PSYTF - Pason Systems: Growth Lacks But Balance Sheet Provides Stability
Pason Systems Can Underperform For Now
Pason Systems (PSYTF), which provides instrumentation and data management systems to the energy companies, is a technology-based oilfield service (or OFS) company. Given the steep fall in drilling activity, the company, along with many of its OFS peers, took to cost reduction measures, including dividend and capex reductions, to protect margins. However, because of its dependence on technology, I do not think its efforts will bear the desired results. On top of that, its performance in some of the international territories is likely to deteriorate in the next couple