PENN WEST $9.35 (Toronto symbol PWT; Shares outstanding: 490.7 million; Market cap: $4.5 billion; TSINetwork Rating: Average; Dividend yield: 6.0%; www.pennwest.com) is one of Canada’s largest oil and gas producers.
Penn West continues to shore up its finances and take steps to boost its value since appointing Rick George as chairman and Allan Markin as vicechairman. These moves include cutting staff, selling assets and lowering its dividend.
The company sold $486 million worth of assets in the fourth quarter of 2013, and it plans to sell another $1 billion to $1.5 billion worth by the end of this year. Penn West will use the proceeds to further pay down its debt.
In the quarter ended December 31, 2013, Penn West’s cash flow per share fell 29.0%, to $0.44 from $0.62. It ended the quarter with $2.4 billion of long-term debt, which is still high, at 53% of its $4.5-billion market cap.
The company holds a number of oil properties with strong potential and many drilling locations, and it plans to focus on oil rather than gas exploration. However, it will need time to replace the cash flow from the assets it has already sold and plans to sell.
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