13:25:00 EDT Wed 04 Aug 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for June 18, 2021

2021-06-18 20:39 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 60 cents to $71.64 on the New York Merc, while Brent for August added 43 cents to $73.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.88 to WTI, unchanged. Natural gas for July lost three cents to $3.22. The TSX energy index lost 1.45 points to close at 134.67.

On a slow news day, the happiest headlines in the oil patch came from the Riddell family's Paramount Resources Ltd. (POU), up 48 cents to $14.24 on 1.51 million shares. The Alberta Montney and Duvernay producer gave investors three bits of good news heading into the weekend. Most prominently, Paramount is introducing a dividend. Its planned two-cent monthly payout represents a yield of 1.7 per cent.

Given Paramount's 134 million shares outstanding, the dividend will cost $32.3-million a year -- or rather just $16.1-million this year, as 2021 is half over. Both figures are well within Paramount's forecast free cash flow this year of $155-million. The company said as recently as May that it would use this free cash flow to reduce its $760-million net debt. It has very much changed its mind. In addition to the dividend, Paramount is launching a share buyback program, under which it can repurchase up to 7.3 million shares, representing 10 per cent of its public float of 73 million.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2021 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.