Peyto Energy Trust, $13.32, symbol PEY.UN on Toronto (Units outstanding: 114.9 million; Market cap: $1.5 billion), produces and explores for oil and natural gas in Alberta. Its production is weighted 84% toward gas and 16% to oil.
Peyto had cash flow of $0.39 a unit in the three months ended September 30, 2009. The stock trades at 8.5 times Peyto’s annualized cash flow, based on that quarter. The company’s $420 million of long-term debt is a reasonable 28% of its market cap.
The units yield 10.8%. Peyto paid out a high 91% of its cash flow as distributions in the latest quarter. That may force the trust to cut its distributions when Ottawa’s new income-trust tax takes effect in 2011.
However, rising natural gas prices would boost Peyto’s cash flow and lower that payout ratio. That could let the trust avoid a distribution cut.
Peyto Energy Trust is not among our favourites, but it’s okay to hold.
hold.
…
Privacy Policy and Terms of Use
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What personal information do we collect?
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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