Opinions by Ryan Bushell | StockChase
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Ryan Bushell

President

ON STOCKCHASE SINCE Jan 2013

Newhaven Asset Management


Opinions by Ryan Bushell


Signal Opinion Expert Chart
COMMENT

The S&P 500 treading water these days signals a switch in market direection. Last year saw a steady ascent, but this year has been choppier. Stick with quality companies, but the market feels a general trepidation. Oil rose above $70 a barrel today, way above last winter's futures. Oil companies' profitability should be good in Q2, but the Canadian differential--and particularly, political delays over building new pipelines--is making investors here impatient.

The S&P 500 treading water these days signals a switch in market direection. Last year saw a steady ascent, but this year has been choppier. Stick with quality companies, but the market feels a general trepidation. Oil rose above $70 a barrel today, way above last winter's futures. Oil companies' profitability should be good in Q2, but the Canadian differential--and particularly, political delays over building new pipelines--is making investors here impatient.

Unknown
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$0.020
Owned Owned
Unknown

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TOP PICK
Altagas Ltd(ALA-T) 

May 7, 2018

Sustainable long-term cash flow. True, its charts are unflattering, but it's grown its dividend 50% over the past fve years. It continues to be on sale, so he continues to recommend it. It's a bargain now and the most recent drop is egregious. The market has been negative on the WGL acquisition, but utilities in metropolitan areas (Washington DC) with solid, long-term growth don't come up often. Cities will always utilities. Their cash flow will sustain the 8.8% dividend. You're paid to wait. He's buying for clients. (Analysts' price target $28.10)

oil/gas

Sustainable long-term cash flow. True, its charts are unflattering, but it's grown its dividend 50% over the past fve years. It continues to be on sale, so he continues to recommend it. It's a bargain now and the most recent drop is egregious. The market has been negative on the WGL acquisition, but utilities in metropolitan areas (Washington DC) with solid, long-term growth don't come up often. Cities will always utilities. Their cash flow will sustain the 8.8% dividend. You're paid to wait. He's buying for clients. (Analysts' price target $28.10)

oil/gas
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$25.010
Owned Owned
Yes

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PAST TOP PICK
Altagas Ltd(ALA-T) 

May 7, 2018

(Past Top Pick on Oct. 3, 2017, Down 8%) They basically got their WGL deal approved yesterday and now have  four approvals, though there's one more later this week. They've done everything they promised--they got their approvals and he's confident this deal with close. They need to announce some asset sales to shore up the funding plan. It got hit in the last quarter when they took some power assets off the market in California. Compared to say Enbridge, ALA has so many assets and so much cash flow. He belives they will find a buyer for those assets and this stock move higher. This stock is cheap now and they pay a big dividend. Now is a good entry point. The WGL deal is accretive. Dividend of 8.8% is safe and can even grow it a few years. The chairman owns a lot of stock.

oil/gas

(Past Top Pick on Oct. 3, 2017, Down 8%) They basically got their WGL deal approved yesterday and now have  four approvals, though there's one more later this week. They've done everything they promised--they got their approvals and he's confident this deal with close. They need to announce some asset sales to shore up the funding plan. It got hit in the last quarter when they took some power assets off the market in California. Compared to say Enbridge, ALA has so many assets and so much cash flow. He belives they will find a buyer for those assets and this stock move higher. This stock is cheap now and they pay a big dividend. Now is a good entry point. The WGL deal is accretive. Dividend of 8.8% is safe and can even grow it a few years. The chairman owns a lot of stock.

oil/gas
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$25.010
Owned Owned
Yes

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DON'T BUY

The preferred shares were trading at a discount because of credit concerns, and that's abated with the Airbus deal and better sales recently. The governments have rescued this company so often. He wouldn't buy it. 

transportation equip & components

The preferred shares were trading at a discount because of credit concerns, and that's abated with the Airbus deal and better sales recently. The governments have rescued this company so often. He wouldn't buy it. 

transportation equip & components
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$4.260
Owned Owned
No

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BUY

(Past Top Pick on Oct. 3, 2017, Up 0.7%) Rising interest rates and tightening mortgage rules worry some investors, but he's positive on the Canadian banks. Sure, the banks aren't as cheap as they were 12 months ago, but they are diversified and can weather the storm. He's happy to hold this as a core position.

banks

(Past Top Pick on Oct. 3, 2017, Up 0.7%) Rising interest rates and tightening mortgage rules worry some investors, but he's positive on the Canadian banks. Sure, the banks aren't as cheap as they were 12 months ago, but they are diversified and can weather the storm. He's happy to hold this as a core position.

banks
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$79.350
Owned Owned
Yes

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WATCH

He's researched this stock only recently. being Alberta-centric and rising interest rates are headwinds for them. They've grown the dividend consistently, so it's looking more attractive. He's watching it. Rising interest rates may pressure utilities stock further so that may be the time to step in. But rates won't rise a lot more, either. 4.7% dividend

electrical/electronic

He's researched this stock only recently. being Alberta-centric and rising interest rates are headwinds for them. They've grown the dividend consistently, so it's looking more attractive. He's watching it. Rising interest rates may pressure utilities stock further so that may be the time to step in. But rates won't rise a lot more, either. 4.7% dividend

electrical/electronic
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$33.280
Owned Owned
No

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PAST TOP PICK
Cenovus Energy(CVE-T) 

May 7, 2018

(Past Top Pick on Oct. 3, 2017, Up 10%) Oil prices are up and he's positive energy. With a new CEO, he likes their new direction. He's been with this since its bottom (he averaged down). Has great long-term assets. But they've enjoyed a great run for the past six months so he may exit.

oil/gas

(Past Top Pick on Oct. 3, 2017, Up 10%) Oil prices are up and he's positive energy. With a new CEO, he likes their new direction. He's been with this since its bottom (he averaged down). Has great long-term assets. But they've enjoyed a great run for the past six months so he may exit.

oil/gas
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$13.490
Owned Owned
Yes

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COMMENT
Enbridge(ENB-T) 

May 7, 2018

What's the relationship between Enbridge and its Income Fund? It's complex. Enbridge owns 90% of the Fund which traditionally trades at a higher multiple. The board will clean up the structure. The equity issues at the fund level will ultimately roll up into Enbridge. It's basically two different ways for them to issue capital for two different purposes. 

oil/gas pipelines

What's the relationship between Enbridge and its Income Fund? It's complex. Enbridge owns 90% of the Fund which traditionally trades at a higher multiple. The board will clean up the structure. The equity issues at the fund level will ultimately roll up into Enbridge. It's basically two different ways for them to issue capital for two different purposes. 

oil/gas pipelines
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$40.700
Owned Owned
Unknown

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COMMENT

What's the relationship between Enbridge and its Income Fund?  It's complex. Enbridge owns 90% of the Fund which traditionally trades at a higher multiple. The board will clean up the structure. The equity issues at the fund level will ultimately roll up into Enbridge. It's basically two different ways for them to issue capital for two different purposes. 

oil/gas

What's the relationship between Enbridge and its Income Fund?  It's complex. Enbridge owns 90% of the Fund which traditionally trades at a higher multiple. The board will clean up the structure. The equity issues at the fund level will ultimately roll up into Enbridge. It's basically two different ways for them to issue capital for two different purposes. 

oil/gas
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$27.750
Owned Owned
Unknown

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COMMENT
Inter Pipeline(IPL-T) 

May 7, 2018

Results today were positive. They're funding and building an Alberta petro-chemical facility. He owns other companies in this space, but he simply can't own them all. Well-run, though has a flatter growth projection than its peers.

oil pipelines

Results today were positive. They're funding and building an Alberta petro-chemical facility. He owns other companies in this space, but he simply can't own them all. Well-run, though has a flatter growth projection than its peers.

oil pipelines
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$24.110
Owned Owned
No

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WATCH

He's watching this. Packagaing companeis are doing well. It's come off recently, but ITP needs to see it sink further before he buys it. 13x forward earnings.

packaging/containers

He's watching this. Packagaing companeis are doing well. It's come off recently, but ITP needs to see it sink further before he buys it. 13x forward earnings.

packaging/containers
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$19.150
Owned Owned
No

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HOLD

A sleepy, very good company owning royalty interest on an iron mine. A good cash-flow producer though it's a cyclical company in a cyclical industry. Offers a sustainable dividend. Hold it, but for new buyers, don't buy until it breaks below $20.

Financial Services

A sleepy, very good company owning royalty interest on an iron mine. A good cash-flow producer though it's a cyclical company in a cyclical industry. Offers a sustainable dividend. Hold it, but for new buyers, don't buy until it breaks below $20.

Financial Services
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$24.080
Owned Owned
Unknown

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HOLD

A rare commodity in Canada: it's a large food producer. It's cyclical. Inflation of commodities may be good for them because they can pass on price increases to consumers. Not enough yield to make him feel safe. If you own it, hold it, but he's not buying it.

food processing

A rare commodity in Canada: it's a large food producer. It's cyclical. Inflation of commodities may be good for them because they can pass on price increases to consumers. Not enough yield to make him feel safe. If you own it, hold it, but he's not buying it.

food processing
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$29.030
Owned Owned
No

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BUY

Their European operations are now producing cash flows which they'll reinvest in other projects. The CEO is a big shareholder, always a good sign. It pays a good dividend yield over 5%. Revenues come outside Canada, so it's well-diversified. A solid, good long-term hold. They report earnings tomorrow.

Utilities

Their European operations are now producing cash flows which they'll reinvest in other projects. The CEO is a big shareholder, always a good sign. It pays a good dividend yield over 5%. Revenues come outside Canada, so it's well-diversified. A solid, good long-term hold. They report earnings tomorrow.

Utilities
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$23.500
Owned Owned
Yes

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BUY
Nutrien Ltd.(NTR-T) 

May 7, 2018

He owns this long-term. It's a dominant, global player and offers a solid yield with an underlying stable, retail business. Trade has been choppy, but below $60 is a good time to buy. Earnings report this evening.

agriculture

He owns this long-term. It's a dominant, global player and offers a solid yield with an underlying stable, retail business. Trade has been choppy, but below $60 is a good time to buy. Earnings report this evening.

agriculture
Ryan Bushell

President, Newhaven Asset Manag...

Price Price
$59.990
Owned Owned
Yes

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