VERESEN $17.50 (Toronto symbol VSN; Shares outstanding: 219.7 million; Market cap: $3.8 billion; TSINetwork Rating: Average; Dividend yield: 5.7%) 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.
To diversify its operations, the company is expanding into power generation, including hydroelectric facilities, wind farms and natural gas-fired plants.
Veresen continues to move ahead with its plan to ship gas from Canada to its proposed $6.8-billion Jordan Cove liquefied natural gas plant in Oregon for export to Asia. If regulators give final approval, the project could start up in 2019.
In the quarter ended March 31, 2014, Veresen’s cash flow per share rose 22.2%, to $0.33 from $0.27.
The company’s longer-term outlook is sound. The stock trades at 15.2 times Veresen’s forecast 2014 cash flow of $1.15 a share. It yields a high 5.7%, and the dividend appears safe.
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