dividends paid

ENBRIDGE INC. $50.95 (Toronto symbol ENB; Shares outstanding: 924.3 million; Market cap: $47.5 billion; TSINetwork Rating: Above Average; Divd. yield: 4.2%; www.enbridge.com) has received Canadian regulatory approval to replace its Line 3 pipeline, which began operating in the 1960s. It pumps crude oil from Hardisty, Alberta, to Superior, Wisconsin. U.S. regulators have already approved the plan. The project will also enlarge the line’s capacity, from 390,000 barrels a day to 760,000 barrels. Enbridge expects to complete these upgrades by 2019. Regulators have imposed 89 conditions on the project—mainly additional measures to improve safety and environmental protections. But these conditions are unlikely to increase the project’s $7.5 billion cost....

BIRCHCLIFF ENERGY $4.67 (Toronto symbol BIR; TSINetwork Rating: Speculative) (403-261-6401; www.birchcliffenergy.com; Shares outstanding: 152.3 million; Market cap: $711.3 million; No dividends paid) explores for, develops and produce oil and gas, mainly in the Peace River Arch area near the Alberta-B.C. border. About 87% of its output is gas. The remaining 13% is oil. In the three months ended December 31, 2015, Birchcliff’s cash flow per share dropped 46.3%, to $0.22 from $0.41 a year earlier. Sharply lower oil and gas prices offset a 7.3% rise in daily production. The company continues to cut costs to support its cash flow. As well, in response to low prices, Birchcliff has reduced exploration and development spending for 2016. It will likely spend $128 million this year, down 45.0% from $242.7 million in 2015....

BIRCHCLIFF ENERGY $4.67 (Toronto symbol BIR; TSINetwork Rating: Speculative) (403-261-6401; www.birchcliffenergy.com; Shares outstanding: 152.3 million; Market cap: $711.3 million; No dividends paid) explores for, develops and produce oil and gas, mainly in the Peace River Arch area near the Alberta-B.C. border. About 87% of its output is gas. The remaining 13% is oil. In the three months ended December 31, 2015, Birchcliff’s cash flow per share dropped 46.3%, to $0.22 from $0.41 a year earlier. Sharply lower oil and gas prices offset a 7.3% rise in daily production. The company continues to cut costs to support its cash flow. As well, in response to low prices, Birchcliff has reduced exploration and development spending for 2016. It will likely spend $128 million this year, down 45.0% from $242.7 million in 2015....

MART RESOURCES $0.25 (Toronto symbol MMT; TSINetwork Rating: Speculative) (403- 270-1841; www.martresources.com; Shares outstanding: 356.6 million; Market cap: $89.2 million; No dividends paid) has been successfully taken over at $0.25 a share by a consortium. Midwestern Oil and Gas Company Ltd., San Leon Energy plc and 1038221 B.C. Ltd. make up the group of buyers. Apart from regulatory and shareholder approvals, the deal was contingent on the consortium arranging financing. The transaction ran into a number of delays, but was finally able to attract the funds it needed for the takeover....

DELPHI ENERGY $1.17 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 155.5 million; Market cap: $182.0 million; No dividends paid) explores for, develops and produces oil and natural gas in Alberta. About 66% of its output is gas; the remaining 34% is oil. In the three months ended December 31, 2015, Delphi’s production fell 26.8%, to 8,814 barrels of oil equivalent per day from 12,035 a year earlier. That was after the company sold some fields. The lower output offset a 9.9% average increase in realized oil and gas prices. The higher prices were due to hedging contracts, whereby the company sold its oil and gas forward at above-market prices. As a result, cash flow per share fell just 10%, to $0.09 from $0.10. For the rest of 2016, Delphi has sold 75% of its gas production at nearly double current market prices. It has also sold 50% of its 2017 gas output at similar prices....

MART RESOURCES $0.25 (Toronto symbol MMT; TSINetwork Rating: Speculative) (403- 270-1841; www.martresources.com; Shares outstanding: 356.6 million; Market cap: $89.2 million; No dividends paid) has been successfully taken over at $0.25 a share by a consortium. Midwestern Oil and Gas Company Ltd., San Leon Energy plc and 1038221 B.C. Ltd. make up the group of buyers. Apart from regulatory and shareholder approvals, the deal was contingent on the consortium arranging financing. The transaction ran into a number of delays, but was finally able to attract the funds it needed for the takeover....

IAMGOLD $3.72 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 405.9 million; Market cap: $1.5 billion; No dividends paid) owns 41% of the Sadiola mine in Mali; 90% of the Essakane mine in Burkina Faso; 100% of the Westwood mine in Quebec; and 95% of the Rosebel mine in Suriname, South America. It also owns 92.3% of the Cote gold project in Ontario. In the three months ended December 31, 2015, IAMGold’s revenue fell 12.6%, to $238.2 million from $272.5 million a year earlier. (All figures except share price and market cap in U.S. dollars.) Cash flow per share dropped to $0.02 from $0.25. Lower gold prices and production caused the declines. IAMGold’s long-term production outlook is positive. Meantime, the company holds a high $691.3 million in cash and gold bullion. Most of that cash came from the $500 million sale of its Niobec niobium mine in Quebec’s Saguenay-Lac-Saint-Jean region in early 2015. When used as an additive, niobium makes steel stronger, more heat-resistant and easier to weld....

MITEL NETWORKS $8.78 (Toronto symbol MNW; TSINetwork Rating: Extra Risk) (613-592-2122; www.mitel.ca; Shares outstanding: 120.8 million; Market cap: $1.1 billion; No dividends paid) develops products for business telephone systems. It will buy another industry company—Polycom (symbol PLCM on Nasdaq)—for $1.96 billion U.S. in a friendly takeover. Activist investor Elliott Management Corp. has pushed Mitel to join with Polycom. Elliott first acquired stakes in the two companies in October 2015. It now holds 6.6% of Polycom and 9.6% of Mitel. Mitel will pay $3.13 U.S. in cash plus 1.31 Mitel shares for each Polycom share....

YAMANA GOLD $5.43 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www. yamana.com; Shares outstanding: 947.2 million; Market cap: $5.3 billion; Dividend yield: 0.5%) owns and operates 10 gold mines in Canada, Mexico, Brazil, Chile and Argentina. It also holds a 12.5% stake in the Alumbrera copper/ gold mine in Argentina and has a number of other properties in advanced stages of development. In the three months ended December 31, 2015, the company’s gold production fell 1.9%, to 345,788 ounces from 352,572 a year earlier. The decline was the result of lower output at some of Yamana’s smaller mines. Gold prices fell 8.2% in the latest quarter. That, plus the lower production, cut Yamana’s cash flow by 14.8%, to $150.5 million from $176.7 million. (All figures except share price and market cap in U.S. dollars.) Cash flow per share declined 20.0%, to $0.16 from $0.20, on more shares outstanding....

MITEL NETWORKS $8.78 (Toronto symbol MNW; TSINetwork Rating: Extra Risk) (613-592-2122; www.mitel.ca; Shares outstanding: 120.8 million; Market cap: $1.1 billion; No dividends paid) develops products for business telephone systems. It will buy another industry company—Polycom (symbol PLCM on Nasdaq)—for $1.96 billion U.S. in a friendly takeover. Activist investor Elliott Management Corp. has pushed Mitel to join with Polycom. Elliott first acquired stakes in the two companies in October 2015. It now holds 6.6% of Polycom and 9.6% of Mitel. Mitel will pay $3.13 U.S. in cash plus 1.31 Mitel shares for each Polycom share....