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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (79552)	3/24/2020 1:55:07 PM
From: Goose94	Read Replies (1) of 202704

Whitecap Resources (WCP-T) top pick from Josef Schachter on BNN.ca Market Call Mon March 24th @ 1200ET Whitecap’s production was 71,050 boe/d in 2019 (84 per cent liquids). Cash flow in 2019 was $676 million or $1.64 per share. Net capex in 2019 was $407 million. On March 17, the company lowered their capex program due to the current uncertainties to $200-210 million from $350-370 million. Production is expected to fall off to 67,000 or 68,000 boe/d. To conserve cash they lowered their monthly dividend from 2.85 cents per month to 1.425 cents per month or 17.1 cents per year, providing a current yield of 19.4 per cent. Even if they cut spending again, the stock is cheap. Debt at $1.2 billion compares to equity of $2.9 billion and they are in a debt repayment mode. We see cash flow in 2020 of at least $410 million or $1 per share, providing them with funds to pay the dividend of $70 million and the capex of $210 million (our model) and still retire $130 million of debt. We are owners of the stock and have added to our holdings during the current market crash.

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