PEYTO EXPLORATION & DEVELOPMENT CORP. $28.10 (Toronto symbol PEY; Shares outstanding: 148.5 million; Market cap: $4.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.4%; www.peyto.com) produces and explores for oil and natural gas in Alberta. Its average daily production of 58,145 barrels of oil equivalent is 89% gas and 11% oil.
In the three months ended June 30, 2013, the company’s cash flow was $0.74 a share, up 57.4% from $0.47 a year earlier. That’s because Peyto increased its production by 40.6% from the yearearlier quarter, and natural gas prices rose.
The stock trades at 9.1 times Peyto’s forecast 2013 cash flow of $3.12 a share. The company’s long-term debt of $750 million is a low 17.9% of its $4.2-billion market cap.
The company raised its monthly dividend by 33.3% with the June 2013 payment, to $0.08 a share from $0.06. It yields 3.4% on a yearly basis. Peyto pays out just 30% of its cash flow as dividends, so it can easily afford to maintain its new rate.
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