monthly dividend
PENGROWTH ENERGY $5.84 (Toronto symbol PGF; Shares outstanding: 516.1 million; Market cap: $3.0 billion; TSINetwork Rating: Average; Dividend yield: 8.2%; www.pengrowth.com) has sold several of its less important oil and gas properties in Western Canada for $700 million.
Including the company’s earlier $316-million sale of its 10.02% interest in the Weyburn oil project in Saskatchewan, Pengrowth has now reached its goal of raising $1 billion through asset sales in 2013.
The cash will help Pengrowth develop its $590-milllion Lindbergh oil sands project in Alberta....
Including the company’s earlier $316-million sale of its 10.02% interest in the Weyburn oil project in Saskatchewan, Pengrowth has now reached its goal of raising $1 billion through asset sales in 2013.
The cash will help Pengrowth develop its $590-milllion Lindbergh oil sands project in Alberta....
WAJAX CORP. $36.32 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $601.0 million; Dividend yield: 6.6%) sells and services cranes, forklifts and other heavy equipment. It also sells related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
In the three months ended June 30, 2013, Wajax’s revenue declined 6.4%, to $362.1 million from $386.6 million a year earlier. Earnings fell 26.8%, to $13.5 million, or $0.81 a share, from $18.5 million, or $1.11.
The declines mostly came from reduced activity in the Western Canadian oil and gas industry, which hurt results at Wajax’s power systems business. Lower mining equipment and construction sales more than offset strength in the materials-handling market.
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In the three months ended June 30, 2013, Wajax’s revenue declined 6.4%, to $362.1 million from $386.6 million a year earlier. Earnings fell 26.8%, to $13.5 million, or $0.81 a share, from $18.5 million, or $1.11.
The declines mostly came from reduced activity in the Western Canadian oil and gas industry, which hurt results at Wajax’s power systems business. Lower mining equipment and construction sales more than offset strength in the materials-handling market.
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Income Streams III Corp equity dividend shares, $7.28, symbol STQ.E on Toronto; (Units outstanding: 1.4 million; Market cap: $10.2 million; www.quadravest.com), is a split-share company with two types of shares: equity dividend (symbol STQ.E on Toronto) and capital yield (symbol STQ on Toronto). Split-share companies typically issue two classes of shares. Usually the capital shares get all or most of the capital gains and losses, and the preferred shares (or equity dividend shares in the case of Income Streams III Corp) get most of the dividend income. In the case of Income Streams III Corp, the equity dividend shares receive a fixed monthly dividend of $0.0875 a share ($1.05 annually). That gives them a 14.4% yield....
LOBLAW COMPANIES LTD., $48.39, Toronto symbol L, is buying Shoppers Drug Mart Corp. (Toronto symbol SC), which operates over 1,240 drugstores across Canada. Under the deal, Shoppers investors can choose to receive $61.54 in cash or 1.29417 Loblaw common shares and $0.01 cash for each Shoppers share they hold. Loblaw will cap the cash portion, so Shoppers investors will probably wind up with $33.18 in cash plus 0.5965 of a Loblaw common share. Based on today’s share price, the deal is worth $12.5 billion. This is a big purchase for Loblaw, which has a market cap (or the value of all its outstanding shares) of $13.6 billion....
WAJAX CORP. $32.54 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212- 3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $528.7 million; Dividend yield: 7.4%) sells and services cranes, forklifts and other heavy equipment. It also sells related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
In the quarter ended March 31, 2013, Wajax’s revenue fell 6.1%, to $336.3 million from $358.1 million a year earlier....
In the quarter ended March 31, 2013, Wajax’s revenue fell 6.1%, to $336.3 million from $358.1 million a year earlier....
Parkland Fuel Corp., $16.86, symbol PKI on Toronto (Shares outstanding: 69.7 million; Market cap: $1.2 billion, www.parkland.ca), operates gas stations, convenience stores and a fuel distribution business, mostly in western Canada and Ontario. The company was called Parkland Income Fund prior to its conversion to a dividend-paying corporation on December 31, 2010. Parkland owns 136 rural gas stations and convenience stores. Its brands include Fas Gas Plus, Race Trac Gas and Short Stop (convenience stores). Many stations sell propane in addition to gasoline and diesel fuel. The company also operates Esso gas stations in western Canada and Ontario under a licensing deal with Imperial Oil (symbol IMO on Toronto)....
WESTJET AIRLINES LTD., $21.70, symbol WJA on Toronto, reports that its load factor fell slightly in May 2013, to 78.5% from 79.2% a year earlier. Load factor is the percentage of available seats that are occupied by paying passengers. However, the decline was only slight, even though the company increased its capacity by 9.1% to meet higher demand. Revenue passenger miles (the total number of paying passengers on each plane multiplied by the distance travelled in miles) rose 8.2% in the latest quarter. Demand for the company’s flights remains high, and it has entered into new partnerships with other airlines; these were the main reasons for the increased number of passengers....
WAJAX CORP. $32.54 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212- 3300; www.wajax.ca; Shares outstanding:16.7 million; Market cap: $528.7 million; Dividend yield: 7.4%) sells and services cranes, forklifts and other heavy equipment. It also sells related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
In the quarter ended March 31, 2013, Wajax’s revenue fell 6.1%, to $336.3 million from $358.1 million a year earlier. Earnings per share fell 39.8%, to $0.62 from $1.03.
The declines mostly came from reduced activity in the western Canadian oil and gas industry, which hurt results at Wajax’s power systems business. Lower mining equipment sales more than offset strength in the forestry and construction markets.
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In the quarter ended March 31, 2013, Wajax’s revenue fell 6.1%, to $336.3 million from $358.1 million a year earlier. Earnings per share fell 39.8%, to $0.62 from $1.03.
The declines mostly came from reduced activity in the western Canadian oil and gas industry, which hurt results at Wajax’s power systems business. Lower mining equipment sales more than offset strength in the forestry and construction markets.
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TEMPUR-PEDIC INTERNATIONAL INC., $42.28, symbol TPX on New York, is changing its name to Tempur Sealy International. Its stock will continue to trade under the TPX symbol. Tempur-Pedic completed its $1.3-billion purchase of rival Sealy Corp. in March 2013. This was a major acquisition for Tempur-Pedic, but it lets the company diversify into the market for traditional spring-coil beds. That should help it offset rising competition in its current business. The company makes and distributes Swedish mattresses and neck pillows made from its proprietary Tempur material, which conforms to the body to provide support and help alleviate pressure points. Simmons Bedding Co. and Serta Inc. have both successfully launched memory-foam mattresses that directly compete with Tempur-Pedic’s products....
BONAVISTA ENERGY $15.94 (Toronto symbol BNP; Shares outstanding: 179.1 million; Market cap: $2.9 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.3%; www.bonavistaenergy.com) explores for oil and gas in Alberta, Saskatchewan and B.C. Its production is 62% gas and 38% oil.
In the three months ended December 31, 2012, cash flow per share fell 37.4%, to $0.57 from $0.91 a year earlier. Gas prices declined by 12.7%, to $3.22 per thousand cubic feet from $3.69. Production dropped 2.1%, to 71,842 barrels of oil equivalent a day (including gas) from 73,373.
Bonavista recently cut its monthly dividend by 41.7%, to $0.07 from $0.12. That’s helping it save cash for exploration and development. The new annual rate of $0.84 a share still yields a high 5.3%. As well, Bonavista now pays out just 36% of its cash flow as dividends, so more cuts are unlikely.
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In the three months ended December 31, 2012, cash flow per share fell 37.4%, to $0.57 from $0.91 a year earlier. Gas prices declined by 12.7%, to $3.22 per thousand cubic feet from $3.69. Production dropped 2.1%, to 71,842 barrels of oil equivalent a day (including gas) from 73,373.
Bonavista recently cut its monthly dividend by 41.7%, to $0.07 from $0.12. That’s helping it save cash for exploration and development. The new annual rate of $0.84 a share still yields a high 5.3%. As well, Bonavista now pays out just 36% of its cash flow as dividends, so more cuts are unlikely.
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