COMPUTER MODELLING GROUP $12.00 (Toronto symbol CMG; TSINetwork Rating: Speculative) (403-531-1300; www.cmgl.ca; Shares outstanding: 78.8 million; Market cap: $945.5 million; Dividend yield: 3.3%) sells software and consulting services that help oil and gas producers use advanced recovery techniques to get more out of their wells. It has clients in over 50 countries and offices in Calgary, Houston, London, Caracas, Bogota, Kuala Lumpur and Dubai.
In the quarter ended June 30, 2014, Computer Modelling’s revenue rose 7.9%, to $19.6 million from $18.1 million a year earlier. Software licence sales (89% of total revenue) rose 6.8%, and consulting and professional services revenue (11%) increased 17.9%, thanks to new projects and a large consulting contract.
Even so, earnings fell 11.8%, to $6.2 million, or $0.08 a share, from $7.1 million or $0.09. The company hired more employees to support its growth. It also raised its research spending by 21.3%, to $4.2 million (or 22% of revenue) from $3.5 million (19%).
Computer Modelling holds cash of $73.2 million, or $0.93 a share, and has no debt. The stock yields 3.3%.
Already a leader in complex heavy oil and oil sands simulations, Computer Modelling should profit further as oil and gas producers continue to develop other unconventional sources, such as shale gas, coalbed methane and stranded gas.
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