ARC ENERGY TRUST $18.72 (Toronto symbol AET.UN; Shares outstanding: 215.3 million; Market cap: $4.0 billion; SI Rating: Speculative) produces oil and gas in western Canada.
In the three months ended September 30, 2008, ARC’s revenue rose 61.8%, to $485.7 million from $300.2 million. Cash flow per unit rose 36.5%, to $1.16 from $0.85. The rise in cash flow came largely from higher oil and natural gas prices. ARC’s average daily production of 64,325 barrels of oil per day equivalent is weighted 50% toward oil and 50% natural gas.
ARC’s debt remains low, at 17% of market cap. The trust has just lowered its monthly distribution by 16.7%, to $0.20 from $0.24. The units now yield 12.8%. ARC flowed only 68% of its cash flow through to its unitholders as distributions in the latest quarter. The units trade at 4.4 times cash flow based on the 12 months.
ARC Energy Trust is still a buy.
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