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Stock Opinions by Bruce Campbell (1)

COMMENT
Still pockets of value? Not in large cap technology. But in a lot of the cyclicals, financials, and energy. In the runup to the election, there's a bit of a rotation away from the super high flyers. We're coming up to Canadian bank earnings in a couple of weeks. Decent chance they'll be better than last quarter, and so we'll see optimism. Stocks are trading at 10x earnings. Capital markets should have had a great quarter.
Unknown
COMMENT
Are you looking at "return to work" stocks? Yes, and the banks are in that group. For REITs, stay in retail instead of office. Not sure he wants to go out and buy Air Canada just yet.
Unknown
HOLD
With a 10-year time horizon, any of the banks are good investments. Low multiples, good dividends. Loan losses will be higher for a couple of quarters for sure. Dividends aren't being cut. You should have some banks in your portfolio. He owns it.
banks
HOLD

Prefers Enbridge, as the growth is higher and the dividend has become almost 7%. PPL is a safe place to be if we get a bit of a pullback. If you own it, keep holding.

pipelines
HOLD
Good company, yield is safe. Likes strategy going forward. He owns the preferred shares instead. Safe stock. Perfect for your TFSA as a senior. Yield is 7.4%.
electrical utilities
HOLD
In the grand scheme of things, a good yield with a decent strategy. Keep holding, though he prefers growthier names with corresponding dividend growth. Appealing because it's more renewable than the rest. Bit more quarter to quarter earnings risk, but no so that the dividend is in danger.
Utilities
BUY
He was zero energy for about 3 years. He now owns only Suncor. Impacted by price, but they're integrated. They make money in almost every situation. Free cash flow will be much higher in subsequent years with higher oil. Cut the dividend to be prudent. Good dividend yield. Probably a $30 stock a year from now.
integrated oils
HOLD

EMA vs. FTS Emera reported pretty good numbers. Both have foreign exposure. Both have growth to them and over 4% yield. Operating risk, but not political risk per se. Both are fine holds.

mngmnt / diversified
HOLD

FTS vs. EMA Emera reported pretty good numbers. Both have foreign exposure. Both have growth to them and over 4% yield. Operating risk, but not political risk per se. Both are fine holds.

electrical utilities
COMMENT

BAM has other deals in the works too, aside from this tender offer. Tendering your shares is safer, but if your time horizon is long enough and you can take a bit of risk, you can hang onto your shares. Obviously, BAM thinks there's some value there.

REAL ESTATE
PAST TOP PICK
(A Top Pick Jul 12/19, Up 0%) Still owns it. Most growth among the pipelines. Good recent quarter, and reiterated dividend and earnings growth. A good entry point today, down $1.50 from $45.
oil / gas pipelines
PAST TOP PICK
(A Top Pick Jul 12/19, Down 10%) Good earnings, but hurt by the perception and reality of low interest rates. Trading less than 10x earnings. A bit contrarian, but still a good entry point around $20.
insurance
PAST TOP PICK
(A Top Pick Jul 12/19, Up 11%) Still likes it. Trend to cashless society is getting more entrenched. Impacted by lower economic activity, but rebounded nicely. Trades more like a tech stock than a consumer stock.
other services
HOLD
Fine as a holding. But the majors are cheap enough, and they'll move first. Slightly higher losses coming to CWB because of the oil patch. It's a hold. Wouldn't worry about the dividend too much, but he'd prefer one of the majors at this stage.
banks
HOLD
Views the golds as a trade, not a 10-year hold. This one is doing well. Their margins are expanding. So still some upside movement, but we're running out of momentum. If you hold it, hang on.
precious metals
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