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VERESEN (Toronto symbol VSN; www.vereseninc.com) owns pipelines, power plants and gas-processing facilities across North America.
A major holding is 50% of the Alliance gas line, which runs 3,000 kilometres between Chicago and Fort St. John, B.C.
Veresen also owns the Alberta Ethane Gathering System, 42.7% of the Aux Sable NGL plant, and the Hythe/Steeprock natural gas gathering and processing complex in the Cutbank Ridge region of Alberta and B.C.
In the quarter ended September 30, 2014, Veresen’s cash flow per share rose 4.5%, to $0.23 from $0.22.
Safety-Conscious Stock of the Year
Pat McKeough has just announced his Safety-Conscious Stock of the Year in Canadian Wealth Advisor. The stock combines a strong, safe dividend with the capacity for growing capital gains, a powerful combination for conservative investors.
In Canadian Wealth Advisor Pat gives conservative investors the investments they need to succeed in all markets—established dividend-paying stocks, Canada’s best Real Estate Investment Trusts (REITs) and the most reliable exchange-traded funds (ETFs).
The venture is called Veresen Midstream. The partners have just agreed to buy natural gas gathering and compression assets in northeastern B.C. from Encana and Japan’s Mitsubishi Corp. for $1 billion.
The partners will now undertake a $5-billion expansion for gas producers, including Encana. The expansion is backed by 30-year contracts that will significantly cut Veresen Midstream’s risk.
The company’s longer-term outlook is sound. The stock trades at 14.4 times Veresen’s forecast 2015 cash flow of $1.13 a share. It yields a high 6.4%, and the dividend appears safe.
Veresen is a buy recommendation of our advisory on safety-conscious investing, Canadian Wealth Advisor.
Tomorrow in our Investor Toolkit see how to achieve a “double win” with your RRSP.
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