PEMBINA PIPELINE $34.61(Toronto symbol PPL; Shares outstanding: 373.4 million; Market cap: $12.7 billion; TSINetwork Rating: Average; Dividend yield: 5.0%; www.pembina.com) owns pipelines that carry half of Alberta’s conventional oil and almost all of B.C.’s oil. It also carries 30% of Western Canada’s natural gas liquids (NGLs).
Pembina owns extensive facilities to extract, process and store NGLs, as well as natural gas processing plants.
In the three months ended December 31, 2015, the company’s cash flow per share jumped 57.0%, to $0.77 from $0.49 a year earlier. New plants starting up boosted volumes at its NGL extraction business.
Pembina will pay $556.0 million to buy a new natural gas processing complex in northwestern Alberta from heavily indebted Paramount Resources (symbol POU on Toronto). As part of the deal, Pembina will process gas for Paramount under a 20-year contract.
Pembina stock trades at 14.2 times its expected 2016 cash flow of $2.43 a share. The company raised its monthly dividend by 4.9% with the April 2016 payment, to $0.16 from $0.1525; it yields 5.0%.
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