PEMBINA PIPELINE $34.42 (Toronto symbol PPL; Shares outstanding: 313.0 million; Market cap: $10.8 billion; TSINetwork Rating: Average; Div. yield: 4.9%; www.pembina.com) owns pipelines that carry half of Alberta’s conventional oil, 30% of Western Canada’s natural gas liquids (NGLs) and almost all of B.C.’s conventional oil.
In the quarter ended September 30, 2013, Pembina’s revenue rose 34.9%, to $1.2 billion from $870.9 million a year earlier. The gains came from pipeline expansions and Provident Energy, which Pembina bought for $3.2 billion last year. Provident extracts, transports and stores NGLs.
Cash flow jumped 41.7%, to $188.7 million from $133.2 million. Cash flow per share gained 32.6%, to $0.61 from $0.46, on more shares outstanding.
Pembina is planning $1.5 billion of capital spending in 2014, up 56% from this year. It will allocate 60% to NGL-related projects. The remaining 40% will go toward oil-pipeline expansions.
The stock trades at 15.8 times Pembina’s forecast 2014 cash flow of $2.18 a share. The company raised its monthly dividend by 3.7% earlier this year, to $0.14 from $0.135. The shares now yield 4.9%.
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