PENGROWTH ENERGY TRUST $17.85 (Toronto symbol PGF.UN; SI Rating: Average) produces oil and gas in western Canada, as well as offshore Nova Scotia.
Pengrowth’s average daily production of 89,633 barrels of oil equivalent is weighted 48% toward oil and liquids and 52% natural gas. In the latest quarter, the company’s average realized price for oil was $71.81 U.S. and $7.61 U.S. for natural gas.
In the three months ended June 30, 2007, Pengrowth’s revenue rose 56.6%, to $444 million from $283.5 million, largely due to acquisitions. Cash flow per unit rose 29.1%, to $1.02 from $0.79.
Pengrowth’s long-term debt stands at 38% of shareholders’ equity, or approximately 1.5 times annual cash flow.
Pengrowth distributed a high 94% of its cash flow as distributions in the latest quarter. That prompted the company to cut its monthly distributions by 10%, from $0.25 a unit to $0.225. The new annual rate of $2.70 yields 16.7%.
Pengrowth needs the cash to fund property development and pursue potential acquisitions. That will help replenish its reserves, which should last 10 years based on current production levels. Pengrowth has also hedged 38% of its natural gas output for 2008, and 35% of its oil production, which cuts its exposure to lower prices and the rising Canadian dollar.
Pengrowth is still a buy.
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