ZARGON OIL & GAS $6.44 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403-264-9992; www.zargon.ca; Shares outstanding: 29.9 million; Market cap: $192.6 million; Dividend yield: 11.2%) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. The company’s output is 67% oil and 33% natural gas.
In the three months ended December 31, 2012, Zargon produced 7,720 barrels of oil equivalent per day, down 17.0% from 9,278 barrels a year earlier. That’s because the company sold some less important properties and cut back on natural gas drilling in light of low gas prices. The production drop pushed down Zargon’s cash flow per share by 5.2%, to $0.55 from $0.58 a year earlier.
The company expects cash flow of $1.89 a share in 2013. It trades at 3.4 times that estimate.
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