PEYTO EXPLORATION & DEVELOPMENT CORP. $24.65 (Toronto symbol PEY; Shares outstanding: 143.9 million; Market cap: $3.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 2.9%; www.peyto.com) produces and explores for oil and natural gas in Alberta.
Peyto’s average daily production of 41,343 barrels of oil equivalent is 89% gas and 11% oil.
In the three months ended June 30, 2012, the company’s cash flow was $0.47 a share, down 16.1% from $0.56 a share a year earlier. Lower gas prices offset a 20.0% rise in production.
The shares trade at 11.2 times Peyto’s forecast 2012 cash flow of $2.20 a share. The company’s long-term debt of $495 million is a low 14.1% of its $3.5-billion market cap.
Peyto’s monthly dividend of $0.06 a share yields 2.9% on an annualized basis. The company pays out just 30% of its cash flow as dividends, so it can easily afford to maintain that rate.
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