Every Monday we feature “A Stock to Sell” as our daily post. With every stock or investment we recommend as a sell, we give you a full explanation of why we advise against investing in it at this time.
Metalore Resources (symbol MET on Toronto; www.metaloreresources.com) produces natural gas in Southwestern Ontario. It owns or controls approximately 40,000 of petroleum, natural gas and mineral leases in Norfolk County.
Right now, the company is producing gas from 85 wells. It also distributes gas to 85 businesses and consumers along its gathering pipelines through an agreement with Union Gas Ltd.
Metalore began as a mining exploration company and retains interests in several gold properties. It is in the early stages of exploring its 100%-owned Cedartree Lake gold property near Sioux Narrows, Ontario. It also has 21% to 26% joint-venture interests in a group of over 600 gold-mining claims in Ontario’s Beardmore-Geraldton area.
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Energy stocks: Company curbing natural gas development until prices rise
For the three months ended September 30, 2014, Metalore reported revenue of $230,842 from natural gas sales, down 9.7% from $255,554 a year earlier. Cash flow rose slightly, to $103,243, or $0.06 a share, from $102,797, or $0.06.
The company declared its 15th consecutive annual dividend, of $0.04 a share, in December 2014. The shares yield 1.4%.
The company will likely be able to keep paying its dividend, but it has limited growth prospects. Metalore believes it will need much higher natural gas prices to increase its production—and it doesn’t plan to expand anytime soon.
We don’t recommend the thinly-traded shares of Metalore. If you own the shares, we think you should sell.
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