Cathedral Energy Services ups dividend as it reports $12.6M profit for Q4

CALGARY – Cathedral Energy Services Ltd. (TSX:CET) increased its quarterly dividend by 25 per cent Tuesday as it reported a fourth-quarter profit of $12.6 million.

The oilfield services company said it would pay a quarterly dividend of 7.5 cents per share, up from six cents. Based on the company’s share price Tuesday, the stock will yield about 3.9 per cent.

For the quarter ended Dec. 31, profit amounted to 33 cents per diluted share, up from $6.8 million or 18 cents per diluted share a year ago.

Revenue was $70.4 million, up from $46.4 million.

Last month, Cathedral signed an agreement with a subsidiary of Petroleos de Venezuela S.A., the South American country’s state-owned oil and natural gas corporation, that takes the company a step closer to starting operations in Venezuela.

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Cathedral provides drilling and other services to the oil and gas industry.

Shares in the company, which reported its results after the close of markets, were up 15 cents at $7.69 on the Toronto Stock Exchange on Tuesday.