PHX Energy soars as Q2 profit nearly triples, raises dividend

PHX Energy Services

10/08/2022 16:40

** Shares of PHX Energy Services Corp  PHX.TO  climb as much
as 23% to C$6.58, their highest in two months
    ** Co's Q2 profit nearly triples to C$12.8 mln ($10.03 mln)
    ** PHX says for second consecutive qtr, company's U.S.
division generated its highest quarterly revenue in the
corporation's history; posts Q2 U.S. revenue of C$105.4 mln
    ** PHX raises quarterly dividend to C$0.10/shr from
C$0.08/shr
    ** At least three brokerages raise their PTs on PHX
    ** "While we acknowledge PHX'S smaller size and lower
trading liquidity, we can't help but think investors should
revisit the name given its 7.5% dividend yield" - Stifel
FirstEnergy 
    ** PHX up 41.5% so far this year

($1 = 1.2768 Canadian dollars)

 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))