AvenEx Energy Corp (AVF.TO) Buy, Sell or Hold

AvenEx Energy Corp (AVF.TO)

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TOP PICK

Changed the name when it changed from a trust. Half of production is hedged. Still pays monthly. Earnings are late because they are switching to IFRS. People took the delay in reporting as meaning there was something wrong. 9%+ yield.

SELL

Small junior. He would be looking to exit these positions. Go up a couple of degrees in terms of professional management. Investor sentiment turns negative very quickly these days.

BUY

Small energy company that he has recommended in the past. Not well followed by bay street. Yield is over 8%. Gassy but well hedged. Selling their Real Estate business. He likes it and it held up well in the last couple of weeks when every energy stock went down.

BUY

50% oil and 50% gas, paying out 50% of cash flow, 8%.

BUY

Has approval to change from trust to corp. Changing to AVF-T tomorrow. Is divesting its real estate holdings and becoming a pure energy play at 8.5% yield. Payout ration is about 60%. Under valued/under followed.

TOP PICK

Only about $250 million market cap with a yield of over 10%. Sold their real estate and finance holdings and have a lot of cash. Used some of it to make an accretive acquisition.

BUY

Just announced conversion plans. Dividend will be 11%. Intend to sell their Calgary real estate holdings so will in effect be a small Junior oil/gas company. New payout ratio is under 60%.

HOLD

Eclectic mix of assets. Roughly 50% oil and gas, 50% financial and also 500,000 square feet leased real estate space, 2/3 industrial and 1/3 retail. Would like to see some strategies and growth mechanisms before buying.

BUY

Small Junior oil/gas as well as a real estate division and a gas marketing division. Asset value of $6 and pays 14% yield. Believes the most likely scenario is that it goes private or breaks up in some manner.

BUY

Have made a couple of small oil acquisitions. Pretty low payout at around 65%. Thinks there is a chance that it will go private. 14% yield. Nobody follows it and it is under the radar screen. Asset value is about $6.

BUY

Recently made a couple of small oil/gas production company acquisitions. Company is a mixture of small oil/gas producers in Alberta, a real estate division and a gas marketing division. Very good balance sheet with a bunch of cash. Asset value of about $6. 17% yield.

HOLD

(Market Call Minute.) Has been moving to have many of its businesses sold off but are still in progress.

HOLD

Small oil producer with some Calgary real estate. Also had Elbow River gas marketing, which had some bad debts and wrote them off. Have a lot of cash. Asset value is about $5. Expect they will go private. 21.8% yield.

WAIT

Began life as an oil and gas trust and then acquired financial services, but then sold it. Company has some cash on board. Has not been enough guidance from management. High distribution. Cautious on natural gas income trusts.

BUY

Has an odd collection of assets including oil, real estate and gas marketing. Net asset value is well above current stock price. Sitting on a lot of cash so there is a high dividend yield. Expect they will probably go private. $6 of value trading at $3, which you have to like.

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AvenEx Energy Corp (AVF.TO)