PASON SYSTEMS $18.03 (Toronto symbol PSI; TSINetwork Rating: Speculative) (403-301-3400; www.pason.com; Shares outstanding: 84.8 million; Market cap: $1.5 billion; Dividend yield: 3.8%) serves drilling contractors for oil and gas firms in Canada, the U.S., Mexico and Argentina. The company provides them with rental equipment for monitoring and managing land-based oil rigs. Its systems also let clients remotely monitor their wells.
In the quarter ended March 31, 2017, Pason’s revenue rose 28.9%, to $59.0 million from $45.8 million a year earlier. The company’s increased drilling activity in Canada and the U.S. only partially offset a higher U.S. dollar and slower international sales.
Pason’s cash flow per share jumped, to $0.25 from $0.04. That was due to the higher revenue, but also from lower costs following the company’s restructuring.
Meanwhile, Pason holds cash of $163.3 million, or $1.92 a share, and has no debt. In the latest quarter, it spent $5.9 million, or a high 10% of revenue, on research.
The company’s products let drilling companies…
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Changes to this Policy
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