PEMBINA PIPELINE $32.69 (Toronto symbol PPL; Shares outstanding: 294.9 million; Market cap: $10.2 billion; TSINetwork Rating: Average; Divd. yield: 5.0%; www.pembina.com) owns pipelines that carry half of Alberta’s conventional oil production, 30% of Western Canada’s natural gas liquids (NGLs) and almost all of B.C.’s conventional oil output.
In the quarter ended December 31, 2012, revenue rose 170.4%, to $1.3 billion from $468.1 million a year earlier. In April 2012, it paid $3.2 billion for rival Provident Energy, which extracts, transports and stores NGLs. Provident was the main reason for the higher revenue.
Cash flow rose 161.5%, to $172.3 million from $66.0 million. Cash flow per share rose 51.3%, to $0.59 from $0.39, because Pembina issued more shares to pay for Provident.
The company has raised $345.2 million in a share issue. It plans to use the proceeds to fund an expansion that could cost up to $1.3 billion by 2015.
Pembina trades at 17.0 times its forecast 2013 cash flow of $1.92 a share. The stock yields 5.0%.
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