PHX Energy Rises on Profit Growth, Dividend: Calgary Mover
Stock Chart for PHX Energy Services Corp (PHX)
PHX Energy Services Corp. (PHX) rose the most in three years after the Canadian oil and natural-gas drilling company said profit last year reached a record and boosted its dividend.
PHX Energy rose 11 percent to C$11.02 at 1:40 p.m. in Toronto. Earlier, the Calgary-based company jumped 13 percent, the biggest intraday gain since Feb. 25, 2009.
Earnings before interest, depreciation and amortization increased 79 percent in 2011 to C$45 million ($45.5 million) helped by a “robust” demand for drilling in North America, the company said in a statement after the close of regular trading yesterday.
The company also boosted its dividend 50 percent for this year to 72 cents a share from 48 cents, according to the statement.
PHX Energy plans to expand this year with projects in Russia, Albania and Colombia, the company said.
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