Pason Systems, symbol PSI on Toronto, rents equipment that its customers use to monitor and manage land-based oil rigs.
Pason is one of the technology stocks we analyze in Stock Pickers Digest, our newsletter that recommends stocks for the part of your portfolio you devote to aggressive investing.
It also provides communication systems, such as its satellite system, which companies use to remotely collect data from their drilling operations. Pason serves oil and gas companies and drilling contractors throughout Canada, the U.S., Mexico and Argentina.
In the three months ended June 30, 2011, the technology stock’s revenue rose 22.3%, to $62.4 million from $51.0 million a year earlier. The company benefited as its clients increased their drilling, especially for shale gas and oil.
The technology stock’s earnings rose 33.5%, to $8.2 million, or $0.10 a share, from $6.2 million, or $0.08 a share. The increased drilling pushed up Pason’s earnings. Strong demand also let the company raise its prices. Cash flow per share rose 21.7%, to $0.28 from $0.23.
Pason holds cash of $114.9 million, or $1.26 a share, and has no debt. The shares yield 2.9%. The company is heavily reliant on the resource sector. However, the technology stock’s revenue and earnings should keep rising as oil and gas drilling recovers further.
We updated our advice on Pason in our August 26, 2011, Stock Pickers Digest hotline, which you can immediately view when you take a 1-month free trial to Stock Pickers Digest. Click here to get started right away.
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