A little more than six years after Canadian Finance Minister Jim Flaherty effectively killed the structure, a new breed of income trust has emerged to satisfy investor hunger for yield.

Crius Energy Trust (TSX: KWH-U, OTC: None) completed its initial public offering (IPO) on Nov. 13, 2012, joining Eagle Energy Trust (TSX: EGL-U, OTC: ENYTF), Parallel Energy Trust (TSX: PLT-U, OTC: PEYTF) and Argent Energy Trust (TSX: AET-U, OTC: ANGYF) as the “four horsemen” of a renewed era.

These new trusts are almost identical in structure to the old income funds. A key difference is that they hold only foreign assets, which keeps them tax-efficient and within the bounds of Canadian law. These are “non-SIFT” trusts.

Crius Energy paid an initial distribution of CAD0.1326 on Jan. 15, 2013, and declared a second of CAD0.0833 on Jan. 22, payable Feb. 15 to shareholders of record as of Jan. 31. The indicated yield on the stock is 10 percent as of this writing.

Crius is the first non-oil-and-gas trust of this new breed. It holds electricity and natural gas marketing and retailing assets. Headquartered in Stamford, Connecticut, the trust’s operating units serves more than 400,000 residential and commercial customers in 12 states and the District of Columbia.

Its “brands” include Viridian Energy, Cincinnati Bell Energy, FairPoint Energy and Public Power. FTR Energy Services launched in the fall of 2012. Crius describes itself as “one of the largest independent energy suppliers in the United States and a market leader in the growing deregulated energy sector.”

Three analysts currently cover the stock, and all three rate it a “buy.” The stock traded as high as CAD10.06 on Jan. 24, bouncing off a low of CAD9 on Dec. 11, 2012. The average 12-month target price for these three analysts is CAD11. As of this writing the units are priced precisely at the CAD10 initial offering price.

Eagle Energy listed on the Toronto Stock Exchange (TSX) on Nov. 24, 2010. The trust paid an initial distribution of CAD0.1064 on Jan. 17, 2011, and has paid CAD0.0875 each month since then.

Eagle Energy’s assets include 55 horizontal wells in the Salt Flat Field in South Central Texas and a 92.5 percent working interest in approximately 3,175 (2,937 net) acres of land in the Permian Basin, also in Texas. The Permian assets, acquired last May, consist of 31 (28.4 net) producing wells and overriding royalty interests on 23 unrelated wells.

Eagle’s current working interest production is 3,300 barrels of oil equivalent per day (boe/d).

The trust hit its 2012 exit production guidance, and management maintained a full-year forecast of approximately 2,700 boe/d, funds flow from operations of approximately CAD37 million, a basic payout ratio of approximately 70 percent, average operating costs of approximately USD15 per barrel of oil equivalent, capital expenditures of approximately CAD43 million and a 2012 exit debt-to-trailing cash flow ratio of approximately 1.0 times.

The units have traded as high as CAD12 on a closing basis, on Mar. 22, 2011, and as low as CAD7.03, on Dec. 11, 2012. As of this writing Eagle is trading at CAD7.50 and yielding 14 percent. Eagle Energy is rated “buy” by two analysts and “hold” by four more. There are no “sell” recommendations. The average 12-month target price is CAD9.70.

Parallel Energy debuted on the TSX on April 21, 2011. The trust has already established a rather choppy distribution history after making an initial payment of CAD0.10 on June 15, 2011. Parallel made monthly distributions of CAD0.075 from July 2011 through April 2012. Management bumped the payout to CAD0.08 for May 2012, a level it held through December 2012.

A little more than two weeks after declaring what would be its last CAD0.08 distribution management declared its first cut, effective with the January 2013 payment. The trust paid CAD0.05 last month and will do so again on Feb. 22.

Parallel also met its 2012 exit production target. The trust operates across four areas in North Texas and Oklahoma. Parallel owns 100 percent of its West Panhandle assets, which are located in Carson, Hutchinson, Moore, Potter and Roberts counties of North Texas and it holds a 20 percent interest in a Mississippian Lime play located in Garfield County, Oklahoma.

Parallel’s West Panhandle assets are located in the Greater Panhandle/Hugoton Gas Field, the largest conventional gas field in North America.

Parallel’s West Panhandle acreage consists of over 290 producing wells and includes exploitation and development opportunities.

Based on field data, Parallel’s production averaged approximately 7,200 boe/d between late October, when normal operations resumed in the Carson area, and the end of the third week in December.

During the fourth quarter of 2012, Parallel drilled, completed and placed on production seven wells in the Carson field. The average 30-day initial production rate of the seven wells was approximately 60 boe/d, two times the rate management forecast for its 2013 drilling program.

Parallel units have been in steady decline since the trust’s IPO. The price peaked at CAD10.98 on April 29, 2011, but is now just off a low of CAD3.83 established Dec. 11, 2012. As of this writing the units are trading at CAD4.14 and yielding 14.5 percent. All five analysts who cover Parallel rate the units “hold,” with an average 12-month target price of CAD5.13.

Argent Energy is just a couple months older than Crius, having listed on the TSX on Aug. 10, 2012. The trust made an initial distribution of CAD0.0621 in September 2012 and has followed up with payments of CAD0.0875 in October, November, December and January. On Jan. 17 management declared another payment of CAD0.0875 to be made Feb. 25 to shareholders of record as of Jan. 31.

Argent owns, operates and manages oil and gas properties located primarily in South Texas and Oklahoma, with drilling prospects focused in the Eagle Ford, Austin Chalk and Wilcox formations. The trust exited the year at approximately 3,700 boe/d, excluding the Wapiti acquisition, about 100 boe/d above the year-end guidance target of 3,500 to 3,600 boe/d.

Management forecast a 2013 average production rate of approximately 5,500 to 5,600 boe/d, comprising 65 percent oil, 7 percent natural gas liquids (NGLs) and 28 percent natural gas. Operating costs per barrel of oil equivalent (boe) are expected to average between USD11 and USD12 per boe, resulting in an average operating cash flow netback of approximately USD44 per boe. Realized oil netbacks are over USD70 per boe.

Argent hit a high of CAD10.62 on Oct. 1, 2012, but retreated to CAD8.99 by Nov. 15. As of this writing the units are changing hands at CAD9.92 per, good for a yield of 10.6 percent. Three analysts rate the energy trust a “buy,” two rate it “hold” and zero rate it “sell.” The average 12-month price target is CAD11.50.

The Roundup

Here’s when to expect numbers for the CE Portfolio. We’ve linked to analysis of results for those companies that have already reported.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–March 8 (estimate)
• Artis REIT (TSX: AX-U, OTC: ARESF)–Feb. 28 (confirmed)
• Atlantic Power Corp (TSX: ATP, NYSE: AT)–Feb. 28 (confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–March 7 (estimate)
• Brookfield Real Estate Services Inc (TSX: BRE, OTC: BREUF)–March 12 (estimate)
• Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPFF)–February Portfolio Update
• Canadian Apartment Properties REIT (TSX: CAR, OTC: CDPYF)–Feb. 26 (confirmed)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–February Portfolio Update
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Feb. 26 (confirmed)
• Dundee REIT (TSX: D-U, OTC: DRETF)–Feb. 20 (confirmed)
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Feb. 22 (estimate)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–March 14 (confirmed)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Feb. 14 (confirmed)
• Northern Property REIT (TSX: NPR, OTC: NPRUF)–March 13 (confirmed)
• Pembina Pipeline Corp (TSX: PPL, NYSE: PBA)–Feb. 15 (estimate)
• RioCan REIT (TSX: REI, OTC: RIOCF)–Feb. 14 (confirmed)
• Shaw Communications Inc (TSX: SJR/A. NYSE: SJR)–February Portfolio Update
• Student Transportation Inc (TSX: STB, NSDQ: STB)–Feb. 12 (confirmed)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–March 1 (confirmed)

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN OTC: ACAZF)–Feb. 12 (confirmed)
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–March 14 (estimate)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–February In Focus
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Feb. 21 (confirmed)
• Colabor Group Inc (TSX: GCL, OTC: COLFF)–March 22 (estimate)
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–March 15 (estimate)
• Extendicare Inc (TSX: EXE, OTC: EXETF)–Feb. 27 (confirmed)
• IBI Group Inc (TSX: IBG, OTC: IBIBF)–March 26 (estimate)
• Just Energy Group Inc (TSX: JE, NYSE: JE)–February Best Buy
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Feb. 13 (confirmed)
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–Feb. 12 (confirmed)
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–March 7 (estimate)
• PetroBakken Energy Ltd (TSX: PBN, OTC: PBKEF)–March 7 (estimate)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–March 7 (estimate)
• Vermilion Energy Inc (TSX: VET, OTC: VEMTF)–March 4 (confirmed)
• Wajax Corp (TSX: WJX, OTC: WJXFF)–March 6 (estimate)