Daily Stock Opinions and Ratings

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Today, Jason Mann commented about whether DOO-T, TIH-T, GRT.UN-T, ESI-T, BAM.A-T, VET-T, SLF-T, BNS-T, MRK-N, CFP-T, DR-T, CGX-T, TRP-T, H.IR-T, BPY.UN-T, OGI-X, TWTR-N, NFI-T, EIF-T, NTR-T, DD-N, KML-T, PPL-T, META-Q, CPX-T are stocks to buy or sell.

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COMMENT

Market Outlook Markets are in a tentative uptrend -- led by defensive utilities and REITs. Growth stocks and cyclicals have been lagging. From here, the market is either like 2001, which led into a global rally the following year after pausing. Or the market could be like 1999, when growth stocks were expensive and commodities were weak -- value stocks did fine, but growth stocks led the market down. He is therefore cautious about valuations with growth stocks right now. He does not like to buy stocks in down trends, so he is staying away from energies and materials, which is pushing him into trending stocks like financials, industrials and consumer discretionary.

DON'T BUY

He likes to buy stocks that are in an uptrend and a good valuation. CPX is a stable business, but at 10 times EBITDA and 22 times earnings it is too expensive. The payout ratio and yield are pretty reasonable, but it carries a fairly high level of debt. Yield 6.22%

DON'T BUY

He does not own this one. It is not the most expensive growth stock at 24 times earnings. They have some competitive threats and their political ad policy is coming under fire. It is a middle performer so he would not be a buyer today.

DON'T BUY

The payout ratio on PPL is about 98%, so there is not a lot of wiggle room. He does not own this one. The company is looking to buy KML. He has a short on this simply because they are already long KML. The balance sheet is better than most pipelines out there. However, it does not score cheaply enough on valuations for him to want to buy today. Yield 5.2%

DON'T BUY

The best energy pumping company? This is a challenging environment for any energy holding. The pumpers are driven by the health of this space. He would not hold any of them today. They are being moved out the index, because they are too small.

DON'T BUY

The Dupont restructuring is difficult to understand the values of each of the three component companies. There is too much debt for him to own DD.

SELL ON STRENGTH

He has a short on this one as a portfolio hedge. It is still relatively expensive and has poor price momentum. Hard to know where fertilizer is going and it is reflected in the stock price.

HOLD

He owns this. It is good value, has good price momentum and does not have high price volatility. The only knock is that they still have a fair amount of debt. The yield is good, but the payout ratio is close to 100% so there is not a lot of wiggle room. It trades at 16 times earnings. Yield 5.8%

SELL ON STRENGTH

They had a long history of beating earnings and showing growth. He now has short on this as a general hedge, due to the poor price momentum. They keep missing earnings. It is trading at 12 times earnings, but it does not have a lot of cash. The payout ratio is reasonable. Yield 6%

DON'T BUY

It decided yesterday that they would no longer run political ads. It had good price momentum, but now it appears to be failing. If they miss their earnings they are at risk. They have a solid balance sheet, but it is just the valuation is too rich.

DON'T BUY

All the cannabis stocks are down 50-80% this year. The legal market in Canada has proven to be a bust as the retails stores have not come online as fast as people would have liked and the margins are not there. He would not recommend buying it here. He would short all these stocks if it were not for the cost of borrowing to short them. He is skeptical about the health claims of CBD.

DON'T BUY

Undervalued? He does not agree that it is undervalued. You don't want to bet against them as they are strong managers. At 24 times EBITDA and high leverage it is just too expensive for him. The payout ratio is not outrageous, but there are better picks in the REIT space. Yield 7%

PAST TOP PICK

(A Top Pick Sep 17/18, Up 24%) An installment receipt eventually converts into the underlying equity, but you only pay a third of the share price and receive the full dividend. This resulted in a 16% yield. When he bought it there was a good chance a key acquisition would not go ahead -- this would have allowed you a full refund of your investment plus the interest earned. He also liked Hydro One anyway. The deal did fail and the installment receipts were paid out.

PAST TOP PICK

(A Top Pick Sep 17/18, Up 30%) When he bought this it was a defensive play. When the market sold the utility and pipeline space off, he bought. He still owns it today. It has good upward price momentum and a payout ratio of only 70%. It is highly levered, so be careful from here. He would still be a hold. Yield 4.5%

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