Hi Pat: Could you please comment on Renegade Petroleum and their recent developments concerning them becoming a high-dividend-paying company? Thank you.
Renegade Petroleum, $2.46, symbol RPL on Toronto (Shares outstanding: 89.6 million; Market cap: $220.4 million; www.renegadepetroleum.com), produces and explores for oil in Saskatchewan.
Renegade recently announced that it will begin paying a dividend next year, likely starting in January.
The company’s new plan is to pay an annual dividend of $0.23 a share while generating 2% growth per year. Renegade is also planning to protect that dividend by gradually hedging 75% of its 2013 production and 60% of its 2014 output. The company has identified more than 1,000 drilling locations in Saskatchewan.
The company’s cash flow could be as high as $0.62 a share next year. The stock trades at 4.0 times that estimate. The shares will yield 9.3%, based on the projected dividend.
Renegade Petroleum is okay for aggressive investors to hold.
hold.
…
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