PEYTO EXPLORATION & DEVELOPMENT CORP. $27.59 (Toronto symbol PEY; Shares outstanding: 159.0 million; Market cap: $4.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.8%; www.peyto.com) produces and explores for oil and natural gas in Alberta. Its average daily production of 81,588 barrels of oil equivalent is 91% gas and 9% oil.
In the three months ended March 31, 2015, Peyto’s cash flow fell 10.5%, to $0.94 a share from $1.05 a year ago. It raised its production by 13.0%, but that was offset by lower gas prices.
Like Bonavista, Peyto is cutting its spending this year. Its outlays will now total $560 million to $600 million, down from $690 million in 2014.
The company is forecast to generate cash flow of $4.03 a share in 2015, based on today’s low oil and gas prices, down from $4.33 in 2014. The stock trades at 6.8 times this year’s estimate.
The shares yield 4.8%, and Peyto’s current dividend rate appears safe.
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