ENERFLEX LTD. $14.35 (Toronto symbol EFX; TSINetwork Rating: Extra Risk)(403-387-6377; www.enerflex.com; Shares outstanding: 78.7 million; Market cap: $1.1 billion; Dividend yield: 2.4%) rents and sells equipment and services for natural gas production, including compression and processing plants, refrigeration gear and power generators.
On June 30, 2014, Enerflex completed its $431- million U.S. acquisition of two businesses owned by privately held Axip Energy Services: an international contract compression and processing subsidiary and a division that provides aftermarket services.
In the three months ended March 31, 2015, Enerflex’s revenue gained 43.0%, to $475.3 million from $332.4 million a year earlier. Earnings per share jumped sharply, to $0.29 from $0.05.
Strong orders in the U.S. and Canada, plus international contributions from the Axip businesses, pushed up Enerflex’s results. However, falling oil and gas prices are now hurting the company’s orders.
Prudent response to lower bookings
Enerflex booked $140.6 million of orders in the latest quarter, down 40.9% from $237.9 million a year earlier. Its backlog now stands at $715.1 million, down 22.0% from $916.5 million at the end of 2014.
In response to the lower bookings, the company is reducing costs, including cutting 200 of its 3,500 employees. These measures, plus Axip’s international growth prospects (especially in the Middle East) should still let it earn $0.91 in 2015, up slightly from $0.90 in 2014. The stock trades at 15.8 times this year’s estimated earnings. It yields 2.4%.
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