Latest Expert Opinions

Signal
Opinion
Expert
HOLD
HOLD
September 28, 2018

It is one of about a dozen companies that will benefit from a positive FID statement on a west coast LNG project. He thinks the announcement of such a project could be weeks away. The company has one of the largest Montney land holdings in BC and it is trying to monetize that into real cash flow to de-risk the asset. They have had to sell other assets to keep things going.

Crew Energy Inc.(CR-T)
September 28, 2018

It is one of about a dozen companies that will benefit from a positive FID statement on a west coast LNG project. He thinks the announcement of such a project could be weeks away. The company has one of the largest Montney land holdings in BC and it is trying to monetize that into real cash flow to de-risk the asset. They have had to sell other assets to keep things going.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$1.880
Owned
No
HOLD
HOLD
September 28, 2018

He has always felt the crux of the issue was around the quality of management.  Serial issuer of stocks and acquisitions – they took it too long too far.  He thinks half of the 185,000 boed could be up for sale to help deleverage the balance sheet.  They have strong assets, but he wondered how many years of inventory were necessary.  The market has not given the new management team the benefit of the doubt.  It is at all time lows in terms of valuation.  

He has always felt the crux of the issue was around the quality of management.  Serial issuer of stocks and acquisitions – they took it too long too far.  He thinks half of the 185,000 boed could be up for sale to help deleverage the balance sheet.  They have strong assets, but he wondered how many years of inventory were necessary.  The market has not given the new management team the benefit of the doubt.  It is at all time lows in terms of valuation.  

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$8.220
Owned
No
HOLD
HOLD
September 28, 2018

He likes this a hold for a positive FID announcement on a west coast LNG project.  They are a drier gas play than others with a solid balance sheet. (Analysts’ price target is $6.90)

Birchcliff Energy Ltd.(BIR-T)
September 28, 2018

He likes this a hold for a positive FID announcement on a west coast LNG project.  They are a drier gas play than others with a solid balance sheet. (Analysts’ price target is $6.90)

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$5.200
Owned
Yes
HOLD
HOLD
September 28, 2018

This company has traditionally been a core hold as it tends to have lower volatility.  However, as he has become more bullish on gold, he is looking for more torque in the actual E&P list of companies at this time.  He thinks $1100 per ounce is a floor for gold prices.  (Analysts’ price target is $109)  

Franco-Nevada Corp.(FNV-T)
September 28, 2018

This company has traditionally been a core hold as it tends to have lower volatility.  However, as he has become more bullish on gold, he is looking for more torque in the actual E&P list of companies at this time.  He thinks $1100 per ounce is a floor for gold prices.  (Analysts’ price target is $109)  

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$80.800
Owned
No
DON'T BUY
DON'T BUY
September 28, 2018

This company is very leveraged (5 times debt-to-cash flow), which will limit its ability to develop capital projects.  He has stayed away and was not a fan of the various joint ventures and prefers to own companies that own their own infrastructure.  

This company is very leveraged (5 times debt-to-cash flow), which will limit its ability to develop capital projects.  He has stayed away and was not a fan of the various joint ventures and prefers to own companies that own their own infrastructure.  

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$1.350
Owned
No
HOLD
HOLD
September 28, 2018

This is a core senior holding for them.  Operationally, they are second to none and Fort Hills is progressing well.  Horizon is operating and creating free cash flow.  He loves getting the dividend and sees the assets providing a long term sustainable income stream.  

Suncor Energy Inc(SU-T)
September 28, 2018

This is a core senior holding for them.  Operationally, they are second to none and Fort Hills is progressing well.  Horizon is operating and creating free cash flow.  He loves getting the dividend and sees the assets providing a long term sustainable income stream.  

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$49.980
Owned
Yes
HOLD
HOLD
September 28, 2018

This is very leveraged to a positive FID LNG announcement on the west coast.  It had been on a dangerous trajectory for crazy growth, but it has reigned that it.  It is not in the top four natural gas holdings for them.  

Painted Pony Energy(PONY-T)
September 28, 2018

This is very leveraged to a positive FID LNG announcement on the west coast.  It had been on a dangerous trajectory for crazy growth, but it has reigned that it.  It is not in the top four natural gas holdings for them.  

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$3.280
Owned
No