This oil-industry supplier has seen its share price climb as producers increase their orders.
ENERFLEX LTD. (Toronto symbol EFX; www.enerflex.com) rents and sells equipment and services for natural gas production. That includes refrigeration gear, power generators, and processing plants.
On reduced gas production, Enerflex’s revenue fell 38.3% in the three months ended September 30, 2016, to $262.4 million from $425.2 million a year earlier. The company remained profitable, but earnings fell sharply, to $18.2 million, or $0.23 a share, from $32.1 million, or $0.40.
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The main reason for the rise is a strong increase in new orders, especially from U.S. customers, as the industry increases its gas production. Enerflex’s bookings rose in the latest quarter by $134.4 million over the same period in 2015. That backlog is now $574.5 million, up 20.3% from a year ago.
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The company’s debt of $411.9 million is a reasonable 31.7% of its market cap. It holds $162.4 million in cash, or $1.84 a share.
Enerflex has moved to reduce its costs, including laying off 900 of its 2,800 employees. These measures, and international growth prospects in the Middle East, should let the company report earnings of $1.01 a share in 2017. The stock trades at 15.9 times that estimate. The shares yield 2.1%.
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I am still waiting for a response to my question of several days ago, concerning whether or not American dividend paying companies are beneficial to hold inside a TFSA due to their inability to capture a Cdn. tax credit to offset U.S. Foreign Withholding Tax.