ENERFLEX LTD. $14.07 (Toronto symbol EFX; TSINetwork Rating: Extra Risk) (403-387-6377; www.enerflex.com; Shares outstanding: 78.0 million; Market cap: $1.1 billion; Dividend yield: 2.0%) rents and sells equipment and services for natural gas production, including compression and processing plants, refrigeration equipment and power generators.
The company has a strong position in three expanding markets: U.S. and Canadian shale gas; Australian natural gas from coal beds; and conventional Middle Eastern natural gas, most of which gets converted to liquefied natural gas (LNG) for shipping worldwide.
In the quarter ended June 30, 2013, Enerflex’s revenue fell 12.3%, to $311.0 million from $354.6 million a year ago. That’s because the company saw lower sales across all of its markets. Earnings per share fell 4.0%, to $0.24 from $0.25.
New orders signal a turnaround
Even so, Enerflex’s markets are rebounding. The company booked $317.5 million of orders in the latest quarter, up 19.0% from $266.8 million a year ago. These deals include a maintenance agreement in Australia worth $70.0 million over an initial eight-year term. This contract is related to all the compression equipment that British Gas is using in Australia.
The company holds cash of $78.1 million, or $1.00 a share. Its $95.8 million of long-term debt is just 8.7% of its $1.1-billion market cap.
The stock trades at 15.3 times Enerflex’s forecast 2013 earnings of $0.92 a share. The company raised its quarterly dividend by 16.7% with the January 2013 payment, to $0.07 from $0.06. The shares yield 2.0%.
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