VERESEN $15.15 (Toronto symbol VSN; Shares
outstanding: 169.8 million; Market cap: $2.6 billion; TSINetwork Rating: Average; Dividend yield: 6.6%) owns and operates energy pipelines and processing plants. Its major holding is its 50% stake in the Alliance gas pipeline, which runs 3,000 kilometres from Fort St. John, B.C., to Chicago. Enbridge owns the other 50%.
To diversify its operations and grow beyond Canada, Veresen has successfully expanded its power generation business. It now owns hydroelectric plants in New York State and B.C.; natural gas-fired plants in Ontario, California and Colorado; and waste heat plants in B.C. and Saskatchewan.
Veresen’s shares yield a high 6.6%. However, it only pays out around 75% of its cash flow as dividends, so it should be able to maintain its annual rate of $1.00 a share.
We’re raising Veresen’s TSINetwork Rating to Average from Extra Risk.
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