A month ago, we examined one of the energy stocks we cover in our newsletter for aggressive investing, Stock Pickers Digest. Zargon Oil and Gas (Toronto symbol ZAR) has trimmed its commitment to natural gas due to the slump in prices (view the article here). Today, in the wake of a recent rally in oil prices, we look at the prospects for a tech stock that serves the oil and gas drilling industry.
PASON SYSTEMS (Toronto symbol PSI; www.pason.com) 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 September 30, 2012, Pason’s revenue rose 4.9%, to $93.1 million from $88.7 million a year earlier. Cash flow per share was unchanged at $0.50.
Higher international sales and steady drilling activity in the U.S. offset lower revenue in Canada. Pason’s U.S. sales rose 13.8%, to $54.6 million, and international sales jumped 34.0% to $9.4 million. Canadian revenue declined 13.8%, to $29.0 million.
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Pason raised its semi-annual dividend by 9.1% with the January 2013 payment, to $0.24 from $0.22. The shares yield 2.8%.
Pason’s systems are installed on roughly 91% of all active land rigs in Canada and 55% of the land rigs in the U.S. But there’s still room for international expansion.
Demand is also rising for more modern equipment, such as Pason’s hazardous gas alarm system. Pason’s shares have risen 33% over the past year.
In the latest edition of Stock Pickers Digest, we look at whether Pason’s share price can keep on rising even with low gas prices and unstable oil prices and whether its international growth can offset its reliance on the volatile resource sector. We conclude with our clear buy-hold-sell advice on the stock.
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