PENN WEST ENERGY TRUST $14.88 (Toronto symbol PWT.UN; Units outstanding: 414.2 million; Market cap: $6.2 billion; SI Rating: Speculative) is the largest oil and gas trust in North America.
In the first three months of 2009, lower oil and gas prices pushed down Penn West’s revenue by 47.7%, to $625 million from $1.2 billion. Cash flow per unit fell 50.6%, to $0.87 from $1.76. The trust’s $4.1-billion long-term debt is 66% of its market cap, but just 3.1 times its annual cash flow.
Penn West has average daily production of 180,096 barrels of oil equivalent (weighted 41% to natural gas and 59% to oil). The units yield 11.8%. Penn West pays out around 60% of its cash flow as distributions. It trades at 4.1 times its estimated 2009 cash flow of $3.60 per unit.
Penn West is still a buy.
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