BONAVISTA ENERGY $18.01 (Toronto symbol BNP; Shares outstanding: 169.2 million; Market cap: $3.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 8.0%; www.bonavistaenergy.com) explores for oil and natural gas in Alberta, Saskatchewan and B.C.
Bonavista produces an average of 69,506 barrels of oil equivalent per day, weighted 61% to gas and 39% to oil.
In the three months ended June 30, 2012, the company’s cash flow per share fell 44.3%, to $0.49 from $0.88 a year earlier. Lower gas prices more than offset a 5.3% production increase.
The stock trades at 8.3 times Bonavista’s forecast 2012 cash flow of $2.18 a share. The company’s long-term debt of $1.0 billion is a manageable 33.3% of its $3.0-billion market cap.
Bonavista pays a monthly dividend of $0.12 a share. The annual rate of $1.44 yields 8.0%. Even with the lower cash flow in the latest quarter, the company still pays out just 66% of its cash flow as dividends.
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