VERESEN $16.68 (Toronto symbol VSN; Shares outstanding: 286.1 million; Market cap: $4.7 billion; TSINetwork Rating: Average; Dividend yield: 6.0%; www.vereseninc.com) owns pipelines, power plants and gas-processing facilities across North America.
A major holding is 50% of the Alliance gas line, which runs 3,000 kilometres between Chicago and Fort St. John, B.C. Veresen also owns the Alberta Ethane Gathering System, 42.7% of the Aux Sable NGL plant and the Hythe/Steeprock natural gas gathering and processing complex in the Cutbank Ridge region of Alberta and B.C.
In the quarter ended December 31, 2014, Veresen’s cash flow per share fell 7.1%, to $0.26 from $0.28 a year earlier.
In late 2014, the company paid $1.43 billion for 50% of the Ruby pipeline system, which runs 680 miles from Wyoming to Oregon. Partner Kinder Morgan operates the system, which generates steady cash flow.
Veresen is also moving ahead with plans to build the $6.8-billion Jordan Cove liquefied natural gas plant in Oregon. The Ruby pipeline terminates at the state’s Malin hub, so it will give Veresen a nearby natural gas source for Jordan Cove, if needed.
The company’s longer-term outlook is sound. The stock trades at 16.2 times Veresen’s forecast 2015 cash flow of $1.03 a share. It yields a high 6.0%, and the dividend appears safe.
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