Renegade Petroleum, $1.16, symbol RPL on Toronto (Shares outstanding: 203.1 million; Market cap: $239.7 million; www.renegadepetroleum.com), produces and explores for oil in Saskatchewan.
Renegade began paying a monthly dividend of $0.19167 a share in January 2013. It now has a very high 19.8% yield.
The company’s plan is to pay an annual dividend of $0.23 a share while generating 2% growth in cash flow per year. Renegade also aims 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. It also has $695 million in tax pools that will let it avoid paying income tax well into next year.
At the start of the year, the company forecast its 2013 cash flow to be as high as $0.62 a share. The stock trades at just 1.9 times that estimate.
Renegade’s low price-to-cash flow ratio and high yield appear attractive, but its forecast cash flow…
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