CALGARY – Total Energy Services Inc. (TSX:TOT) is raising its dividend 20 per cent despite reporting flat earnings in the fourth quarter.
The Calgary-based oilfield services provider said its quarterly dividend will rise to six cents from five cents per share, payable April 30 to shareholders of record March 31.
Total said net earnings in the three months ended Dec. 31 were $10.7 million or 34 cents per diluted share, compared with $10.5 million, also 34 cents per share, in the same 2012 period.
Revenue rose 11 per cent to $86.9 million from $78.4 million.
For the full year, the company reported net income of $37.3 million of $1.20 per dilutes share on revenue of $339.6 million, down from $47,7 million or $1.49 per share on revenue of $307.7 million in 2012.
Total Energy provides contract drilling services as well as, rental and transportation of equipment used in oil and natural gas drilling industries, primarily to companies in Western Canada.
On the Toronto Stock Exchange, Total Energy shares fell 49 cents or 2.35 per cent to $20.36 Monday.