Equal Energy, $6.80, symbol EQU on Toronto (Shares outstanding: 34.6 million; Market cap: $235.2 million; www.equalenergy.ca), is based in Calgary, but has a U.S. office in Oklahoma City.
Equal has producing oil and gas properties that are mainly located in Oklahoma, Alberta, B.C. and Saskatchewan. The company’s production is 57% oil and 43% natural gas.
In the first quarter of 2011, Equal’s cash flow was $0.42 a share. That’s down 37.3% from $0.67 a share a year earlier. Lower natural gas prices and a 9% drop in production were the main reasons for the decline.
Equal’s long-term debt of $160.4 million is somewhat high at 68.2% of its market cap. However, the company recently raised $47.8 million in a share issue.
The shares trade at a low 4.0 times forecast annual cash flow, based on the latest quarter. Equal has many prospective drilling locations, so it should be able to increase its production.
Equal is okay for aggressive investors to hold.
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