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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: The Devil Dog who wrote (1721)10/30/2001 1:29:35 AM
From: Lorne Larson  Read Replies (2) of 11633
 
If you want one that's probably the most conservative (and much beloved by the institutions) have a look at Arc Energy (AET.UN). A little pricier than the rest, but with their hedging and policy of salting away a portion of their cash-flow, they are probably a real safe bet to continue their .15/mo for the rest of the year. At a price of $11.21 that's almost a guaranteed 16% yield. Downside is that is likely substantially less upside if energy prices really take off this year.

Also like APF Energy (AY.UN), which is a smaller well-managed trust. Waiting to buy because I think their monthly distribution has yet to take the hit that the rest of them have.

Also like AVN for its hedging. PWI is a mystery to me - looks real good, but the market seems to be saying there are problems. ERF and NCF trade on the U.S. markets and seem to be much more volatile as a result. ERF had a great hedging program that expires at the end of this year. If they haven't replaced it they're going to take a hit. I don't like NCF's management - and there is no doubt in my mind that a new share issuance is on its way. PVE is into heavy oil, and looks like it has put in place a real solid hedging program. I don't understand the dynamics of heavy oil so I've bought less than I would otherwise. SHN is very heavy into NG. I think they're way overvalued right now, and the only reason the price is where it is is because they declare their dividend quarterly rather than monthly, and so haven't had to face the music yet for a reduced dividend.

Presently own AET, AVN, PWI and PVE. Closed off my SHN short position when they announced the recent share issuance.
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