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Today, Michael Sprung commented about whether SU-T, AGU-T, BNS-T, TECK.B-T, IPL-T, CNR-T, FTS-T, TPH-T, CPG-T, BTE-T, IGM-T, CSE-T, CVE-T, AGT-T, MFC-T, CCO-T, TDG-T, COS-T, BNP-T, HBM-T, TRP-T, ENB-T, ALA-T, SOX-T are stocks to buy or sell.

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A Comment -- General Comments From an Expert

Markets. The world has changed a lot. He was on the program at the end of August and we are in a different world now. The market is off from its highs by about 8%. Thinks we are coming to a line where investors should really be looking for those stocks that they would have liked to have bought, but were too expensive. We are at a point where we can begin to pick away at them. This is the opportunity we have been waiting for. The world has been scared by the threat of slowing emerging economies, particularly China. We have also seen the stagnating economies in Europe. There is a fear as to when the US is going to start raising interest rates. The inflationary indicators are such that he doesn’t see any compelling reason to raise interest rates to quickly or too soon. The US economy is still showing signs of expansion. Feels that Canada will be pulled along with that. Our market has suffered more than others because of our exposure to commodities, energy, etc.

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A Comment -- General Comments From an Expert

Energy. Prices have come off significantly. In just the last month Brent is down more than $10, and West Texas about $10. Natural gas seems to have held in a little bit better. Part of this is with the slowing economies, and all of a sudden the surplus production from the US and inventories have built. Once economies begin to expand again, he expects there will be stronger pricing. In the meantime analysts will be moving down their cash flow and forecasts for oil/gas companies, so if you pick the financially strong ones, they are going to get through this period. In the long run you are not only picking up a little bit more attractive yield today, but you have the potential for good capital gains going forward. When buying energy stocks today, your time horizon has got to be at least a couple of years.

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BUY
Stuart Olson Inc

Amongst the construction companies, this is a smaller player. Has a higher risk profile, but at current levels it is a good risk/reward trade off. They have got a building backlog. Dividend is currently about $0.48. Earnings over the next couple of years, as they move into higher margin contracts, will be back again. A compelling valuation.

REAL ESTATE
BUY
Altagas Ltd

A lot of these companies are looking a lot more attractive today than they did a short time ago. This is one that you could buy today.

oil / gas
BUY ON WEAKNESS
Enbridge

Getting very close to levels where he would consider buying. If you can get this under $50 and are a long-term holder, you are going to do well with this well managed company.

oil / gas pipelines
COMMENT
TC Energy

If you are going to own pipelines for a long period of time, he would give the edge to Enbridge (ENB-T). This company has had a correction, but what has been holding them up is the worry about the XL pipeline. Over the next several years, he sees their cash flow going up to the $6 range, so he feels you are paying a fair price for it today, but it is not a bargain.

oil / gas pipelines
STRONG BUY
Hudbay Minerals

He would definitely be a buyer of this. There are some big projects. Have done some very smart things by doing the royalty stream on Constancia with Silver Wheaton (SLW-T), which is coming on next year.

precious metals
COMMENT

Likes this one. It is nearing levels where he would consider giving it a serious look. One of the best managed of what used to be the old unit trusts. Primarily natural gas exposure.

oil / gas
DON'T BUY
Canadian Oil Sands

He would rather play the oil sands through some of the other players. They don’t have a lot of control over the fields they are participating in. If oil prices remain compressed as they are, you would have to question their ability to maintain their distribution.

oil / gas
BUY

This is one that he has been taking a serious look at, and has been nibbling away. He also likes Precision Drilling (PD-T). Feels Trinidad has a little bit of an advantage.

oil / gas field services
DON'T BUY
Cameco Corporation

Uranium is an area that he doesn’t generally invest in. Despite been able to look at the supply/demand fundamentals, there has always been the political aspect to it. Japanese facilities have been postponed once more.

integrated mines
PAST TOP PICK
Manulife Financial

(A Top Pick Oct 22/13. Up 19.31%.) Trading at under 1.5X Price to Book. We could see some rising interest rates, which is always good for insurance companies. This company has a strong base of operations in the US, Asia and Canada. The wind is at their back.

insurance
PAST TOP PICK

(A Top Pick Oct 22/13. Up 75.88%.) This has done extremely well. They are one of the biggest distributors of pulse globally and are now starting to manufacture food ingredients from a number of those pulses. Have opened up some new plants which have expanded into 2nd and possibly 3rd shifts. He took some profits when it went over $25. Still a hold, but would be a Buy at $20-$24.

agriculture
PAST TOP PICK
Cenovus Energy

(A Top Pick Oct 22/13. Down 5.81%.) Still likes this. It has a long-term production profile that is going to increase going forward. Extremely well managed and well financed. This would be a Buy at these levels.

oil / gas
BUY

Has dropped to just over $4 and is yielding over 7%. He likes this company. One of the smaller infrastructure companies that has quite a diversified number of operations such as power, water, heating, etc. Their water facilities that they run in Bristol England are interesting.

management / diversified