This company helps oil and gas drillers increase their output and lower operating costs. Business has been booming as firms in the U.S. and internationally ramp up their activities.
The company’s revenues are up 27% and its cash flow has risen 85%. Its dividend yields 3.3% and it holds no debt.
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PASON SYSTEMS $21.53 (Toronto symbol PSI; www.pason.com) serves drilling contractors for oil and gas firms in Canada, the U.S., Mexico and Argentina. The company provides them with rental equipment for monitoring and managing land-based oil rigs. Its systems also let clients remotely monitor their wells.
In the quarter ended September 30, 2018, Pason’s revenue jumped 27.5%, to $82.3 million from $64.6 million a year earlier. The main reason for the rise was increased oil drilling activity in the U.S. and internationally.
Cash flow per share improved 85.0%, to $0.37 from $0.20 a year earlier. That was due to the higher revenue, but also from lower costs following the company’s restructuring.
Meanwhile, Pason holds cash of $184.5 million, or $2.16 a share; it has no debt. In the latest quarter, it spent $6.7 million, or a high 8.1% of revenue, on research.
The company’s products let drilling firms increase output and lower operating costs. Pason should gain even more as drilling continues to expand. With the September 2018 payment, the company raised its quarterly dividend by 5.9%, to $0.18 from $0.17. The shares now yield 3.3%.
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