ARC RESOURCES $28.78 (Toronto symbol ARX; Shares outstanding: 313.6 million; Market cap: $9.2 billion; TSINetwork Rating: Speculative; Dividend yield: 4.2%; www.arcresources.com) produces oil and natural gas in Western Canada. The company’s average daily output of 94,915 barrels of oil equivalent (including gas) is weighted 62% to gas and 38% to oil.
In the quarter ended September 30, 2013, ARC’s cash flow per share rose 29.1%, to $0.71 from $0.55 a year earlier. Production gained 5.6%, plus its gas prices rose 20.0% and oil prices increased 24.6%.
ARC’s long-term debt is $739.8 million, or a low 8.0% of its market cap. It trades at 8.6 times its forecast 2014 cash flow of $3.36 a share.
The company plans to spend $915 million on exploration and development this year, up 6.4% from a record $860 million in 2013. ARC aims to produce an average of 110,000 barrels to 114,000 barrels a day in 2014, up about 17% from 2013 levels.
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