COMPUTER MODELLING GROUP $29.37 (Toronto symbol CMG; TSINetwork Rating: Speculative) (403-531-1300; www.cmgroup.com; Shares outstanding: 39.0 million; Market cap: $1.2 billion; Dividend yield: 2.6%) sells software and consulting services that help oil and gas producers use advanced recovery techniques to get more out of their wells. It has customers in over 50 countries and offices in Calgary, Houston, London, Caracas, Bogota, Kuala Lumpur and Dubai.
In the three months ended December 31, 2013, Computer Modelling’s revenue rose 14.4%, to $19.2 million from $16.8 million a year earlier. Software licence sales increased, as did consulting and professional services revenue. Earnings rose 17.7%, to $7.2 million from $6.1 million. Per-share earnings gained 18.8%, to $0.19 from $0.16, on fewer shares outstanding.
Computer Modelling holds cash of $64.7 million, or $1.66 a share, and has no debt. It spent $3.8 million, or a high 19.8% of its revenue, on research in the latest quarter.
The company is raising its quarterly dividend by 5.6% with the March 2014 payment, to $0.19 from $0.18. The shares now yield 2.6%.
Already a leader in complex heavy oil and oil sands simulations, Computer Modelling should profit further as oil and gas producers continue to develop unconventional sources, like shale gas, coalbed methane and stranded gas.
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