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Stock Opinions by Lyle Stein

COMMENT
Market Outlook The market is trying to figure out its next trading level. With the change in interest rates and earnings, the market appears to be forming a double top. Now with US long term bond rates going down, the expectation is for a US Fed rate cut in September. The economy appears to be slowing down. Q1 earnings have been okay and the market is losing momentum. He is cautious. The trade war between China and the US and the amount of government debt are the greatest headwinds. Inflation could re-emerge when no one is expecting it.
Unknown
COMMENT

AQN vs NPI Both companies have similar yields -- around 4.9%. He owns both. AQN-T is more US focused. NPI-T is more international. The dividend with AQN-T is paid in US dollars.

electrical utilities
COMMENT

AQN vs NPI Both companies have similar yields -- around 4.9%. He owns both. AQN-T is more US focused. NPI-T is more international. The dividend with AQN-T is paid in US dollars.

Utilities
COMMENT

CN vs CP The major difference is CN-R goes more North-South into the US. CP-T goes more across Canada. Both trade with similar yields. He does not own either. Both are good for a long term investment. It is splitting hairs deciding on which one to have.

Transportation
COMMENT

CN vs CP The major difference is CN-R goes more North-South into the US. CP-T goes more across Canada. Both trade with similar yields. He does not own either. Both are good for a long term investment. It is splitting hairs deciding on which one to have.

Transportation
HOLD
He thinks $62 WTI may be pretty balanced here. Whitecap raised their dividend. He thinks they have run a tight ship and they are generating good cash flow.
Oil and Gas (Integrated Oils)
DON'T BUY
CPG-T has gone through a rough spell. Despite higher oil prices, they have not recovered to the same degree. He blames their last acquisition as it forced them to cut the dividend. They are no longer the glamour stock. They have to "show me" before he gets back in. He would pursue the bigger more liquid names first.
oil / gas
BUY
They are trying to rebalance following the Washington asset acquisition. No one liked the cut in dividend, but it was prudent. The stock has bounced and the yield is around 5%. He thinks the market is not valuing it fully. They are selling assets at good prices and Washington Power had a great earnings quarter. The propane export terminal in Vancouver is a huge investment that is starting to pay off.
oil / gas
HOLD
The first of the Canadian banks to report next Wednesday. They have been hurt due to perceptions of being more of a domestic only bank. He is hoping to see what they mortgage portfolio looks like and what they are projecting for loan losses. He likes their yield of 5.1%. He would not be a buyer or seller here.
banks
DON'T BUY
He does not own any drilling stocks. He thinks producers are not as focused on increasing production at this time. This space is too volatile to take a position in. He would prefer to own producers.
oil / gas field services
COMMENT
IPOs? He does not participate in IPOs in general. The Canadian IPOs have not done particularly well.
Unknown
HOLD
The premier gold royalty company. A great investment. He feels bad for not owning it in the past. Gold prices near $1300 US and if you feel prices are going higher this would be good.
precious metals
PAST TOP PICK
(A Top Pick Apr 26/18, Up 40%) He liked the 7.5% yield at the time. He continues to hold it and sees further runway ahead. Yield 6%
oil / gas pipelines
PAST TOP PICK
(A Top Pick Apr 26/18, Down 25%) It was not long ago it traded $10. In the past four weeks concerns over the economy have dampened the share value. They are doing good work to run the operations. It has great torque to the commodity cycle. He would be a buyer here. Indigenous investigation is causing some worry with mine expansion plans.
precious metals
PAST TOP PICK
(A Top Pick Apr 26/18, Up 8%) They have exposure to the US residential market and pay a good dividend. They have an asset management group that generates good cash flow. He thinks the market is undervaluing this.
REAL ESTATE
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