this periodically, especially when production started in Peru and New Brunswick.  Now they have diversified further into Africa.  It is the largest independent iron producer and the balance sheet is impeccable.  He also likes their leverage to zinc.  He also worries about the social license of a public company in some of these countries.  

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.730
Owned Owned
No

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