PASON SYSTEMS $11.74 (Toronto symbol PSI; TSINetwork Rating: Speculative) (403-301-3400; www.pason.com; Shares outstanding: 82.3 million; Market cap: $966.2 million; Dividend yield: 3.4%) rents equipment for monitoring and managing oil and gas rigs. It also sells communication systems, such as its satellite system, which companies use to remotely collect data from their drilling operations. Pason serves oil and gas producers and drilling contractors throughout Canada, the U.S., Mexico and Argentina.
In the three months ended September 30, 2011, Pason’s revenue rose 29.2%, to $88.7 million from $68.7 million a year earlier. Many of the company’s clients increased their drilling, especially for shale gas and oil.
Earnings jumped 140.0%, to $28.5 million, or $0.35 a share, from $11.9 million, or $0.15 a share. The increased drilling pushed up Pason’s earnings. Strong demand also let the company raise its prices.
Pason holds cash of $89.9 million, or $1.09 a share, and has no debt. Thanks to the strong results, the company raised its semi-annual dividend by 11.1%, to $0.20 from $0.18. The shares now yield 3.4%.
In August 2011, Pason bought Texas-based 3PS Inc., which makes specialized sensors for the oil and gas industry. Pason will add these sensors to its data-collection system.
Pason is heavily reliant on the resource sector. However, the company’s revenue and earnings should keep rising as oil and gas drilling continues to pick up.
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