PASON SYSTEMS $18.47 (Toronto symbol PSI; TSINetwork Rating: Speculative)(403-301-3400; www.pason.com; Shares outstanding: 83.4 million; Market cap: $1.5 billion; Dividend yield: 3.7%) rents equipment for monitoring and managing oil and gas rigs. It also sells communication technology, 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 in Canada, the U.S., Mexico, Argentina and Australia.
In the three months ended September 30, 2014, the company’s revenue rose 28.9%, to $134.0 million from $104.0 million a year earlier. Pason saw higher sales of its technology in all of its major markets, but especially in the U.S.
The company earned $26.5 million, or $0.32 a share, in the latest quarter, up from $9.1 million, or $0.11. Earnings rose on the higher revenue and an increased contribution from Pason’s U.S. profits because of the stronger U.S. dollar.
The company raised its quarterly dividend by 13.3% with the October 2014 payment, to $0.17 from $0.15. The stock yields 3.7%.
Oil and gas producers’ capital spending cuts could reduce North American drilling activity by 30% or more this year. However, Pason’s products let producers increase revenue and lower operating costs. That should mean a continued rise in revenue and profits for the company. It also leaves Pason well positioned for even stronger gains when oil and gas prices recover.
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