monthly dividend

ARC RESOURCES $21.14 (Toronto symbol ARX; Shares outstanding: 340.0 million; Market cap: $7.4 billion; TSINetwork Rating: Speculative; Dividend yield: 5.7%; www.arcresources.com) produces oil and natural gas in Western Canada. Its average daily output of 120,354 barrels of oil equivalent is 64% gas and 36% oil. In the quarter ended March 31, 2015, ARC’s cash flow per share fell 38.7%, to $0.57 from $0.93 a year earlier. Production gained 13.9%, but its realized oil price fell 49.0% and its gas price declined 45.5%. Like many oil and gas producers, ARC is cutting back on exploration and development spending. This year, it will devote $550.0 million to this purpose, down sharply from $945.5 million in 2014....

New Flyer Industries, $15.06, symbol NFI on Toronto (Shares outstanding: 55.5 million; Market cap: $849.4 million; www.newflyer.com), is the leading transit bus maker in the U.S. and Canada. It also provides parts and service. In the three months ended March 31, 2015, New Flyer’s revenue rose 17.4%, to $380.3 million from $323.9 million a year earlier (all figures except share price and market cap in U.S. dollars). The gain was mainly due to a 3.2% increase in bus deliveries, 12.2% higher selling prices and a 22.8% rise in parts and service revenue. Earnings per share doubled to $0.20 from $0.10. Bus manufacturing and service remain highly competitive businesses. However, New Flyer’s long-term outlook is sound. Transit spending is steadily rebounding as vehicle fleets age and government finances improve....

Whitecap Resources, $13.36, symbol WCP on Toronto (Shares outstanding: 298.0 million; Market cap: $4.0 billion; www.wcap.ca), produces and explores for oil and natural gas in Western Canada. Oil makes up 74% of its daily output; the remaining 26% is gas. In the three months ended March 31, 2015, acquisitions increased Whitecap’s average daily production by 44.7%, to 38,351 barrels of oil equivalent from 26,508 a year earlier. The higher output offset sharply lower oil and gas prices, and Whitecap’s cash flow increased 8.9%, to $109.9 million from $100.9 million. However, cash flow per share fell 15.7%, to $0.43 from $0.51, as Whitecap issued more shares to pay for its acquisitions....

PENGROWTH ENERGY $4.09 (Toronto symbol PGF; Shares outstanding: 534.6 million; Market cap: $2.1 billion; TSINetwork Rating: Average; Dividend yield: 5.9%; www.pengrowth.com) produces oil and natural gas, mostly in Western Canada. It recently started up its Lindbergh oil sands project in eastern Alberta, which should produce 16,000 barrels a day by the end of 2015.

In the three months ended December 31, 2014, Pengrowth’s cash flow rose 10.0%, to $0.22 a share from $0.20. The company sharply cut its operating costs, offsetting a 7.2% production decline, to 71,802 barrels of oil equivalent a day from 77,371.

The company will spend $200 million on exploration and development in 2015, down 74.0% from $770 million last year. Even so, it expects to produce 73,000 to 75,000 barrels a day in 2015, up about 1.5% from 2014.

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BONAVISTA ENERGY $8.02 (Toronto symbol BNP; Shares outstanding: 203.8 million; Market cap: $1.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.2%; www.bonavistaenergy.com) explores for oil and natural gas in Alberta, Saskatchewan and British Columbia. Its production is 70% gas and 30% oil.

In the three months ended December 31, 2014, Bonavista’s cash flow per share rose 1.6%, to $0.63 from $0.62 a year earlier.

The company’s output gained 14.3%, to 85,810 barrels of oil equivalent a day from 75,072. However, lower oil prices mostly offset the production increase and higher realized gas prices.

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BONAVISTA ENERGY $8.02 (Toronto symbol BNP; Shares outstanding: 203.8 million; Market cap: $1.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.2%; www.bonavistaenergy.com) explores for oil and natural gas in Alberta, Saskatchewan and British Columbia. Its production is 70% gas and 30% oil. In the three months ended December 31, 2014, Bonavista’s cash flow per share rose 1.6%, to $0.63 from $0.62 a year earlier. The company’s output gained 14.3%, to 85,810 barrels of oil equivalent a day from 75,072. However, lower oil prices mostly offset the production increase and higher realized gas prices....

Parkland Fuel Corp., $26.35, symbol PKI on Toronto (Shares outstanding: 82.6 million; Market cap: $2.2 billion, www.parkland.ca), operates gas stations, convenience stores and a fuel-distribution business, mostly in Western Canada and Ontario. It was called Parkland Income Fund before it converted to a dividend-paying corporation on December 31, 2010. The company owns 143 rural gas stations and convenience stores. Its brands include Fas Gas Plus, Race Trac Gas and Short Stop. Many of Parkland’s stations sell propane in addition to gasoline and diesel fuel. Parkland also operates Esso stations in Western Canada and Ontario under a licensing deal with Imperial Oil (symbol IMO on Toronto). In addition, it has an agreement to use the Chevron brand in B.C....

Despite a takeover expanding its cloud coverage, Shaw Communications has a tough fight with Telus for Western cable and Internet dollars.

Shaw Communications, $27.49, symbol SJR.B on Toronto (Shares outstanding: 464.7 million; Market cap: $13.0 billion; www.shaw.ca), is one of Canada’s largest cable TV operators. It has 1.9 million basic cable subscribers (mostly in Western Canada), as well as 854,389 satellite customers through its ownership of Shaw Direct. The company also provides high-speed Internet to 1.9 million clients and telephone services to 1.4 million. In September 2014, Shaw completed its $1.2-billion purchase of Colorado-based ViaWest, a privately held operator of data centres, cloud storage and information technology services. ViaWest has 27 data centres in the western U.S. In the three months ended February 28, 2015, Shaw’s revenue rose 4.9%, to $1.34 billion from $1.27 billion a year earlier. Earnings per share fell 26.1%, to $0.34 from $0.46, mostly due to one-time costs related to a restructuring of its customer service call centres that included cutting 1,600 employees. Cash flow per share fell 1.3%, to $0.77 from $0.78....

CRESCENT POINT ENERGY CORP. $28.24 (Toronto symbol CPG; Shares outstanding: 443.4 million; Market cap: $12.8 billion; TSINetwork Rating: Extra Risk; Dividend yield: 9.8%; www.crescentpointenergy.com) produces oil and natural gas in Western Canada, with a focus on its Bakken light oil development in southeastern Saskatchewan. Its output is 92% oil and 8% gas.

In the three months ended December 31, 2014, Crescent Point’s cash flow rose 7.4%, to $572.9 million from $533.3 million a year earlier. The company raised its daily output by 20.5%, which offset lower oil prices and increased its cash flow.

Cash flow per share fell 5.2%, to $1.28 from $1.35, because the company issued shares to pay for acquisitions, including $378.0 million for oil properties from Lightstream Resources in September 2015.

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