One CE Portfolio Aggressive Holding and four Conservative Holdings pushed out to new 52-week highs over the past five days as we put together the current issue, including Newalta Corp (TSX: NAL, OTC: NWLTF), EnerCare Inc (TSX: ECI, OTC: CSUWF), Keyera Corp (TSX: KEY, OTC: KEYUF), Pembina Pipeline Corp (TSX: PPL, NYSE: PBA) and TransForce Inc (TSX: TFI, OTC: TFIFF).

Several other members of the How They Rate coverage universe, including Algonquin Power & Utilties Corp (TSX: AQN, OTC: AQUNF), Bank of Montreal (TSX: BMO, NYSE: BMO), National Bank of Canada (TSX: NA, NTIOF), TransCanada Corp (TSX: TRP, NYSE: TRP), Premium Brands Holdings Corp (TSX: PBH, OTC: PRBZF), Ten Peaks Coffee Company Inc (TSX: TPK, OTC: SWSSF) and Quebecor Inc (TSX: QBR/B, OTC: QBCRF), did so as well.

Another eight Aggressive and Conservative Holdings, including Acadian Timber Corp (TSX: ADN, OTC: ACAZF), Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF), Extendicare Inc (TSX: EXE, OTC: EXETF), Magna International Inc (TSX: MG, NYSE: MGA), AltaGas Ltd (TSX: ALA, OTC: ATGFF), Bird Construction Inc (TSX: BDT, OTC: BIRDF), Canadian Apartment Properties REIT (TSX: CAR-U, OTC: CDPYF) and DH Corp (TSX: DH, OTC: DHIFF), established new 52-week highs after the August 2014 CE was published.

Many more members of How They Rate did as well.

It’s a diverse group. In fact the Oil and Gas segment lacks representation among those making new near-term highs in recent weeks, a direct reflection of softer commodity prices.

Indeed, the lone dividend cut in the coverage universe over the past month was by energy producer Spyglass Resources Corp (TSX: SGL, OTC: SGLRF), and the broader group is more notable for 52-week lows for smaller producers struggling with costs and asset optimization issues.

There are specific reasons the Oil and Gas group has come well down from recent peaks established in late June and early July, and there are specific reasons certain companies must make moves to preserve or free up cash.

And there are specific reasons why some individual companies are pushing out to new 52-week highs, including successful turnaround efforts, strong moves off low bases, solid positioning in key industries coupled with consistent execution and just plain momentum–investors sometimes pile into stocks just because they’re going higher.

It’s important to note too that major equity indexes–including the S&P 500, the Down Jones Industrial Average and the S&P/Toronto Stock Exchange Composite–are trading at or near new all-time highs as well.

In recent months that’s been cause for angst among many market observers and pundits.

But let’s look at the historical record.

The data reveal that one of the most bullish things that can happen to any market is for it to reach new multi-year highs.

New highs occur very regularly during bull markets, and that makes arguments proffered by those consumed with worry about an impending crash much less compelling. Indeed, we tend to see many more new highs during the secular bull markets than we do during the bear cycles.

The secular bear market that began with the implosion of tech and dot-com stocks in March 2000 saw a mere 74 new highs during the ensuing 13 years. But in the year 2013 alone, when both the S&P 500 and the Dow eclipsed their pre-financial crisis highs, there were new record highs constantly–50 of them for the psychologically important Dow.

This equates to almost 70 percent as many highs in a 12-month span as we saw in the entire 156-month period that preceded it. That’s also higher than the average number of new highs from the 1983-1999 bull market.

And it’s not just the Dow. The S&P 500 has seen a similar run of new highs. From 2000 to 2012, the S&P 500 had just eight new highs. In 2013, by contrast, it printed 54 of them.

In other words, both last year and this year look much more like a secular bull market than the prior secular bear. We usually can’t until after the fact, but it’s beginning to look like a new long-term bull market is underway.

There are still many things that can go wrong to derail these markets. Stocks are at best fairly valued and by many measures expensive. The economy could easily stumble on any number of factors. Rising rates will leave marks on consumer spending, particularly housing and auto sales, and will probably cause selloffs in rate-sensitive sectors such as utilities and REITs.

Any number of things could operate as a setback for equities. New highs, however, aren’t one of them.

Conservative Update

Bird Construction Inc (TSX: BDT, OTC: BIRDF) continues to benefit from a shift in its business mix toward higher-margin industrial projects, as it bounces back from a difficult 2013.

Results for the second quarter were strong, with momentum continuing into the second half of the year.

The company has been successful in securing new contracts across all market segments, but Bird has enjoyed particular success in the higher-margin industrial sector.

The opportunity pipeline for medium- to large-sized industrial projects remains high, with several SAGD oil sands developments as well as multiple pipeline projects moving forward in western Canada.

Bird’s project backlog as of June 30 was a company-record CAD1.38 billion, up 8.8 percent from CAD1.27 billion as of Dec. 31, 2013, and 29.7 percent from CAD1.06 billion as of June 30, 3013. Bird secured CAD715.5 million of new construction contracts, including change orders on existing contracts, through June 30.

Of that CAD1.38 billion current backlog management expects to get to work on CAD626 million during 2014, with the remaining CAD755 million to carry forward to 2015 and beyond.

Revenue for the three months ended June 30, 2014, was CAD328.8 million, up 5.3 percent from CAD312.3 million for the prior corresponding period. Net income was CAD10 million, up from CAD300,000 a year ago.

The payout ratio for the period was 73.2 percent.

Stronger industrial revenue was partially offset by a decline in commercial revenue, where the company is experiencing some difficulty replicating the large work program executed during 2013.

Gross profit margin improved to 8.7 percent from 5.3 percent a year ago, driven by industrial work, primarily in northern Alberta.

On Aug. 28 Bird announced that Tim Talbott will retire as president and chief executive officer effective Dec. 31, 2014. Mr. Talbott, an employee for 33 years, has led the company since 2010.

The board has appointed Ian Boyd to replace Mr. Talbott effective Jan. 1, 2015. Mr. Boyd has been executive vice president and chief operating officer since September 2013.

He joined Rideau Construction in 1996 as a project coordinator and stuck around after Bird acquired Rideau in February 2008. Mr. Boyd was also heavily involved in Bird’s acquisition and integration of HJ O’Connell in 2011.

Mr. Boyd has been involved in many of Bird’s long-term strategic planning initiatives and will likely maintain many of the company’s core strategic and operational practices.

The fundamentals for Bird remain positive. Backlog remains at near record levels, bidding activity remains high–particularly for oil sands and pipeline projects in western Canada–and the embedded margin within the backlog is growing. This should lead to improved results over the remainder of 2014 and into 2015.

The board declared monthly dividends of CAD0.0633 per share for September, October and November 2014. As of this writing Bird is yielding 5.2 percent.

Bird Construction is a buy under USD14.50.

Fresh off announcing the acquisition of waterheater rental and repair business Direct Energy Marketing Ltd from Centrica Plc (London: CNA, OTC: CPYYF, ADR: CPYYY) in a move that will reintegrate a unit that was separated in 2002, EnerCare Inc (TSX: ECI, OTC: CSUWF) reported strong second-quarter financial and operating numbers.

The company also completed an offering of 25.6 million subscription receipts at CAD13 per to raise CAD333.3 million to finance, in part, the Direct Energy acquisition. EnerCare will also use proceeds from a CAD100 million private placement of shares to Direct Energy and a CAD233 million, four-year variable-rate credit facility for the purchase.

As we noted last month, the Direct Energy deal should be highly accretive. According to management’s presentation pro forma 2013 adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) and pro forma distributable cash is estimated to be 25 percent and 87 percent higher than EnerCare’s reported 2013 figures.

The pro forma payout ratio for 2013, meanwhile, is estimated at 65 percent versus a reported figure of 78 percent.

Second-quarter total revenue was up 3.4 percent to CAD74.047 million. Rental revenue was up 4.1 percent to CAD49.224 million, primarily due to a rental rate increase implemented in January 2014, improved billing and changes in asset mix, partially offset by fewer installed assets.

EnerCare ended the quarter with 1,138,000 installed rental units. Attrition decreased by 21 percent, or 3,000 units, year over year to 11,000 units. 6,000 rental units were added during the quarter.

Submetering revenue grew by 2 percent to CAD24.743 million, primarily as a result of increased billable units and the associated commodity charges.

EnerCare ended the second quarter with 145,000 installed units, including 90,000 billable units. The company installed approximately 5,000 units during the three months ended June 30, a 16 percent year-over-year increase. EnenCare added 4,000 billable units.

Adjusted EBITDA for the period were CAD43.106 million, a 2.3 percent year-over-year increase, while net earnings slipped 0.3 percent to CAD7.457 million on higher taxes and increased submetering expenses.

EnerCare continues to post better rental results, with attrition trends helped by recent legislation in Ontario limiting aggressive sales tactics. Average monthly rental rates are also rising as a result its HVAC strategy and improved customer retention.

As for submetering, productivity continues to improve, as does operational efficiencies. Management expects to see further improvement through its collection and client
remittance processes as well as a continuation of the favorable adoption rates driven by the introduction of e-billing. Management also noted that interest in its “whole building” solution–thermal metering, in particular–continues to be strong.

The Direct Energy transaction has the potential to be transformative for EnerCare, giving it direct access to customers, control over all aspects of its operations and greater financial scale.

We’re boosting our buy-under target based on positive trends for its rentals and submetering businesses as well as the Direct Energy acquisition.

EnerCare is now a buy under USD14.



Northern Property REIT (TSX: NPR, OTC: NPRUF) posted another solid set of financial and operating numbers for the three months ended June 30, 2014, with funds from operations (FFO) up 6.7 percent to CAD19.432 million and FFO per unit up 7 percent to CAD0.61.

The payout ratio for the period based on FFO was 64.8 percent, down from 67.2 percent a year ago.

Total revenue for the second quarter was up 7.9 percent to CAD46.102 million, helped by new developments and acquisitions as well as improvements in vacancy in British Columbia and Nunavut.

Northern Property has also expanded its presence in Alberta with the acquisition of 247 new multifamily units in Alberta that will be immediately accretive to FFO.

The REIT also has 418 multifamily units under development, which management also expects will be immediately accretive. This is part of a long-term plan to start 600 to 800 multifamily units per year.

Management expects recent vacancy trends to continue into the second half and 2015, supporting growth in revenue, net operating income (NOI) and FFO. The balance sheet remains strong, with healthy leverage ratios, despite recent acquisition and development activity.

This was partially offset by the increase in mortgage interest expense due to the higher mortgage and credit facility balances.

Northern Property reported a 5.3 percent increase in NOI to CAD27.613 million, reflecting growth in the multifamily and commercial business segments, partially offset by a decline in execusuites and hotel NOI.

Multifamily NOI was up 8.4 percent, driven mostly by acquisitions and developments, offset by increased vacancy, utility, property tax and salary costs. Commercial NOI was up 6.7 percent due to new developments in Iqaluit, Nunavut, and St. John’s, Newfoundland and Labrador.

Hotel NOI decreased by 37.1 percent, as the execusuites and hotel properties saw lower occupancy due to increased competition and lower government and industry travel in the North.

Same-door NOI decreased by 2 percent for the three months ended June 30, 2014, but improved significantly from the 6.9 percent decline realized in the first quarter of 2014. The negative same-door growth in the second quarter was attributable to higher vacancy in Fort McMurray, Alberta, and Yellowknife, Northern Territories, partially offset by vacancy improvements in British Columbia and Newfoundland.

Multifamily same-door NOI was down 1 percent, commercial increased 8 percent and the execusuites and hotel segment declined 37.1 percent. The execusuites and hotel segment accounted for half of the same-door NOI decline on a dollar basis, while it only accounted for 4 percent of overall NOI.

Stabilized vacancy for the three months ended June 30, 2014 was 7.1 percent.  Although vacancy remains high in the key markets of Yellowknife and Fort McMurray, there are signs of improvement with decreases in vacancy noted in British Columbia, Newfoundland and Labrador, Saskatchewan and Nunavut.

Northern Property REIT, which is yielding 5.4 percent, remains a buy for stable income under USD30.

Aggressive Update

Favorable crop conditions in North America and continued investment in agricultural infrastructure in its end-markets drove robust demand for on-farm and commercial grain-handling, storage equipment, as Ag Growth International Inc (TSX: AFN, OTC: AGGZF) reported a 19.7 percent increase in second-quarter trade sales to a company-record CAD112.4 million.

Adjusted EBITDA grew by 38.9 percent to CAD23.2 million, also a company record, while earnings per share more than doubled to CAD0.98. The payout ratio for the period was 61.2 percent.

Record North American crop production in 2013 depleted inventory throughout Ag Growth’s distribution network, resulting in high levels of preseason demand in the first half of the year as dealers rebuilt their stocks.

Excellent crop conditions in 2014 have further stimulated demand, as dealers prepare for what’s forecast to be another excellent harvest.

The August 12, 2014, Crop Production Report issued by the US Dept of Agriculture forecast 2014 corn production in the US will slightly exceed the record harvest of 2013 of 13.9 billion bushels.

Growing conditions in western Canada have been favorable, and another large crop is
expected despite the loss of approximately 5 percent to 10 percent of total acres due to wet spring conditions and localized flooding this summer.

As a result, demand for on-farm grain handling, storage and aeration is at elevated levels and, consistent with 2013, management anticipates strong sales in the second half of 2014.

Demand for commercial grain-handling equipment remained strong due to investment in capacity and efficiency upgrades in North America and in response to a significant storage and handling infrastructure deficit in many overseas markets.

First-half sales were at record levels in all geographies, with Canadian sales 35 percent above 2013 and 17 percent over the previous record, US sales 27 percent higher year over year and 19 percent above the prior all-time high and international sales up 26 percent compared to the prior corresponding period and better than the former standard by 7 percent.

Ag Growth continued to grow its offshore footprint in the first half of 2014, with higher
sales and committed business in a number of regions, including Ukraine, Latin America and the Asia-Pacific.

The company’s international business has grown substantially in recent years, and committed international business as at June 30, 2014, significantly higher compared to the prior year. In 2014 management expects to transact significant business in Eastern Europe, particularly Ukraine.

Current political volatility in the region, however, has the potential to delay the shipment of committed orders and may defer new business.

Management expects sales to increase in a number of its international markets, including Latin America, where as of June 30 sales plus outstanding orders were approximately USD11.6 million compared to total sales in 2013 of USD2.4 million.

The company has obtained new orders in Africa and continues to grow its business
in the Asia-Pacific region. Based on current conditions, management anticipates overall international sales in 2014 to exceed the record levels achieved in 2013.

Ag Growth International, which is yielding 5.2 percent at these levels, is now a buy under USD44.

Just three weeks after management of Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF) bumped up 2014 average production, exit production and FFO forecasts while announcing strong second-quarter operating and financial results, the company took more steps to extend its already impressive long-term track record of output growth.

On Sept. 2, 2014, Crescent Point announced it has agreed to buy conventional oil assets in Saskatchewan and Manitoba from Lightstream Resources Ltd (TSX: LTS, OTC: LSTMF), including production of about 3,300 barrels of oil equivalent a day (boe/d) and land contiguous with Crescent Point property, plus some undeveloped property, for CAD378 million.

And it boosted its 2014 capital expenditure budget by CAD200 million to CAD2 billion based on encouraging test results at its Torquay play in southeast Saskatchewan and other recent acquisitions.

Management also announced a CAD750 million bought-deal offering of new shares that could rise to as much as CAD863 million if underwriters exercise their full overallotment options. As of now Crescent Point sold 17.29 million shares at CAD43.40 per.

The increased CAPEX should drive 2014 exit production to 155,000 boe/d, up 6,000 boe/d from prior guidance of 149,000 boe/d issued on Aug. 13 with second-quarter results. Average production is expected to be 140,000, up from an Aug. 13 estimate of 138,000 boe/d.

Funds flow from operations is expected to increase by 3 percent to CAD2.6 billion, or CAD6.13 per share, up from CAD2.5 billion, or CAD6.04 per share.

Crescent Point posted company-record production in the second quarter of 137,368 boe/d, growing production per share by more than 10 percent. Output was weighted 91 percent to light and medium crude oil and liquids.

FFO were also a record at CAD636.7 million, or CAD1.55 per share, representing an increase of 26.2 percent on a total basis and 18.3 percent on a per-share basis. The payout ratio for the period based on FFO was 44.5 percent, the lowest in company history.

FFO growth was driven by strong operating netbacks of CAD60.55 per barrel of oil equivalent and better-than-expected production.

Subsequent to the quarter, Crescent Point increased its credit facilities from CAD2.1 billion to CAD2.6 billion, reflecting strong reserves growth through development drilling and accretive acquisitions. As of June 30, 2014, approximately CAD1.1 billion was drawn on these facilities, providing a significant unutilized source of capital and financial flexibility.

Crescent Point continues to aggressively hedge its oil production to capitalize on high commodity prices. As of Aug. 5, 2014, the company had hedged 62 percent of its oil production for the remainder of 2014. It had also hedged 38 percent for 2015.

Crescent Point Energy–one of the highest-yielding energy producers North America at 6.4 percent–is a buy all the way up to USD48.

Lower natural gas prices compared to 2014 highs have certainly weighed on the share price of Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF). But this low-cost producer continues to post strong operating and financial results.

And the extreme efficiency of its end-to-end business model–it owns the lands it produces as well as production and processing assets–will help investors build wealth for the long term, under even the most extremely unfavorable commodity-price environment.

Production per share for the second quarter was up 20 percent, as overall output grew by 24.3 percent to 434 million cubic feet equivalent per day (MMcfe/d), or 72,302 boe/d, from 349 MMcfe/d, or 58,145 boe/d, during the second quarter of 2013.

FFO were up 47.2 percent to a company-record CAD162 million, as FFO per share grew by 41.9 percent to CAD1.05 on higher production volumes and improved commodity prices compared to the prior corresponding period.

The payout ratio for the period was 28.6 percent.

Perhaps the most intriguing aspect of Peyto’s quarter, as is almost always the case, concerns the cost numbers.

Total cash costs for the three months ended June 30, 2014,, including royalties, operating costs, transportation, general and administrative and interest, were CAD1.17 per thousand cubic feet equivalent (Mcfe), up 7.3 percent from CAD1.09 per Mcfe for the prior corresponding period due primarily to higher royalties, driven by higher commodity prices.

Excluding royalties, cash costs were 6 percent lower at CAD0.72 per Mcfe (CAD4.30 per boe).

Higher revenues, combined with total cash costs, resulted in a second-quarter netback of CAD4.09 per Mcfe (CAD24.56 per boe), or a 78 percent operating margin.

Peyto had a very active second quarter despite spring breakup, which is traditionally a period of reduced activity. Pad drilling, combined with active road maintenance in the Greater Sundance area, allowed for continuous drilling operations with an average of eight rigs running throughout the quarter.

This helped the company maintain industry-leading capital efficiencies, as it again added new production for approximately CAD18,000 per boe/d. New production additions offset base-well declines, though overall production growth was partially impeded by downtime and unscheduled disruptions caused by higher sales line pressures and power outages.

Peyto also expanded its owned and operated gas plant capacity in the quarter, adding an aggregate of 7,000 boe/d at the Wildhay, Swanson, and Brazeau River gas plants. This additional capacity will accommodate new production volumes resulting from the balance of the 2014 drilling program.

Both natural gas and propane prices were slightly lower than the previous quarter, but so were Peyto’s cash costs, resulting in cash netbacks that were approximately the same.

Realized cash netbacks for the first half of 2014 are still up substantially from the previous year. Higher cash netbacks, combined with record production levels, drove FFO.

Peyto Exploration & Development is a buy under USD38.

Wajax Corp (TSX: WJX, OTC: WJXFF) has enjoyed a strong bounce on the Toronto Stock Exchange (TSX) in the aftermath of its second-quarter earnings report, rising from CAD35.99 on Aug. 7, the day before its announcement, to CAD38.30 as of Sept. 4.

And the surge from its 52-week low of CAD32.84, set May 6, 2014, is now 16.6 percent (not including dividends) after a brokerage upgrade to “outperform” catalyzed another sharp leg up on Sept. 3.

Although we kept in the Aggressive Holdings, Wajax had been rated “hold” since before May 2013, when I assumed the Chief Investment Strategist role for CE, until April 2014, when I made it a buy under USD35 again based on the anticipation of Chinese stimulus and, more significantly, reviving North American growth as well as the fact that the dividend had ample support.

Wajax is up 7 percent in US dollar terms, including dividends, since April 4, with most of the good work accomplished since management’s Aug. 7 second-quarter results announcement.

Management’s outlook for end-markets and results for the full year, excluding an expected restructuring provision, remain substantially unchanged from its view at the end of the first quarter. Wajax still expects 2014 to be a challenging year, but management noted that it’s “beginning to see encouraging signs of increased capital spending from oil and gas customers” and is “pleased” with the company’s oil sands activity.

Second-quarter revenue was up 3.4 percent compared to the prior corresponding period to CAD374.4 million. The Power Systems segment recorded an 18 percent increase, primarily on stronger power generation sales and improved off-highway activity in the western Canada oil and gas sector. Revenue in the Industrial Components and Equipment segments were flat.

Net earnings were up CAD12.3 million, or CAD0.73 per share, down from CAD13.5 million, or CAD0.81 per share, due to higher finance costs resulting from the increased cost of debt related to the issuance of long-term senior notes in the fourth quarter of 2013 as well as a slightly higher income tax rate.

Higher gross profit margins from improved parts and service volumes lifted Equipment segment earnings 4.6 percent to CAD13.6 million, despite a CAD500,000 charge for the closure of one and temporary shutdown of another British Columbia mining branch.

Power Systems segment earnings increased 27.3 percent to CAD4.2 million on stronger sales, while Industrial Components segment earnings decreased 19.3 percent to CAD4.6 million on higher selling and administrative costs.

Wajax reported a backlog of CAD224.5 million as of June 30, an increase of 42.3 percent compared to March 31, 2014, on increases in all three segments.

Management has maintained its monthly dividend at CAD0.20 per share, keeping to its guideline of paying out at least 75 percent of current year expected net earnings.

Wajax, currently yielding 6.3 percent, is a buy under USD35.

Numbers Never Stop

Here are estimated and confirmed dates for the next set of operating and financial numbers from Canadian Edge Portfolio Holdings. Except where noted, Holdings will be reporting third-quarter 2014 results.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Oct. 31, 2014 (estimate)
• Artis REIT (TSX: AX-U, OTC: ARESF)–Nov. 7, 2014 (estimate)
• Bank of Nova Scotia (TSX: BNS, NYSE: BNS)–Dec. 5, 2014 (FY 2014 Q4, confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–Nov. 7, 2014 (estimate)
• Brookfield Real Estate Services Inc (TSX: BRE, OTC: BREUF)–Nov. 6, 2014 (estimate)
• Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPFF)–Nov. 5, 2014 (estimate)
• Canadian Apartment Properties REIT (TSX: CAR, OTC: CDPYF)–Nov. 5, 2014 (estimate)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Nov. 5, 2014 (estimate)
• DH Corp (TSX: DH, OTC: DHIFF)–Nov. 5, 2014 (estimate)
• Dream Industrial REIT (TSX: DIR-U, OTC: DREUF)–Nov. 5, 2014 (estimate)
• Dream Office REIT (TSX: D-U, OTC: DRETF)–Nov. 6, 2014 (estimate)
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Nov. 14, 2014 (estimate)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–Nov. 5, 2014 (estimate)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Nov. 5, 2014 (estimate)
• Northern Property REIT (TSX: NPR, OTC: NPRUF)–Nov. 5, 2014 (estimate)
• Pembina Pipeline Corp (TSX: PPL, NYSE: PBA)–Oct. 31, 2014 (estimate)
• RioCan REIT (TSX: REI, OTC: RIOCF)–Nov. 7, 2014 (estimate)
• Shaw Communications Inc (TSX: SJR/B, NYSE: SJR)–Oct. 24, 2014 (FY 2014 Q4, estimate)
• Student Transportation Inc (TSX: STB, NSDQ: STB)–Sept. 16, 2014 (FY 2014 Q4, estimate)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–Oct. 30, 2014 (estimate)

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN OTC: ACAZF)–Oct. 30, 2014 (estimate)
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–Nov. 13, 2014 (estimate)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–Nov. 6, 2014 (estimate)
• Baytex Energy Corp (TSX: BTE, NYSE: BTE)–Oct. 30, 2014 (estimate)
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Nov. 13, 2014 (estimate)
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–Nov. 7, 2014 (estimate)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Nov. 7, 2014 (estimate)
• Extendicare Inc (TSX: EXE, OTC: EXETF)–Nov. 6, 2014 (estimate)
• Magna International Inc (TSX: MG, NYSE: MGA)–Nov. 6, 2014 (estimate)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Nov. 5, 2014 (estimate)
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–Nov. 10, 2014 (confirmed)
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–Nov. 7, 2014 (estimate)
• PHX Energy Services Corp (TSX: PHX, OTC: PHXHF)–Oct. 30, 2014 (estimate)
• Lightstream Resources Ltd (TSX: LTS, OTC: LSTMF)–Nov. 7, 2014 (estimate)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–Nov. 14, 2014 (estimate)
• ShawCor Ltd (TSX: SCL, OTC: SAWLF)–Nov. 7, 2014 (estimate)
• Vermilion Energy Inc (TSX: VET, NYSE: VET)–Nov. 10, 2014 (confirmed)
• Wajax Corp (TSX: WJX, OTC: WJXFF)–Nov. 5, 2014 (estimate)