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BUY
Likes the rail story. Prefers over Canadian National (CNR-T) as it trades cheaper. Has a higher cost structure giving it the opportunity to reduce costs even more.
oil / gas
TOP PICK
Good value. Yield of 6%. At the end of a year or two, it could become a trust. They bought Allstream to forestall being pushed towards a trust. They are starting to work their way through the losses in Allstream.
telephone utilities
TOP PICK
A floating REIT. They have container ships. They have long-term leases with companies like CP Ships and a major Chinese shipping company. They have fixed costs on the other end and they make the spread and pay it out to the unit holders. 8% yield. Adding new ships to the fleet.
Transportation
HOLD
Still thinks it's a decent stock, but would be a holder rather than a buyer due to its higher costs/lower returns relative to others.
oil / gas
SELL
Interest sensitive. Would switch of this and buy Enbridge (ENB-T), primarily because Enbridge has more growth and strategic initiative.
oil / gas pipelines
BUY
Interest sensitive, but prefers over TransCanada Pipe TRP-T) because it has more growth.
oil / gas pipelines
TOP PICK
Likes integrated companies that have production, refining and retail outlets. This gives some downside protection. Relatively inexpensive relative to its peers. Has most of the cost relative to White Rose behind it. Lots of revenue coming. Could have a special dividend.
oil / gas