Norris Production Solutions (NPS), a unit of
) Energy segment, has acquired SPIRIT Global Energy Solutions
(SPIRIT) to improve its rod pumping and artificial lift
technology. Financial terms of the transaction were not
DOVER CORP (DOV): Free Stock Analysis Report
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The rod pumping technology is the artificial lift method employed
by oil producers. Pump-off control helps to diagnose inefficient
run times and down times, stuck pumps, parted rods, worn pumps
and many other problems.
Headquartered in Texas, SPIRIT delivers innovative artificial
lift tools and technology to oil and gas producers. The company
is also involved in the development of optimization solutions for
rod-pumped wells alongwith exclusive training regarding rod
pumping and pump-off control technology.
NPS on the other hand is a manufacturer and provider of
integrated products and solutions across the artificial lift
spectrum for oil and gas production. The SPIRIT acquisition will
help NPS to meet the growing demand of artificial lift,
facilitating its leadership position in the marketplace. In
addition, the technology will help in increasing efficient
pumping, energy savings as well as environmental protection.
Dover reported revenues of $573 million from its Energy Segment
in second-quarter 2013, a 6% year-over-year rise. The segment's
operating income, however, decreased to $132.9 million from
$133.9 million in the prior-year quarter.
For fiscal 2013, Dover expects revenue growth in the range of
7%-9% on the back of organic revenue growth of 3%-5%, while
acquisitions are expected to add 4%. Earnings per share from
continuing operations are expected at $5.56 to $5.71.
Dover will continue to benefit from an active acquisition
pipeline, bookings and orders growth. However, a volatile
semiconductor market and a weak industrial market might weigh on
the Printing and Identification segment and a lower North
American rig count will constrain growth in the Energy segment.
Dover currently retains a Zacks Rank #2 (Buy). Other stocks in
the same industry with favorable Zacks rank include
) with a Zacks Rank #1 (Strong Buy), and
DXP Enterprises, Inc.
) with a Zacks Rank #2 (Buy).