New contracts and higher natural gas production in the U.S. and Canada drove a 33.8% jump in revenue for this company during the most-recent quarter.
The service provider’s newest contracts are generating higher profit margins and its growing backlog of contracts bodes well for future revenue increases.
The stock trades at just 8.7 times the company’s earnings forecast.
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ENERFLEX LTD. (Toronto symbol EFX; www.enerflex.com) rents and sells equipment and services for natural gas production. That includes refrigeration gear and systems, power generators and processing plants.
The company’s revenue jumped 33.8% in the quarter ended June 30, 2019, to $541.9 million from $404.8 million a year earlier. That’s due to several contracts it received in the second half of 2018. Higher activity in the U.S. and Canada also contributed to the increase.
New contracts are generating higher profit margins for Enerflex. As a result, its earnings in the quarter jumped 95.7%, to $0.45 a share from $0.23.
The company’s balance sheet is solid: the $365.4 million in long-term debt is a manageable 30% of its market cap, and it holds $223.9 million in cash.
Energy Stocks: Order backlog is up 30% on increased demand
New orders remain very strong, especially from U.S. and international customers that continue to increase their gas production. On June 30, 2019, Enerflex’s order backlog was $974.4 million—up 30.0% from $749.3 million a year ago.
The company’s prospects are tied more to rapidly expanding global natural gas production, rather than to gas prices. Its outlook is bright based on continued strength in the U.S. industry, early signs of a recovery for Canadian gas producers, and multiple opportunities internationally.
The shares currently trade at just 8.7 times the forecast 2019 earnings per share of $1.48. The stock yields 3.2%.
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