Only accumulating PWI.un presently. Nesbitt, HSBC, and CIBC busy selling huge,...I assume those are Cypress holders and people that follow the ANALysts. Word of caution, many of the ANALysts seem to be associated in various ways with the other trusts.
I look at market cap to net asset value, total reserves but with a particular interest to likely total resource (and Cypress resource looks very pretty, hope they don't sell it off), current and future cashflow, and hedge position. Can't find one as undervalued as PWI.un, but we all make mistakes.
SHN.un has major ANALyst support,...so does ERF.un, AET.un and VKR.un. The NCF.un I had I sold today,...it was oversold at $11.00 but now I'm not so sure at almost $15.00. Most people found the 3 for 1 rollback, acquisition of Magin, stock issues to reduce debt, and hedging program just too much to fathom. Once the Magin holders sold, it seems the market got smart.
All hedges are shown on the various websites of the trusts, and updates are best found here,...http://www.sedar.com/issuers/issuers_en.htm
I think you'll find that PWI.un is hedged for two years on a significant portion of both oil and gas production. NCF.un appears to be slightly hedged in the new year, but you may find things changed a bit in the outlook for the third quarter,..we will have to wait and see as with other trusts. Future prices still are pretty good for both oil and gas, and getting better the last few days. If you hedge all your production, you can still make some decent profit it seems.
I don't think energy prices will boom, but I do think the pendulum will swing back from oversold to fair value which allows most trusts to keep decent dividends going forward.
How about that rebound in the markets,...can't be bad for oil and gas bugs :-)) |
