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PHX Energy Services Corp. (PHX.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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2.6500-0.0100 (-0.38%)
At close: 3:59PM EST
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Neutralpattern detected
Previous Close2.6600
Open2.6100
Bid2.6300 x 0
Ask2.6500 x 0
Day's Range2.6100 - 2.6500
52 Week Range0.5100 - 2.7500
Volume4,100
Avg. Volume65,780
Market Cap135.099M
Beta (5Y Monthly)2.85
PE Ratio (TTM)N/A
EPS (TTM)-0.1980
Earnings DateNov 04, 2020
Forward Dividend & Yield0.03 (0.94%)
Ex-Dividend DateDec 30, 2020
1y Target Est3.05
  • PHX Energy Announces Agreement for the Sale of Russian Operations
    GlobeNewswire

    PHX Energy Announces Agreement for the Sale of Russian Operations

    CALGARY, Alberta, Dec. 14, 2020 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) announced today that it has entered into a preliminary sale and purchase agreement with Well Tech Services Ltd (the "Purchaser"), a company incorporated under the laws of the Russian Federation, for the sale of our Russian operations to the Purchaser (the "Transaction"). Under the Transaction, the Purchaser will acquire all of the outstanding shares of Phoenix TSR LLC ("Phoenix TSR"), an indirect wholly-owned subsidiary of PHX Energy. The Transaction is expected to be completed late in the first quarter of 2021, subject to satisfaction of certain conditions including execution of a final agreement, a stipulated minimum working capital requirement and the preparation and delivery of customary closing documentation. The agreed purchase price for the disposition is 240 000 000 Russian Rubles, or approximately $4.2 million CAD using an exchange rate of 57.392. Upon completion, the Corporation intends to apply the net proceeds from the Transaction to partially fund its 2021 capital expenditure program. Phoenix TSR was established in Russia a decade ago and over this time has built a positive reputation. The sale of Phoenix TSR will strengthen our balance sheet and cash position and is aligned with our strategy to operate our high-performance technologies in the most lucrative basins in the world, benefitting from the higher margins generated. This divestment will allow our personnel to focus on our objectives to continue gaining market share and assist our customers’ in their efforts to constantly drill faster.About PHX Energy Services Corp.The Corporation, through its directional drilling subsidiary entities, provides horizontal and directional drilling technology and services to oil and natural gas producing companies primarily in Canada and the US.Forward-Looking StatementsThis news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond PHX Energy's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward looking statements. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate", or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements.Forward looking statements contained herein include, but are not limited to: the anticipated entering into of a final agreement in respect of the Transaction; the anticipated satisfaction of conditions to completion of the Transaction; that the Transaction will be completed on the terms contemplated or at all; the anticipated timing of completion of the Transaction and, if completed, the intended use of proceeds and the expected impact of the Transaction on the Corporation including its financial position and growth prospects. There can be no assurances that the final agreement will be entered into nor assurances the Transaction will be completed on the basis contemplated herein or at all and, accordingly undue reliance should not be placed on the same.Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to defer materially from the results discussed in these forward-looking statements, including but not limited to those factors referred to under the heading "Risk Factors" in the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2019 and the Corporation's management's discussion and analysis for the three and nine months ended September 30, 2020. Although forward-looking statements contained in this news release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this press release are expressly qualified by this cautionary statement. Unless otherwise required by law, PHX Energy does not intend, or assume any obligation, to update these forward-looking statements.For further information please contact: John Hooks, CEO; Michael Buker, President; or Cameron Ritchie, Senior Vice President Finance and CFOPHX Energy Services Corp. Suite 1400, 250 2nd Street SW Calgary, Alberta T2P 0C1 Tel: 403-543-4466   Fax: 403-543-4485   www.phxtech.com

  • Is PHX Energy Services Corp. (TSE:PHX) Trading At A 29% Discount?
    Simply Wall St.

    Is PHX Energy Services Corp. (TSE:PHX) Trading At A 29% Discount?

    How far off is PHX Energy Services Corp. ( TSE:PHX ) from its intrinsic value? Using the most recent financial data...

  • PHX Energy Announces 2021 Capital Expenditure Program & Reinstatement of Quarterly Dividend
    GlobeNewswire

    PHX Energy Announces 2021 Capital Expenditure Program & Reinstatement of Quarterly Dividend

    CALGARY, Alberta, Dec. 07, 2020 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) is pleased to provide an operational update as well as announce that its Board of Directors (the “Board”) has approved the reinstatement of a quarterly dividend program and its 2021 capital expenditures program. The 2020-year has been unprecedented due to the impact of COVID-19 on the global economy and the decline in energy demand, commodity prices and rig counts. Knowing the cyclical nature of the energy industry, one of our ongoing strategies is to always be positioned for the next downturn. This includes protecting and building balance sheet strength and focusing on being a vital provider in Operators’ drive for drilling efficiency. As a result of these objectives, we entered this volatile time with one of the strongest balance sheets in the energy services sector and with a strong reputation as a leader in premium technologies and operational performance. This has allowed us to not only survive in these trying times but to outperform and achieve financial and operational successes.In a time when US rig counts hit historical lows, we are growing our market share because of the strength of our technology and expertise of our personnel, and today, we are arguably the most active directional provider in the largest basin in the US, the Permian. In Canada we are continuing to maintain our healthy market share despite the persistent challenges of this market. As a result of our swift actions to protect our financial position at the onset of what became the worst downturn in the energy industry’s history, we have generated positive cash flows as well as eliminated all bank debt and hold cash and cash equivalents of $18.9 million as at September 30, 2020. Additionally, we have leveraged our NCIB as a tool to enhance total long-term shareholder returns by purchasing and cancelling approximately 5% of our shares outstanding during the 2020 fiscal year, and since December 31, 2017 we have repurchased and cancelled approximately 15% of shares outstanding.We have diligently worked over the past few years to build a business model that allows us to further enhance shareholder returns even in a down market, and as a result, we are pleased to announce that our Board has approved the reinstatement of a quarterly dividend program effective immediately. The Board has declared a cash dividend of $0.025 per common share designated as an “eligible dividend” within the meaning of subsection 89(1) of the Income Tax Act (Canada), and payable on January 15, 2021, to shareholders of record at the close of business on December 31, 2020. The ex-dividend date is December 30, 2020. We believe we have built financial strength that can sustain a capital allocation strategy that includes a quarterly dividend as a further way to reward shareholders as we continue to differentiate ourselves from other energy service providers.Additionally, the Board has approved our preliminary 2021 capital expenditure program of $15 million (the “Program”). The Program is anticipated to principally be allocated toward expanding PHX Energy’s Velocity and Atlas high performance drilling technology fleets, with $7 million expected to be allocated toward growth expenditures and $8 million expected to be allocated towards maintenance expenditures.Exiting 2020, the industry rig counts are slowly recovering from the all-time lows experienced and we are also seeing a similar trend in our operations in the fourth quarter. With North American rig counts forecasted to slightly improve in 2021, we anticipate our activity levels will remain steady and our premium technologies will continue to be in high demand. The additional fleet capacity that will result from the Program is expected to meet this demand and allow for continued growth. We are cautiously optimistic for 2021, knowing the volatility of the current environment, and anticipate we will continue to strengthen our enviable position as both a financial and operational leader.About PHX Energy Services Corp.The Corporation, through its directional drilling subsidiary entities, provides horizontal and directional drilling technology and services to oil and natural gas producing companies in Canada, the US, Russia and Albania.Forward Looking StatementsCertain statements contained in this document constitute "forward looking statements" and/or "forward looking information" within the meaning of applicable securities laws (collectively referred to as "forward looking statements"). When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, are intended to identify forward looking statements. Such statements reflect the current views of PHX Energy with respect to future events, the Program and operating performance and speak only as of the date of this document. In particular, this document contains forward looking statements pertaining to the amount of the Corporation's 2021 capital expenditure program, the source of funding the Program, the planned allocation of the Program, the anticipated 2021 activity and demand for our services, anticipated growth into 2021 and beyond, and the continuation of our quarterly dividend.In light of continued volatile market conditions, including without limitation the continuing uncertainty of and adverse impacts associated with the COVID-19 pandemic on the Corporation's operations, there can be no assurances that the Corporation will continue to maintain the quarterly dividend program in the future. The future payment of dividends remains subject to the approval of and declaration by the Board of Directors on a quarterly basis. The amount of future cash dividends, if any, by the Corporation will be subject to the discretion of and ongoing assessment by the Board of Directors of the Corporation and may vary, or be suspended entirely, depending on a variety of factors and conditions existing from time to time, including the continuing impact of the COVID-19 pandemic, fluctuations in commodity prices, operating costs and profits, working capital and capital expenditure requirements, debt service requirements, foreign exchange rates and the satisfaction of solvency tests imposed by the Business Corporation's Act (Alberta) for the declaration and payment of dividends.Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to defer materially from the results discussed in these forward looking statements, including but not limited to those factors referred to under the heading "Risk Factors" in the Corporation's Annual Information Form ("AIF") for the year ended December 31, 2019 and the Corporation's management's discussion and analysis for the three and nine months ended September 30, 2020 . Although forward looking statements contained in this press release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward looking statements. The forward looking statements in this press release are expressly qualified by this cautionary statement. Unless otherwise required by law, PHX Energy does not intend, or assume any obligation, to update these forward looking statements.For further information please contact: John Hooks, CEO; Michael Buker, President; or Cameron Ritchie, Senior Vice President Finance and CFOPHX Energy Services Corp. Suite 1400, 250 2nd Street SW Calgary, Alberta T2P 0C1 Tel: 403-543-4466    Fax: 403-543-4485    www.phxtech.com