PHX Energy Services Corp T.PHX

Good Q2 Results Share Buybacks and Dividend Continues

[energee]

Just bought some of this.  Like the CEO share purchases, revenue growth, earnings, balance sheet, technology and sales locations in CDA, TX (Permian), OK. 

Strong US results even though the M&A activity there is likely resulting in fewer clients through consolidation. Could be some pricing pressure on day rates going forward. Growing CDN market share and revenues.

Good cash position, essentially debt free with liabilities that show certain normal lease obligations etc.  Dividend yield is ~8% now.  This Company could be a good target  for another large player in the space.

[JohnSP]

Indeed, they should merge with CES Energy Solutions (drilling and production chemicals), 1) both have same geographic foot print, 2) adjacent and thus synergistic industries, 3) PHX Chairman of Board is on CES Board, 4) both Canadian HQ so simpler merger. That said I;m happy to receive my 8% divvy and 7% / yr (max 10% NCIB) share buybacks.

[energee]

Thanks for the point to CES.  Interesting thought.