Drilling helped push daily production up 30% in the last quarter for Whitecap Resources. The company also added over 11,000 barrels a day with its 2016 of a big Saskatchewan site. Strong cash flow helps support a dividend that yields almost 3%.
WHITECAP RESOURCES (symbol WCP on Toronto; www.wcap.ca) produces and explores for oil and natural gas in Western Canada. Oil makes up 80% of its daily output; the remaining 20% is gas.
In the three months ended March 31, 2017, acquisitions plus successful drilling increased Whitecap’s average daily production by 30.0%. It rose to 55,886 barrels of oil equivalent from 43,024 a year earlier.
That gain, plus higher realized oil and gas prices, pushed Whitecap’s cash flow up by 83.6%, to $124.2 million from $45.2 million. However, cash flow per share rose 54.5%, to $0.34 from $0.22, as Whitecap issued more shares to pay for its acquisitions.
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Energy Stocks: Whitecap has 2,895 drilling targets across its properties
The company’s $790.2 million of debt is a reasonable 22.8% of its market cap.
Whitecap continues to grow by acquisition. In 2016, that totalled $630.6 million in property purchases, including the significant acquisition of a southwest Saskatchewan site producing 11,600 barrels of oil per day. This buy also provides the company with a large drilling inventory: Whitecap now has a total of 2,895 drilling targets across all of its properties.
The stock trades at 6.4 times the company’s forecast 2017 cash flow of $1.57 a share. Whitecap pays a monthly dividend of $0.0233 a share, for a 2.8% yield.
TSI Network recommendation: Whitecap Resources is okay for aggressive investors to hold.
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