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UPDATE: Ensign Energy Services Down 1% As Posts Lower Q4 Profit, But Increases Dividend

Ensign Energy Services Inc (ESI.TO) said during the fourth quarter of 2012, the company generated revenue of $530.1 million, a decrease of 8% from revenue of $578.0 million recorded in the fourth quarter of 2011. Net income decreased 8% to $48.5 million ($0.32 per common share) compared to $52.6 million ($0.34 per common share). Funds from operations were $117.1 million ($0.77 per common share), a 17% decrease from $140.5 million ($0.92 per common share).

The company increased its dividend in 2012 with a 4.8% fourth quarter increase in the quarterly dividend rate to $0.110 per common share from the previous quarterly dividend rate of $0.105 per common share. During the year ended December 31, 2012, the company declared dividends of $0.4250 per common share, an increase of 9% over dividends of $0.3900 per common share declared in 2011. The dividend has been increased at a 17% compound annual growth rate since the company first paid a dividend in 1995.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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