PEMBINA PIPELINE $44.90 (Toronto symbol PPL; Shares outstanding: 323.0 million; Market cap: $14.5 billion; TSINetwork Rating: Average; Dividend yield: 3.9%; www.pembina.com) owns pipelines that carry half of Alberta’s conventional oil, 30% of Western Canada’s natural gas liquids (NGLs) and almost all of B.C.’s conventional oil.
Pembina bought rival Provident Energy for $3.2 billion in 2012. Provident extracts, transports and stores natural gas liquids (NGLs).
This acquisition is now paying off: in the quarter ended March 31, 2014, Pembina’s cash flow rose 30.6%, to $264.0 million from $202.0 million a year earlier. Cash flow per share gained 22.1%, to $0.83 from $0.68, on more shares outstanding. Pipeline expansions and strong profit margins at Provident were the main reasons for the gains.
Pembina plans $1.5 billion of capital spending in 2014, up 56% from 2013. It will invest 60% of these funds in NGL-related projects and the other 40% in oil-pipeline expansions.
The stock trades at 18.2 times Pembina’s forecast 2014 cash flow of $2.47 a share. The company has just raised its monthly dividend by 3.6%, to $0.145 from $0.14. The stock now yields 3.9%.
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