PENGROWTH ENERGY TRUST $11 (Toronto symbol PGF.UN; Aggressive Growth Portfolio, Resources sector; Units outstanding: 258.4 million; Market cap: $2.8 billion; Price-to-sales ratio: 1.2; SI Rating: Average) produces oil and natural gas, mainly from properties in western Canada. Natural gas accounts for 60% of its production; oil supplies the remaining 40%.
In October, the trust cut its monthly distribution by 30%, to $0.07 a unit from $0.10. The new annual rate of $0.84 yields 7.6%.
The lower payout should save Pengrowth roughly $93 million a year. That will help it pay down its $1.4-billion long-term debt, which is equal to 50% of its market cap.
Aside from debt repayments, Pengrowth wants to spend more on developing its properties in western Canada, especially those with longer-term potential. These include its Lindbergh oil-sands project, where the trust aims to begin producing oil in 2016. Pengrowth also plans to develop its properties in the Horn River shale-gas field in northeastern B.C.
Lower debt and greater production from these new projects will put Pengrowth in a better position to sustain its current distributions, particularly now that it plans to convert to a dividend-paying corporation by 2013.
Pengrowth is a buy.
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