VERESEN $10.07 (Toronto symbol VSN; Shares outstanding: 303.1 million; Market cap: $3.1 billion; TSINetwork Rating: Average; Dividend yield: 9.9%; www.vereseninc.com) owns pipelines, power plants and natural gas-processing facilities across North America.
These include: 50% of the Alliance gas line, which runs the 3,000 kilometres between Chicago and Fort St. John, B.C.; and 50% of the Ruby pipeline, which runs 1,100 kilometres from Wyoming to Oregon. The company also owns the Alberta Ethane Gathering System and 42.7% of the Aux Sable liquids plant.
In the three months ended March 31, 2016, Veresen’s cash flow was $81.0 million—unchanged from a year earlier. Cash flow per share fell 3.6%, to $0.27 from $0.28, on more shares outstanding.
U.S. regulators recently rejected the company’s application for a $5.3 billion liquefied natural gas plant at Jordan Cove, Oregon. The denial was based on a lack of commercial support for the project. However, Veresen has since found Asian buyers for 50% of the plant’s potential output. The company now plans to appeal the regulatory rulings.
Veresen’s shares are down about 45% over the last year. That’s mostly due to investor concerns that low oil and gas prices will hurt shipping volumes through its pipelines. However, most of its pipelines operate under long-term guaranteed contracts.
The stock trades at 9.9 times Veresen’s forecast 2015 cash flow of $1.02 a share. It yields a high 9.9%, but its cash flow is steady, and the company plans to maintain its current dividend rate.
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