Connor Clark & Lunn Investment Management Ltd. Buys 1,863,470 Shares of Enerflex Ltd. (NYSE:EFXT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Enerflex Ltd. by 42.2%, acquiring an additional 1,863,470 shares, bringing its total ownership to approximately 5.06% of the company.
• Enerflex recently announced an increase in its quarterly dividend, raising it from $0.03 to $0.0375, which reflects an annualized dividend of $0.15 and a yield of 1.6%.
• The company's latest earnings report showed an EPS of $0.49, significantly above the consensus estimate of $0.07, along with a revenue of $615 million, exceeding expectations.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Enerflex Ltd. (NYSE:EFXT - Free Report) by 42.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,282,450 shares of the company's stock after buying an additional 1,863,470 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 5.06% of Enerflex worth $48,555,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Enerflex by 28.0% in the 4th quarter. JPMorgan Chase & Co. now owns 99,550 shares of the company's stock worth $991,000 after purchasing an additional 21,801 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in Enerflex by 54.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 25,102 shares of the company's stock valued at $250,000 after acquiring an additional 8,870 shares during the period. Geode Capital Management LLC lifted its stake in Enerflex by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 63,885 shares of the company's stock valued at $642,000 after acquiring an additional 2,828 shares during the period. ExodusPoint Capital Management LP bought a new position in Enerflex during the 4th quarter valued at about $185,000. Finally, Bank of Montreal Can lifted its stake in Enerflex by 44.4% during the 4th quarter. Bank of Montreal Can now owns 705,114 shares of the company's stock valued at $7,010,000 after acquiring an additional 216,839 shares during the period. Institutional investors own 46.47% of the company's stock.

Analysts Set New Price Targets

EFXT has been the topic of several research analyst reports. BMO Capital Markets restated an "outperform" rating on shares of Enerflex in a research note on Friday. Raymond James Financial restated an "outperform" rating on shares of Enerflex in a research note on Friday. Wall Street Zen upgraded shares of Enerflex from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Royal Bank Of Canada increased their price objective on shares of Enerflex from $12.00 to $13.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, CIBC lowered their price objective on shares of Enerflex from $10.00 to $9.25 and set a "neutral" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $11.13.

Enerflex Price Performance

Shares of EFXT stock traded up $0.40 on Tuesday, reaching $9.57. The company's stock had a trading volume of 514,957 shares, compared to its average volume of 388,435. The stock's fifty day simple moving average is $7.97 and its 200-day simple moving average is $7.75. Enerflex Ltd. has a 1 year low of $5.29 and a 1 year high of $10.61. The company has a current ratio of 1.19, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 9.20 and a beta of 2.00.

Enerflex (NYSE:EFXT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.42. Enerflex had a net margin of 5.54% and a return on equity of 10.21%. The firm had revenue of $615.00 million during the quarter, compared to analyst estimates of $555.24 million. Analysts forecast that Enerflex Ltd. will post 0.25 earnings per share for the current fiscal year.

Enerflex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be given a $0.0375 dividend. This is an increase from Enerflex's previous quarterly dividend of $0.03. This represents a $0.15 dividend on an annualized basis and a yield of 1.6%. Enerflex's dividend payout ratio (DPR) is currently 10.58%.

Enerflex Company Profile

Enerflex Ltd. offers energy infrastructure and energy transition solutions to natural gas markets in North America, Latin America, and the Eastern Hemisphere. The company provides natural gas compression infrastructure, processing, and treated water infrastructure under contract to oil and natural gas customers; power generation rental solutions; custom and standard compression packages for reciprocating and screw compressor applications; re-engineering, re-configuration, and re-packaging of compressors for various field applications; integrated turnkey power generation, gas compression, processing facilities, natural gas compression, processing, and electric power solutions; after-market mechanical services and parts distribution, as well as maintenance solutions to the oil and natural gas industry, operations, and overhaul services; and equipment supply, parts supply, and general asset management.