PEYTO EXPLORATION & DEVELOPMENT CORP. $33.96 (Toronto symbol PEY; Shares outstanding: 153.7 million; Market cap: $5.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.9%; www.peyto.com) produces and explores for oil and natural gas in Alberta. Its average daily production of 83,251 barrels of oil equivalent is 90% gas and 10% oil.
In the quarter ended December 31, 2014, Peyto’s cash flow rose 34.5%, to $1.13 a share from $0.84 a year ago. That’s because it raised its production by 23.7%, and realized higher gas prices.
Like Crescent Point, Peyto will cut 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 $4.14 a share in 2015, based on today’s low oil and gas prices, down from $4.33 in 2014. The stock trades at 8.2 times this year’s estimate.
The shares yield 3.9%, and the company pays out just 29% of its cash flow as dividends, so its current dividend rate appears safe.
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