Note that we have discontinued coverage of Armtec Infrastructure Inc (TSX: ARF, OTC: AIIFF), and Imvescor Restaurant Group Inc (TSX: IRG, OTC: IRGIF).

Our evaluation of the coverage universe will be ongoing, as we streamline our focus to companies with realistic opportunities to build wealth for investors for the long term, keeping in mind too that part of the rationale for building a coverage universe is to provide context and comparison.

Advice Changes

Boralex Inc (TSX: BLX, OTC: BRLXF)–From Hold to Buy < 14. The declaration of its first-ever dividend came ahead of schedule, though a stronger cash position, steady cash flow and long-term contracts support the now-quarterly payout.

Revenue for 2013 was down 5.5 percent, though cash flow from operations per share grew by 7.9 percent.

Wajax Corp (TSX: WJX, OTC: WJXFF)–From Hold to Buy < 35. Management reported a 2.6 percent revenue decline, while net earnings slid 27.6 percent, as the company continues to struggle with spending slowdowns in the mining and oil and gas sectors. But stimulus measures in China and, more directly, reviving North American economic growth suggest that improvement may not be far off. And the current dividend appears to be well supported.

Rating Changes

ARC Resources Ltd (TSX: ARX, OTC: AETUF)–From 3 to 4. The 2013 payout ratio of 42 percent is strong relative to its Oil and Gas peer group and is likely to remain so for the foreseeable future. Overall debt is low, and there are minimal obligations coming due before the end of 2015. Energy production is inherently volatile, and there is a dividend cut in the last five years. But ARC earns on the other four criteria.