Total return: That’s the most important number in investing. Getting there, however, means paying attention to business numbers and what they have to say about the health of the companies whose dividend-paying stocks you own.

In last month’s Portfolio Update I highlighted the numbers behind the Canadian Edge Safety Rating System, which I tweaked slightly to give us a better idea of how our companies are faring given the late 2011 challenges of credit market uncertainty and economic weakness.

The Safety Rating criteria are:

• Payout ratio.
• Earnings visibility and what it means for future payout ratios.
• Debt-to-capital ratio.
• Debt due through 2012 as a percentage of market capitalization.
• Exposure of earnings to changes in commodity prices.
• The number of dividend cuts the last five years.

The safest companies under the CE Safety Rating System are those that meet at least five of these criteria, and preferably six.

As last month’s table “A New Safety Rating System” showed, 19 CE Portfolio companies had that distinction, including six that drew a perfect “6.”

Another half dozen met four, making them almost as safe. Nine others met three, one was rated “2,” another drew a “1.”

Periodically I get questions from readers about why I bother with anything less than a “4.” The answer is lower-rated fare generally offer the biggest returns, provided they hold it together.

And when investors are over-pricing risk out of general fear–as they are most definitely doing now–the gains can be quite explosive.

By definition, lower ratings mean fewer safety criteria are met. That means there’s also greater risk things will come apart. But if you hold lower-rated fare in a diversified portfolio, there’s only so much damage a stumble can do to your wealth even in a worst-case.

And again, avoiding that worst-case is likely to be all it takes to score a gain.

The key is staying on top of developments that affect the risks of the companies you hold. Most Canadian Edge Portfolio Holdings will report at least one significant development every month. But the most important information regarding financial health, dividend safety and prospects for growth is always found in earnings reports, financial documents and accompanying conference calls.

Much is at stake as third-quarter numbers are released. As I noted above, investors have already priced in a great deal of risk, particularly for stocks considered weak. Unfortunately, in a bad environment, stumbling companies are always at risk to underperforming, in which case their stocks could fall even further.

On the other hand, should a battered company’s results exceed today’s dismal expectations, we’re likely to see some explosive share-price gains, even if the numbers aren’t so attractive on their face. In fact, we’ve already seen that happen to several companies.

Third-quarter 2011 earnings reporting season for CE Holdings got started on Oct. 18, with the release of numbers by food and related products distributor Colabor Group Inc (TSX: GCL, OTC: COLAF). As I described in the Oct. 18 Flash Alert Colabor: Green, Not Yellow, the company’s results more than measured up to management’s prior guidance.

Not only did overall sales grow 38.6 percent and cash flow 35.5 percent from year-earlier tallies, as Colabor successfully absorbed a series of acquisitions. But sales also rose by 3.2 percent excluding acquisitions, reversing the negative trend of prior quarters and proving the company’s ability to compete in less-than-ideal conditions.

Before the announcement, speculation was running rampant that Colabor’s dividend was in danger. That actually pushed the stock under USD8 for a time on Oct. 5, which meant a yield of nearly 14 percent. Since then, however, the stock price has surged roughly 25 percent, still a quarter or so below its September 2010 high.

But there’s plenty of room to go higher, as long as the company continues to report strong results. My buy-under price for Colabor Group remains USD10.

Acadian Timber Corp (TSX: ADN, OTC: ACAZF) was the second CE Portfolio company to release third-quarter results, and I reported them in an Oct. 27 Flash Alert. The raw numbers weren’t particularly impressive on their face, with the payout ratio rising to 111 percent on a 1.7 percent dip in net sales.

Overall volumes in cubic meters dipped 1.4 percent, and margins slipped slightly, as the company sold more hardwood than softwood. Hardwood pulp prices (34 percent of sales volume) were 1 percent below last year’s level, which offset a 1 percent year-over-year boost in prices of softwood and hardwood sawlogs and a 4 percent jump in softwood pulpwood prices. Biomass sales were flat, but profit from land management services was lower. In Maine wet weather cut production, and the company suffered from state government limitations on Canadian laborers.

Nonetheless, the news reversed a sharp decline in the stock since mid-summer, and it’s since rebounded roughly 15 percent from the early October low. The main reason: Expectations were the numbers were going to come out a lot worse. Instead, nine-month free cash flow still covered the dividend by roughly a 1-to-1 margin.

And management clearly indicated that payout ratio should improve going forward, as operating efficiency and production improve and the global market for the company’s products remains stable.

Acadian’s ace in the hole is its parent Brookfield Asset Management (TSX: BAM/A, NYSE: BAM). Management deflected a question about whether the parent was considering combining its other forestry properties with Acadian’s, as it’s now merging other renewable energy properties with Brookfield Renewable Power Fund (TSX: BRC-U, OTC: BRPFF).

That, however, remains an intriguing possibility for the future. Yielding a little over 8 percent, Acadian Timber remains a buy for those who don’t already own it, up to USD13.

Bigger Bounces

Parkland Fuel Corp (TSX: PKI, OTC: PKIUF) has managed an even more impressive gain of 50 percent-plus from its Oct. 4 low of USD7.61. At the stock-price nadir the yield was well north of 13 percent, territory where conventional wisdom would call a cut nearly certain. The company began its comeback by declaring a business-as-usual monthly dividend of CAD0.085 in mid-month. Then this week the share price rallied in earnest on the back of unexpectedly strong third-quarter earnings.

Third-quarter fuel sales volumes surged 20 percent, with commercial fuel volumes rising 14 percent and the newly acquired Cango operations contributing more than 100 million liters. That was largely expected, given the company’s rapid growth-by-acquisitions paradigm of recent quarters. What was considerably less anticipated was the apparent quantum leap in efficiency, which had eluded management in prior quarters.

Most striking was the 7.3 percent reduction in combined expenses per liter sold, despite a CAD5 million charge for aging inventories among other one-time items. In CEO Bob Espey’s words, the company was able “to focus on reducing costs across the organization” with “a concerted effort” including “capturing additional profits through better management of the supply portfolio.”

These efficiencies should continue to drive Parkland’s results, even as it realizes growth in the commercial fuel division from increased activity by oilfield services customers operating in Northern Alberta and British Columbia. The payout ratio, meanwhile, which reached as high as 154 percent last year, fell to just 30 percent, as distributable cash flow surged 443 percent.

Because profits depend to some extent on refiners’ margins, distributable cash flow can be volatile from year to year, even season to season. Consequently the payout ratio, too, is likely to be higher in other quarters, even as Parkland realizes further efficiencies along its supply chain.

That’s why the stock is an Aggressive Holding rather than a Conservative Holding. Dependence on refiners’ margins is expected to continue until Dec. 31, 2013, when a longstanding contract to take Suncor Energy (TSX: SU, NYSE: SU) fuels will expire.

On the other hand, these results are good enough to earn Parkland another point under my CE Safety Rating System, bringing its score to 3. And they should set any fears about the safety of its dividend to rest as well.

Accordingly, still yielding a bit north of 9 percent, Parkland Fuel remains a buy up to USD13 for those who don’t already own it.

Parkland’s fellow Aggressive Holdings Newalta Corp (TSX: NAL), a November High Yield of the Month, and Daylight Energy Ltd (TSX: DAY, OTC: DAYYF) also posted strong third-quarter results that calmed any worries about their business health. And both stocks have rallied sharply off early October lows.

The big news for Daylight is, of course, the announcement on Oct. 9 that state-backed China Petroleum & Chemical Corp Ltd–known to the world as Super Oil Sinopec (NYSE: SNP)–was offering CAD10.08 per share in cash to buy the company. That offer couldn’t have come at a better time for Daylight, which at the time had hit a low of USD4.25 on worries about plunging natural gas prices and the potential effect on its prodigious debt load.

The stock has immediately rebounded to the neighborhood of the offer, which now awaits approval by regulators in Alberta and Ottawa. I discuss the merger in this month’s Feature Article.

Whatever happens on the regulatory front, Daylight’s third-quarter numbers should settle any worries about its ability to continue as an independent company, if for some reason the merger doesn’t occur.

As expected, Daylight felt the pinch of falling natural gas prices during the third quarter, as its realized selling price slipped to just CAD3.85 per thousand cubic feet from CAD3.91 in the second quarter.

Realized selling prices for oil and natural gas liquids fell even more dramatically, from an average of USD92.46 in the second quarter 2011 to just USD80.43.

Meanwhile, overall production was even worse than the second quarter at 35,468 barrels of oil equivalent a day. That was down 15.7 percent from last year’s 42,052 as the company’s efforts to expand liquids output (37 percent) failed to keep pace with declining natural gas output.

Despite the shortfall in production and drop in price, however, the company’s payout ratio based on distributable cash flow rose no further than 46 percent in the quarter. Best of all, Daylight was able to resolve its debt maturity problem by renewing and expanding its primary credit facility to CAD650 million from CD625 million. The new tranche extends to Apr. 30, 2012, well past the expected December close of the deal.

The only drawback of the deal for investors as it stands now is Daylight has suspended its dividend pending the completion of the takeover. That’s currently expected to occur before the end of December, pending a shareholder vote on Dec. 5. Proxy materials have now been mailed.

For US investors, the primary reason to hold on is to capture the additional CAD0.20 of upside between the current share price and the CAD10.08 takeout level and any gains by the Canadian dollar between now and the end of the year. That’s about 2 percent for the gain the Canadian dollar price of Daylight plus an additional 5 percent or so if the loonie returns to its early summer trading range. Note the 2 percent equates to roughly a 15 percent annualized yield, again with very little risk.

Offsetting that potential return is, of course, the risk that Canadian regulators elect to reject this deal, or that global markets slide and the loonie revisits its low for the year in the neighborhood of USD0.94. As there’s no evidence anyone is considering rejection, my current view is the potential gains for US investors outweigh what appears to be a very small risk of failure, particularly given the strength in Daylight’s third-quarter numbers and its ability to continue on its own if Sinopec walks away.

Daylight’s assets in the ground, for example, are conservatively valued at CAD15 to CAD16 a share. Sinopec’s neither a stupid company nor a charitable organization. My advice for US investors is to hold for now, though I’ll almost certainly be exiting before the close in December to avoid potential complications with the transaction.

Canadians have less upside but also no currency risk. If you live north of the border, my advice is to hold until the gap between Daylight’s selling price and takeover value closes a bit more. I’ll be sending a Flash Alert when I deem the time for selling is right.

With Daylight bought out and Perpetual Energy Inc (TSX: PMT, OTC: PMGYF) sold as of the Oct. 20 Flash Alert Sell Perpetual Energy, ARC Resources Ltd (TSX: ARX, OTC: AETUF) and Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF) are now my primary plays on natural gas production.

Fortunately both have a clear formula for boosting profits that doesn’t depend on rising natural gas prices: expanding low-cost production from a wealth of shale reserves.

Peyto is expected to report third-quarter earnings on or about Nov. 9. ARC, meanwhile, announced a 17.5 percent boost in funds from operations, the primary account from which it pays dividends. That kept its payout ratio at 41 percent and allowed it to ramp up capital spending by 43.8 percent over last year’s levels without increasing debt. Net debt currently stands at a very modest one times annualized funds from operations.

As has consistently been the case in past quarters, ARC’s production gains drove its results. Dry natural gas and condensate output both rose 19 percent, pacing an overall 9.9 percent boost barrels of oil equivalent per day (boe/d) of production. That more than offset a small drop in natural gas liquids output and flat crude oil production. Overall liquids fell to 36 percent of production.

Meanwhile, the company realized higher selling prices for all of its products, particularly condensate (up 26.3 percent). Realized crude oil selling prices and natural gas prices were up slightly and actually below current spot prices in North America, building in possible fourth-quarter and early 2012 upside.

Significantly, ARC’s fourth-quarter production is now completely on stream, due to resolution of pipeline restrictions in northern Alberta and extreme weather that impeded operations earlier in the year. Management now expects the company to exit 2011 with production of “greater than 90,000 BOE per day.” That matches prior forecasts, and the company anticipates further gains next year as well, for which it intends to lock in prices via its active hedging program.

ARC’s 2012 capital budget has been approved at CAD760 million, with the goal of boosting overall output by 12 percent to an average of 92,500 boe/d for the full year. That includes a projected 15 percent bump in liquids output and will focus on the liquids-rich Montney Shale. The company is also looking at other key areas such as Ante Creek and Pembina in Alberta, Parkland in British Columbia, Goodlands in Manitoba and southeast Saskatchewan. Oil and liquids development in total accounts for 87 percent of the capital budget, though the company will construct more gas processing facilities.

Management expects to finance the majority of the 2012 budget with funds from operations, while maintaining the current CAD0.10 monthly dividend. That payout rate is unlikely to change unless natural gas prices recover significantly. But with an extremely conservative financial policy and balance sheet, neither is there much risk to ARC’s dividend going forward. And that’s even with taxes that appear set to kick in starting next year of approximately CAD40 million.

Moreover, guidance is based on relatively conservative projections for energy prices of USD70 to USD90 per barrel of oil and CAD3.50 to CAD4.50 per gigajoule of gas. (“Gigajoule” is roughly equivalent to “million British thermal units.”)

In short, there are few risks to owning ARC Resources, which has been a core oil and gas producer holding since the first issue of Canadian Edge back in summer 2004. Well off early October lows, ARC Resources is still a buy up to USD26 for those who don’t already own it.

The fortunes of the other Aggressive Holdings reporting this week are much more closely tied to oil. Penn West Petroleum Ltd (TSX: PWT, NYSE: PWE)–63 percent light oil production–is a featured High Yield of the Month stock and a buy up to USD25.

Oilfield services company PHX Energy Services Corp (TSX: PHX, OTC: PHXHF) posted all-time high drilling and service activity in the third quarter as well as record revenue, cash flow and funds from operations. That’s the result of successful expansion of operations and asset growth, which has apparently overcome previous growing pains in the form of higher costs in earlier quarters.

Cash flow surged 45 percent and reached 22 percent of revenue, up from 19 percent a year ago. Revenue outside North America reached 7 percent, paced by growth in Albania and Peru, and is on track to grab an even larger share from expansion in Russia. Funds from operations per share rose 38 percent from year-ago levels, driving the payout ratio down to just 21 percent. Funds from operations also covered dividends plus capital spending by a 1.02-to-1 margin, enabling the company to expand without relying on capital markets for funding.

Looking ahead, PHX will have capacity to conduct 200 jobs at the same time after adding a new drilling rig in Albania this month. It also plans to expand fleet capacity further, despite management’s cautious outlook for energy drilling in general. That’s a luxury it can afford, thanks to the company’s focus on horizontal and directional drilling and state-of-the-art equipment.

Directional drilling is 89 percent of total activity in Canada and 70 percent in the US, up from 85 percent and 68 percent, respectively, last year. PHX was able to boost its consolidated operating days by 20 percent and day-rates by 11 percent over that period, attesting to its cutting-edge market position.

Meanwhile, improvement in margins is a clear sign management is getting costs under control as well, a weakness earlier in the year that was largely responsible for driving down the company’s share price.

At this point investors appear to be viewing energy services companies like PHX as basically highly leveraged proxies for oil prices. That’s to be expected in a volatile environment such as this. But in light of these strong numbers it also means

PHX shares are undervalued, despite a nearly 40 percent rebound off its early October low. My buy-under target for PHX Energy Services remains USD14.

Conservative Holdings: Watch the Valuations

Compared to my Aggressive Holdings, Conservative Holdings generally fared well during the summer/autumn downturn in the markets. Most either lost little ground or actually gained a bit, as investors sought out stocks they considered safe.

That’s all to the good for those who’ve purchase my favorites in the past. But it does mean new investors need to keep their eye on valuations to ensure they don’t overpay for safety in a market where all too many are perfectly willing to.

That, unfortunately, is the case with two of my favorite Conservative Holdings, both of which have just reported blockbuster third-quarter earnings and announced dividend increases as well. AltaGas Ltd’s (TSX: ALA, OTC: ATGFF) share price has been off to the races since the company announced its return to dividend growth, with a 4.5 percent boost in its monthly rate.

I reported the increase and highlights from the company’s third quarter in the Oct. 27 Flash Alert AltaGas: Return to Dividend Growth. That included a 24.3 percent jump in revenue and 11 percent jump in funds from operations per share, which pushed the payout ratio down to 62.7 percent including the dividend boost.

Since then, as reported in the Nov. 1 Canadian Edge Weekly, the company has offered to buy Pacific Northern Gas Ltd (TSX: PNG, OTC: PNGKF) for roughly CAD230 million in cash and assumed debt. The deal gives the company control of a pipeline system linking western Canada’s natural gas fields to the proposed liquefied natural gas (LNG) export terminal to be built at Kitimat, British Columbia.

Kitimat has won approval of Canadian regulators, but it will almost certainly be several years before it begins shipping LNG to gas-starved Asian markets. Fortunately, the payoff to AltaGas will start coming a lot sooner than that in the form of a doubling of annualized regulated cash flow.

The company is also taking advantage of its currently lofty share price–up 25 percent from its October low–to issue CAD125 million in equity to finance the deal. So far investors don’t seem troubled by the possibility of dilution, as is ludicrously usually the case when a company issues equity for any reason. But there’s always the possibility of a late reaction, which could give investors an opportunity to buy in below my buy target of USD28. Underwriters, for example, have the opportunity to buy another 640,500 common shares for 30 days after the expected Nov. 15 close of the offering.

Should that occur, all those without a position should take advantage. Until then, however, the recent dividend increase justifies buying AltaGas up to USD28 but no higher at this time.

My buy-under price for Keyera Corp (TSX: KEY, OTC: KEYUF), meanwhile, is now USD42 after the company announced a 6.3 percent dividend increase this week. Even that price is well below the stock’s current level in the upper 40s. But despite the company’s great strengths, it’s just not worth chasing above that.

One reason for the stock’s high valuation is there’s really nothing to dislike about its third-quarter results, which actually could have funded a much larger dividend boost. The company continues to successfully grow its natural gas liquids (NGLs) midstream business.

Headline earnings per share came in 86 percent higher than a year ago, and cash flow rose 36 percent, as well as 6 percent against second-quarter levels. Distributable cash flow–the account from which dividends are paid–was CAD0.71 per share, up 47.9 percent and enough to cover the newly increased dividend by a very strong 1.47-to-1 margin.

Dividends have now been raised 87 percent over the past five years at Keyera, matching its robust asset growth and a very good sign of what investors can expect going forward.

Facilities location remains a key driver of results, with producers investing CAD1 billion to buy lands and drill in adjacent areas rich in NGLs. That suggests further gains in system throughput in coming year for the company’s processing facilities, even as it builds out its gathering business to accommodate rising NGLs volumes and companies’ fractionation and storage needs.

The project pipeline is as robust as it is steady, ensuring continued cash flow growth and, by extension, dividend increases for years to come. The company continues to find more efficient ways to run its existing assets while locking in revenue come what may with long-term contracts.

Speaking during the company’s third-quarter conference call CEO James V. Bertram announced between CAD125 million and CAD175 million in growth capital expenditures excluding acquisitions for 2012, with maintenance capital spending of CAD15 million to CAD20 million. That’s a very healthy yet imminently manageable amount of new business, and the company continues to tailor asset growth to known demand rather than speculating on the future.

The package is a company with exceptionally low business risk and very reliable growth. The challenge will be having the patience to avoid overpaying. But Keyera is certainly a buy any time it trades below USD42.

TransForce Inc (TSX: TFI, OTC: TFIFF), in contrast, took it on the chin over the summer, as investors fretted about the impact of potentially slowing economic growth on its business. The stock struck a low of USD9.76 before bouncing back nearly 30 percent last month to its current level.

The drop was due to worries about the impact of slower economic growth on the company’s transportation and logistics business. The recovery was triggered by continued indications last month that the company was doing just fine, capped by explosive third-quarter results and yet another acquisition, announced this week.

Third-quarter revenue surged 49 percent and cash flow rose 34 percent, as the company realized greater efficiencies while expanding its business geographically and by product line. Revenue excluding the fuel surcharge passed along to customers was up 44.8 percent, while profit per share excluding one-time items rose 52.2 percent. The payout ratio based on that figure shrank to just 34 percent.

TransForce does face a bit of a challenge at its recently acquired Loomis Express unit (10 percent of revenue), which posted lower-than-expected margins during the quarter. Management is currently working to cut costs and improve efficiency at the unit to improve profitability and has a formidable track record absorbing new operations. This will be an area to watch for future quarters, but it poses no real risk at this time to overall profitability.

Meanwhile, TransForce continues to use its strong cash flows to further whittle down debt. The company cut total obligations by CAD50.7 million during the quarter, driving its debt-to-equity ratio down to just 1.2-to-1, from 1.34-to-1 three months earlier.

The company has no debt maturities until a CAD41 million loan comes due in 2013, and existing credit agreements are more than capable of handling the maturity if needed, if it’s not paid down with free cash flow before then.

When I first recommended TransForce it was a small, aggressive player intent on growing by consolidating a very diffuse industry. Today it’s a much larger, more profitable player that’s proven itself capable of taking anything the market and economy can dish out, while continuing to grow. Yet its stock price is still well below the old highs. My buy-under target remains USD16 for those who don’t already own TransForce.

Atlantic Power Corp (TSX: ATP, NYSE: AT) won’t announce its third quarter earnings until Friday, Nov. 11. The company, however, has won all needed approvals to complete its merger with Capital Power LP and will close the deal this week. Moreover, it’s also managed to permanently finance the deal by issuing CAD460 million in 9 percent notes due in seven years as well as CAD168 million in what proved to be an over-subscribed equity offering.

When it announced the merger, management forecast a 5 percent dividend increase at close. That remains my expectation, and it will push the monthly yield on Atlantic stock close to 9 percent. That’s an extraordinary payout for a company with such transparency on future revenue as well as security of cash flows. Those without positions should take advantage of the recent pullback to buy Atlantic Power, under USD16.

Note that Capstone Infrastructure Corp (TSX: CSE, OTC: MCQPF) expects to close its purchase of a 70 percent interest in Bristol Water on Nov. 10. A CAD75 million equity issue has permanently financed the deal, which will be immediately accretive to cash flow.

The big issue with Capstone–which plans to announce earnings on Nov. 14–is whether or not it can negotiate a long-term power sales contract for its Cardinal Power Plant with the Ontario Power Authority. The high yield is pricing in some risk of pulling less favorable terms than currently exist, but management remains hopeful. My buy target for Capstone Infrastructure remains USD9, which would be conservative if Cardinal wins an amicable deal.

Brookfield Renewable Power Fund (TSX: BRC-U, OTC: BRPFF) expects to offer its earnings numbers on Nov. 9. It will then hold a special shareholders meeting on Nov. 18 to vote on the proposed consolidation of the company’s assets with the rest of parent Brookfield Asset Management’s (TSX: BAM/A, NYSE: BAM) renewable energy operations, as I reported in the October High Yield of the Month.

Based on the affirmative vote of the company’s debtholders and a promised dividend increase and New York Stock Exchange (NYSE) listing when the deal is done, I expect a swift approval and a close later this month. Brookfield Renewable Power is a buy up to USD26 for those who don’t already own it.

Third-Quarter Earnings Dates

Here are the confirmed and expected reporting dates for the rest of the Canadian Edge Portfolio. Expect to see my analysis in Flash Alerts later this month as the numbers are announced, with a full recap in the December issue.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Oct. 27 Flash Alert
• Artis REIT (TSX: AX-U, OTC: ARESF)–Nov. 8 (confirmed)
• Atlantic Power Corp (TSX: ATP, NYSE: AT)–Nov. 11 (confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–Nov. 8 (estimate)
• Brookfield Renewable Power Fund (TSX: BRC-U, OTC: BRPUF)–Nov. 9 (confirmed)
• Canadian Apartment Properties REIT (TSX: CAR-U, OTC: CDPYF)–Nov. 7 (confirmed)
• Capstone Infrastructure Corp (TSX: CSE, OTC: MCQPF)–Nov. 14 (confirmed)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Nov. 10 (confirmed)
• Colabor Inc (TSX: GCL, OTC: COLFF)–Oct. 18 Flash Alert, November Portfolio Update
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Nov. 8 (confirmed)
• Extendicare REIT (TSX: EXE-U, OTC: EXETF)–Nov. 8 (confirmed)
• IBI Group Inc (TSX: IBG, OTC: IBIBF)–Nov. 10 (confirmed)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–Nov. 9 (confirmed)
• Just Energy Group Inc (TSX: JE, OTC: JUSTF)–Nov. 8 (tentative)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–November Portfolio Update
• Northern Property REIT (TSX: NPR-U, OTC: NPRUF)–Nov. 8 (confirmed)
• Pembina Pipeline Corp (TSX: PPL, OTC: PBNPF)–Nov. 9 (confirmed)
• Provident Energy Ltd (TSX: PVE, NYSE: PVX)–Nov. 9 (confirmed)
• RioCan REIT (TSX: REI-U, OTC: RIOCF)–Nov. 7 (confirmed)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–November Portfolio Update

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN, OTC: ACAZF)–Oct. 27 Flash Alert, November Portfolio Update
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–Nov. 14 (confirmed)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–November Portfolio Update
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)– Nov. 9 (confirmed)
• Daylight Energy Ltd (TSX: DAY, OTC: DAYYF)–November Portfolio Update
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Nov. 7 (confirmed)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Nov. 10 (confirmed)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–November High Yield of the Month
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–November Portfolio Update
• Penn West Petroleum Ltd (TSX: PWT, NYSE: PWE)–November High Yield of the Month
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–Nov. 9 (estimate)
• PHX Energy Services Corp (TSX: PHX, OTC: PHXHF)–November Portfolio Update
• Student Transportation Inc (TSX: STB, OTC: STUXF)–Nov. 11 (estimate)
• Vermilion Energy Inc (TSX: VET, OTC: VEMTF)–Nov. 4 (estimate)