VERESEN $11.74 (Toronto symbol VSN; Shares outstanding: 199.9 million; Market cap: $2.4 billion; TSINetwork Rating: Average; Yield: 8.5%) owns pipelines, power plants and gas-processing facilities across North America. A major holding is 50% of the Alliance gas line, which runs 3,000 kilometres between Chicago and Fort St. John, B.C. Enbridge owns the other 50%. Veresen also owns the Alberta Ethane Gathering System, and Veresen and Enbridge together hold 85.4% of the Aux Sable NGL plant.
In February 2012, Veresen paid Encana Corp. $920 million for the Hythe/Steeprock natural gas gathering and processing complex. Encana signed a long-term deal to buy most of this facility’s gas.
To diversify beyond pipelines and gas-processing plants, Veresen continues to expand its power generation business. This includes hydroelectric facilities, wind farms, natural gas fired plants and waste-heat facilities.
In the quarter ended June 30, 2013, cash flow per share fell 3.8%, to $0.25 from $0.26. An oversupply of natural gas liquids pushed down prices and profit margins at Aux Sable.
However, Veresen’s longer-term outlook is sound. The stock trades at 10.7 times the company’s forecast 2013 cash flow of $1.10 a share. It yields a high 8.5%, and the dividend appears safe.
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