monthly dividend
ZARGON OIL & GAS $8.99 (Toronto symbol ZAR; TSINetwork Rating: Speculative) (403-264-9992; www.zargon.ca; Shares outstanding: 29.6 million; Market cap: $266.1 million; Dividend yield: 8.0%) produces natural gas and oil in Alberta, Manitoba, Saskatchewan and North Dakota. Its production is 65% oil and 35% gas.
In the three months ended June 30, 2012, Zargon produced 8,290 barrels of oil equivalent per day, down 4.6% from 8,686 barrels a year earlier. That’s because the company sold some less-important properties and cut back on natural gas drilling in light of low gas prices. The production drop pushed down Zargon’s cash flow per share by 12.5%, to $0.42 from $0.48 a year earlier.
The company continues to successfully drill horizontal wells in the Alberta Plains North area. Horizontal drilling involves drilling development wells sideways or at an angle to reach isolated pockets of gas or to follow a reservoir spread out in a narrow layer. Horizontal drilling can work well in places where conventional drilling is impossible or too expensive.
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In the three months ended June 30, 2012, Zargon produced 8,290 barrels of oil equivalent per day, down 4.6% from 8,686 barrels a year earlier. That’s because the company sold some less-important properties and cut back on natural gas drilling in light of low gas prices. The production drop pushed down Zargon’s cash flow per share by 12.5%, to $0.42 from $0.48 a year earlier.
The company continues to successfully drill horizontal wells in the Alberta Plains North area. Horizontal drilling involves drilling development wells sideways or at an angle to reach isolated pockets of gas or to follow a reservoir spread out in a narrow layer. Horizontal drilling can work well in places where conventional drilling is impossible or too expensive.
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PENGROWTH ENERGY $6.44 (Toronto symbol PGF; Shares outstanding: 498.5 million; Market cap: $3.2 billion; TSINetwork Rating: Average; Dividend yield: 7.5%; www.pengrowth.com) has cut its monthly dividend by 42.9%, to $0.04 a share from $0.07. With the cut, the new annual dividend rate of $0.48 a share yields 7.5%. The company’s selling prices for oil and natural gas have fallen, and it wants to conserve cash for potential acquisitions and investments in promising new projects, such as its Lindbergh oil sands development in Alberta. The savings will also help Pengrowth integrate oil producer NAL Energy Corp., which it recently purchased....
ENERPLUS CORP. $13.84 (Toronto symbol ERF; Shares outstanding: 196.9 million; Market cap: $2.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 7.8%) produces an average of 79,190 barrels of oil equivalent per day (weighted 52% to natural gas and 48% to oil). Its properties are mainly in Alberta, Saskatchewan, B.C., North Dakota and Montana, as well as the Marcellus Shale, which passes through Pennsylvania, New York, Ohio and West Virginia.
In the three months ended March 31, 2012, Enerplus’s cash flow per share fell 4.4%, to $0.86 from $0.90. That’s mainly due to lower gas prices, which offset gains from a rise in oil prices.
Enerplus has cut its monthly dividend by 50%, to $0.09 a share from $0.18. It now yields 7.8%.
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In the three months ended March 31, 2012, Enerplus’s cash flow per share fell 4.4%, to $0.86 from $0.90. That’s mainly due to lower gas prices, which offset gains from a rise in oil prices.
Enerplus has cut its monthly dividend by 50%, to $0.09 a share from $0.18. It now yields 7.8%.
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PENGROWTH ENERGY CORP. $6.13 (Toronto symbol PGF; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 364.5 million; Market cap: $2.2 billion; Price-to sales ratio: 1.5; Dividend yield: 7.8%; TSINetwork Rating: Average; www.pengrowth.com) is cutting its monthly dividend by 42.9%, to $0.04 a share from $0.07, starting with the August 2012 payment. The new annual dividend rate of $0.48 yields 7.8%.
The company’s selling prices for oil and natural gas are falling, and it wants to conserve cash for acquisitions and investments in new projects like its Lindbergh oil sands development in Alberta.
Lindbergh should begin operating in 2015, and will increase Pengrowth’s production by a third by 2018. The project’s reserves should last 25 years.
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The company’s selling prices for oil and natural gas are falling, and it wants to conserve cash for acquisitions and investments in new projects like its Lindbergh oil sands development in Alberta.
Lindbergh should begin operating in 2015, and will increase Pengrowth’s production by a third by 2018. The project’s reserves should last 25 years.
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Poseidon Concepts Corp., $13.92, symbol PSN on Toronto (Shares outstanding: 81.1 million; Market cap: $1.1 billion; www.poseidonconcepts.com), rents its fluid-handling tanks to over 100 customers in the oil and natural gas industry. About 80% of the company’s contracts are with oil exploration firms. On November 1, 2011, Open Range Energy Corp. changed its name to Poseidon Concepts after it handed out shares of its oil and gas production interests to its shareholders. This new company retained the Open Range Energy name and Toronto symbol ONR. Poseidon kept the tank rental business and began trading on Toronto under the symbol PSN. Shale oil and gas producers rent Poseidon’s tanks to hold fracturing fluid, which they use to break apart the rock and release the oil and gas....
PENGROWTH ENERGY CORP. $6.13 (Toronto symbol PGF; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 364.5 million; Market cap: $2.2 billion; Price-to sales ratio: 1.5; Dividend yield: 7.8%; TSINetwork Rating: Average; www.pengrowth.com) is cutting its monthly dividend by 42.9%, to $0.04 a share from $0.07, starting with the August 2012 payment. The new annual dividend rate of $0.48 yields 7.8%. The company’s selling prices for oil and natural gas are falling, and it wants to conserve cash for acquisitions and investments in new projects like its Lindbergh oil sands development in Alberta. Lindbergh should begin operating in 2015, and will increase Pengrowth’s production by a third by 2018. The project’s reserves should last 25 years....
PENGROWTH ENERGY CORP., $6.40, Toronto symbol PGF, is cutting its monthly dividend by 42.9%, to $0.04 a share from $0.07, starting with the August 2012 payment. That caused the stock to fall 3% on Friday. Even after the cut, the new annual dividend rate of $0.48 a share still yields 7.5%. The company’s selling prices for oil and natural gas are falling, and it wants to conserve cash for potential acquisitions and investments in promising new projects, such as its Lindbergh oil sands development in Alberta....
Natural gas prices recently dropped below $2 U.S. per thousand cubic feet, a 10-year low. That’s mainly because new shale gas discoveries have increased inventories. Prices have since moved up somewhat, to $2.70. The low prices have pushed down shares of producers that rely heavily on natural gas, including ARC Resources and Enerplus. Even so, the long-term outlook for natural gas prices, and for both of these stocks, remains positive. ARC RESOURCES $22.70 (Toronto symbol ARX; Shares outstanding: 290.5 million; Market cap: $6.6 billion; TSINetwork Rating: Speculative; Dividend yield: 5.3%; www.arcresources.com) produces oil and natural gas in western Canada. Its average daily production of 94,970 barrels of oil equivalent is weighted 62% to gas and 38% to oil....
BONAVISTA ENERGY $17.42 (Toronto symbol BNP; Shares outstanding: 145.8 million; Market cap: $2.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 8.3%; www.bonavistaenergy.com) explores for oil and natural gas in Alberta, Saskatchewan and B.C.
Bonavista produces an average of 70,202 barrels of oil equivalent per day, weighted 60% to gas and 40% to oil.
In the three months ended March 31, 2012, the company’s cash flow per share fell 23.2%, to $0.63 from $0.82 a year earlier. Lower gas prices more than offset a 6.1% production increase.
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Bonavista produces an average of 70,202 barrels of oil equivalent per day, weighted 60% to gas and 40% to oil.
In the three months ended March 31, 2012, the company’s cash flow per share fell 23.2%, to $0.63 from $0.82 a year earlier. Lower gas prices more than offset a 6.1% production increase.
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PEYTO EXPLORATION & DEVELOPMENT CORP. $18.17 (Toronto symbol PEY; Shares outstanding: 138.5 million; Market cap: $2.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.0%; www.peyto.com) produces and explores for oil and natural gas in Alberta.
Peyto’s average daily production of 40,903 barrels of oil equivalent is 90% gas and 10% oil.
In the three months ended March 31, 2012, the company’s cash flow was $0.56 a share, unchanged from a year earlier. Lower gas prices offset a 29.7% rise in production.
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Peyto’s average daily production of 40,903 barrels of oil equivalent is 90% gas and 10% oil.
In the three months ended March 31, 2012, the company’s cash flow was $0.56 a share, unchanged from a year earlier. Lower gas prices offset a 29.7% rise in production.
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