PENGROWTH ENERGY $4.36 (Toronto symbol PGF; Shares outstanding: 528.1 million; Market cap: $2.2 billion; TSINetwork Rating: Average; Dividend yield: 11.0%; www.pengrowth.com) produces oil and natural gas in Western Canada and off the Nova Scotia coast. Gas accounts for 46% of its production; the other 54% is oil.
In the three months ended September 30, 2014, Pengrowth produced 72,472 barrels a day (including gas), down 13.0% from 83,275 barrels a year earlier. That’s mainly because it sold several less important oil and gas properties in Western Canada.
Pengrowth is investing the proceeds from these sales in more promising projects, like its Lindbergh oil sands development in Alberta’s Cold Lake region. Lindbergh should start up in early 2015 and produce 12,500 barrels a day. Future phases will raise the project’s daily output to 50,000 barrels.
The company’s cash flow fell 22.6% in the latest quarter, to $0.24 a share from $0.31.
Pengrowth’s long-term debt of $1.5 billion is a high, but manageable, 68.2% of its market cap. The stock trades at 3.7 times Pengrowth’s forecast 2015 cash flow of $1.18 a share, based on today’s lower oil and gas prices (down from a previous forecast of $1.39 a share).
The company continues to pay a monthly dividend of $0.04 a share, for a high 11.0% annualized yield. Dividends accounted for 50% of its cash flow in the latest quarter, so the payout seems safe.
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