I have some Twin Butte Energy stock that I bought at $0.85 to $1.50 because it paid a high dividend. Is this dividend sustainable? Will the shares come back when oil prices return to normal, or should I sell them and look for something better?
Twin Butte Energy, $0.39, symbol TBE on Toronto (Shares outstanding: 353.4 million; Market cap: $122.1 million; www.twinbutteenergy.com), produces oil and gas in Western Canada, with a focus on the greater Lloydminster area, along the Alberta/Saskatchewan border. Its output is 88% oil and 12% gas.
In the three months ended June 30, 2015, Twin Butte produced 17,351 barrels of oil equivalent a day, down 17.8% from 21,109 barrels a year earlier.
But even with the lower output and falling oil and gas prices, Twin Butte’s cash flow rose 17.4%, to $57.0 million, or $0.16 a share, from $48.5 million, or $0.14. That’s because it realized a $25.3-million gain on its hedging strategy: for the second half of 2015, it has hedged about 6,000 barrels a day at $80 U.S. (compared to today’s market price of $42), and in 2016, it has hedged 1,000 barrels a day at $65.
Twin Butte recently cut its monthly dividend by 70.0%, to $0.003 from $0.01. But even with…
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