PASON SYSTEMS $13.55 (Toronto symbol PSI; TSINetwork Rating: Speculative) (403-301-3400; www.pason.com; Shares outstanding: 81.9 million; Market cap: $1.1 billion; Dividend yield: 3.0%) 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, Argentina and Australia.
In the three months ended December 31, 2011, Pason’s revenue rose 32.8%, to $97.6 million from $73.5 million a year earlier. Many of the company’s clients increased their drilling, especially for shale gas and oil.
Earnings jumped 201.2%, to $31.7 million, or $0.39 a share, from $10.5 million, or $0.13 a share. The increased drilling pushed up Pason’s earnings. It also let the company raise its prices.
Pason holds cash of $89.9 million, or $1.09 a share, and has no debt. The shares yield 3.0%.
Plenty of room to grow overseas
In 2011, Pason’s systems were installed on 97% of all active land rigs in Canada and 57% of the land rigs in the U.S. But there’s room for international expansion. There is also demand for more modern equipment, such as Pason’s hazardous gas alarm system. The company spends 5% of its revenue on research. That lets it keep ahead of the competition and make its systems faster and more accurate.
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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