PEYTO EXPLORATION & DEVELOPMENT CORP. (Toronto symbol PEY; www.peyto.com) continues to generate higher cash flow. And it’s reinvesting that cash flow to expand production in order to deliver greater returns for its shareholders.
The company produces and explores for oil and natural gas in Alberta. Peyto’s average daily production of 34,443 barrels of oil equivalent (including natural gas) is weighted 89% toward gas and 11% to oil.
In the three months ended June 30, 2011, Peyto’s cash flow rose 31.8%, to $0.58 a unit from $0.44 a year earlier. This energy stock’s long-term debt of $455 million is a low 15.7% of its $2.9-billion market cap.
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Energy stocks: Peyto uses tax pools to offset new tax
Peyto converted from an income trust to a dividend-paying stock on December 31, 2010. Before it converted, the company paid a monthly distribution of $0.12 a unit. It has since cut its payout to $0.06 a share.
The company has tax pools that it can use to offset the new tax until 2014, but the lower payout lets Peyto put more of its cash flow toward increasing production. Earlier this year, Peyto raised its planned 2011 exploration spending by 15%.
As well, the payout is now a dividend, so it benefits from the dividend tax credit if you hold your shares outside an RRSP or a RRIF.
We cover several dividend-paying energy stocks in the Canadian Wealth Advisor. In the latest issue, we give our views on the progress of Peyto’s exploration program and conclude with our clear buy-hold-sell advice on the stock.
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