ENERFLEX LTD. $15.26 (Toronto symbol EFX; TSINetwork Rating: Extra Risk) (403-387-6377; www.enerflex.com; Shares outstanding: 78.0 million; Market cap: $1.2 billion; Dividend yield: 2.0%) rents and sells equipment and services for natural gas production, including compression and processing plants, refrigeration equipment and power generators.
The company has a strong position in three expanding markets: U.S. and Canadian shale gas; Australian natural gas from coal beds; and conventional Middle Eastern natural gas, most of which gets converted to liquefied natural gas (LNG) for shipping worldwide.
In the quarter ended September 30, 2013, Enerflex’s revenue rose 5.7%, to $390.7 million from $369.7 million a year ago. However, earnings per share fell 37.0%, to $0.17 from $0.27, mostly due to cost overruns on three international projects.
Big jump in new orders
Enerflex’s markets continue to grow: it booked $247.6 million of orders in the latest quarter, up 72.7% from $143.4 million a year ago. Recent deals include a maintenance agreement that’s worth $70.0 million over an initial eight-year term. This deal is related to all the compression equipment that British Gas is using in Australia.
The company holds cash of $102.0 million, or $1.31 a share. Its $88.7 million of long-term debt is just 7.4% of its $1.2-billion market cap.
The stock trades at 13.3 times Enerflex’s forecast 2014 earnings of $1.15 a share. The company raised its quarterly dividend by 7.1% with the January 2014 payment, to $0.075 from $0.07. The shares yield 2.0%.
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