May 10, 2012 / 3:59 PM / 6 years ago

Poseidon Concepts rises on strong results

May 10 (Reuters) - Shares of energy services company Poseidon Concepts Corp rose as much as 14 percent on Thursday, after the company posted a nearly five-fold jump in its first-quarter profit and raised its forecast.

The company now expects full-year earnings before interest, taxes, depreciation, and amortization (EBITDA) of C$210 million, up from C$170 million.

Poseidon was spun out of Open Range Energy Corp in November. Its storage tanks are deployed in the unconventional energy region stretching from Eagle Ford in south Texas to Montney in northeast British Columbia.

The company also said it planned to raise the number of tanks to 500 units from 400 by Sept. 30.

“They will be building out their fleet a little faster than they had indicated,” Global Hunter Securities analyst Brian Purdy in Calgary said.

Shares of the company were up 11 percent at C$12.85 on Thursday on the Toronto Stock Exchange. They touched a high of C$13.24 earlier. (Reporting by Aftab Ahmed in Bangalore; Editing by Sreejiraj Eluvangal)

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