Bank of America Corp DE Boosts Holdings in Enerflex Ltd. $EFXT

Key Points

• Bank of America increased its Enerflex stake by 51.4% in the first quarter, acquiring 438,920 additional shares for a total holding of 1.29 million shares valued at approximately $27.1 million.
• Enerflex’s latest quarterly results fell short of expectations, with earnings per share of $0.25 versus the $0.31 consensus estimate and revenue of $582 million versus forecasts of $606.8 million.
• The company declared a quarterly dividend of $0.0425 per share, equivalent to an annualized $0.17 and a 0.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $35.17.

Bank of America Corp DE increased its stake in shares of Enerflex Ltd. (NYSE:EFXT - Free Report) by 51.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,293,472 shares of the company's stock after acquiring an additional 438,920 shares during the quarter. Bank of America Corp DE owned approximately 1.06% of Enerflex worth $27,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC purchased a new stake in shares of Enerflex in the 4th quarter worth about $31,000. Plato Investment Management Ltd boosted its position in shares of Enerflex by 399.4% in the fourth quarter. Plato Investment Management Ltd now owns 4,664 shares of the company's stock worth $72,000 after purchasing an additional 3,730 shares during the period. Shelton Capital Management bought a new stake in shares of Enerflex during the third quarter valued at approximately $136,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Enerflex during the 3rd quarter valued at approximately $138,000. Finally, Prelude Capital Management LLC purchased a new stake in Enerflex during the 3rd quarter valued at $147,000. 46.47% of the stock is owned by hedge funds and other institutional investors.

Enerflex Stock Down 0.2%

Enerflex stock opened at $22.41 on Monday. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 52.12 and a beta of 1.86. Enerflex Ltd. has a twelve month low of $9.35 and a twelve month high of $29.15. The stock has a 50 day moving average of $23.25 and a two-hundred day moving average of $22.81. The company has a current ratio of 1.19, a quick ratio of 0.86 and a debt-to-equity ratio of 0.49.

Enerflex (NYSE:EFXT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.06). Enerflex had a return on equity of 11.76% and a net margin of 2.06%.The business had revenue of $582.00 million for the quarter, compared to analyst estimates of $606.78 million. As a group, research analysts expect that Enerflex Ltd. will post 1.34 earnings per share for the current year.

Enerflex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.0425 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.17 dividend on an annualized basis and a yield of 0.8%. Enerflex's payout ratio is presently 30.23%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. TD Securities reiterated a "buy" rating on shares of Enerflex in a report on Friday, May 8th. Weiss Ratings downgraded shares of Enerflex from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Canadian Imperial Bank of Commerce set a $27.50 target price on Enerflex in a report on Monday, August 10th. Royal Bank Of Canada increased their price objective on shares of Enerflex from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. Finally, Wall Street Zen cut Enerflex from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $35.17.

About Enerflex

Enerflex Ltd is a Calgary‐headquartered energy infrastructure company specializing in the design, fabrication, installation and aftermarket support of natural gas compression, processing, refrigeration and treatment equipment. Its product portfolio includes reciprocating and centrifugal compression systems, gas treating and refrigeration packages, fuel gas conditioning and liquid separation solutions. In addition to equipment sales, Enerflex delivers field services such as commissioning, maintenance, monitoring and parts supply to optimize asset performance throughout the lifecycle.

The company supports upstream, midstream and downstream energy customers through an integrated offering that spans engineering, procurement and construction (EPC) as well as modular fabrication.

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