PRECISION DRILLING TRUST $21 (Toronto symbol PD.UN; Aggressive Growth Portfolio, Resources sector; Units outstanding: 125.8 million; Market cap: $2.6 billion; SI Rating: Extra risk) earned $2.73 a unit in 2007, down 40.1% from $4.56 in 2006. Cash flow per share fell 35.4%, to $3.34 from $5.17, while revenue fell 28.6%, to $1.0 billion from $1.4 billion. Weaker natural gas prices and higher royalty payments in Alberta hurt demand for its drilling rigs.
Precision plans to keep expanding in the United States, which now accounts for roughly 8% of its revenue. Precision’s new rigs are more efficient than regular models, and should help Precision win contracts away from U.S. operators of older rigs. The trust also plans to expand internationally in 2008.
Precision pays regular monthly distributions of $0.13 a unit. That gives the units a current yield of 7.4%.
Precision Drilling Trust is a buy for aggressive investors.
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