CIBC Trims Pason Systems (TSE:PSI) Target Price to C$24.00

Pason Systems (TSE:PSI) had its price target reduced by CIBC from C$25.00 to C$24.00 in a research note published on Thursday morning, BayStreet.CA reports.

Separately, National Bank Financial cut their price target on Stelco from C$21.00 to C$18.00 and set an outperform rating for the company in a report on Thursday, May 2nd.

Shares of TSE PSI opened at C$17.85 on Thursday. The company has a market capitalization of $1.53 billion and a PE ratio of 22.04. The firm’s fifty day moving average is C$18.66. Pason Systems has a 52-week low of C$17.18 and a 52-week high of C$24.57. The company has a debt-to-equity ratio of 4.14, a quick ratio of 8.05 and a current ratio of 8.61.

Pason Systems (TSE:PSI) last released its quarterly earnings results on Wednesday, May 1st. The company reported C$0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C$0.17 by C$0.05. The business had revenue of C$82.14 million during the quarter, compared to the consensus estimate of C$74.40 million. Equities analysts forecast that Pason Systems will post 0.9700001 EPS for the current year.

The firm also recently declared a monthly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 28th were issued a $0.18 dividend. The ex-dividend date was Thursday, June 13th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 12.10%. Pason Systems’s dividend payout ratio is 87.65%.

About Pason Systems

Pason Systems Inc provides instrumentation and data management systems for drilling rigs. The company offers Electronic AutoDriller, which maximizes the rate of penetration by monitoring multiple drilling parameters; Electronic Choke Actuator that provides a means of remotely controlling the choke valve; and Electronic Drilling Recorder.

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