PEMBINA PIPELINE $39.10 (Toronto symbol PPL; Shares outstanding: 388.0 million; Market cap: $15.2 billion; TSINetwork Rating: Average; Dividend yield: 4.5%; www.pembina.com) owns pipelines that carry almost all of B.C.’s oil and half of Alberta’s conventional oil. It also carries 30% of Western Canada’s natural gas liquids (NGLs).
The company owns extensive facilities to extract, process and store NGLs, as well as natural gas processing plants.
In the three months ended March 31, 2016, Pembina’s cash flow fell 1.9%, to $209.0 million from $213.0 million a year earlier. Cash flow per share fell 11.1%, to $0.56 from $0.63, on more shares outstanding. The decline was because of higher costs: the company hired new staff to manage its new projects, and it dealt with an unscheduled outage at its Resthaven gas plant in Alberta.
Pembina has now completed the $556.0 million purchase of a new natural gas processing complex in northwestern Alberta. The seller is heavily indebted Paramount Resources (symbol POU on Toronto). As part of the deal, the company will process gas for Paramount under a 20-year contract.
Pembina’s stock trades at 16.2 times its expected 2016 cash flow of $2.42 a share. The company raised its monthly dividend by 4.9% with the May 2016 payment, to $0.16 from $0.1525; it yields 4.5%.
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