Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

RE:HSE BleedIng BADLY In Q4/18: NEGATIVE $ 682M Free Cash Flow

[jwallingf]

Yes the FCF in Q4 was negative but FCF for the year was C$426 million. That's a lot of money to raise the dividend, initiate an NCIB or buy another company while assets are cheap. Funds from operations for FY18 was C$4 billion, or $3.98/share, so P/CF a bargain at 3.74. 
The $9.42 netback for Q4 was a result of the collapse of oil prices. Those prices have since risen significantly so 2019 Q1 should look a lot better. 
There's C$2.86 billion in cash on the balance sheet ($2.84/share). Debt/equity a modest .28. Yields 3.35%. 
Buy this while it's cheap as the price won't stay here for long. Applying a more normal 5x P/CF gives a $20 price target.