11:35:10 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



CES Energy Solutions Corp
Symbol CEU
Shares Issued 266,326,417
Close 2019-06-21 C$ 2.33
Market Cap C$ 620,540,552
Recent Sedar Documents

Globe says CES Energy Solutions maintained at "buy"

2019-06-24 07:10 ET - In the News

The Globe and Mail reports in Saturday, June 22, edition that Industrial Alliance analyst Elias Foscolos trimmed his share target for CES Energy Solutions to $4 from $4.25 in response to the firm's lower rig count expectations. The Globe's David Leeder writes in the Eye On Equities column that Mr. Foscolos continues to rate the shares "buy." Analysts on average target the shares at $4.77. Pointing to "recent market trends," Industrial Alliance lowered both its Canadian and United States rig count estimates for 2019 and 2020. In Canada, the firm is projecting a 29-per-cent decline in average rigs in 2019 to 135 with a rebound of 19 per cent (to 160) coming in 2020. For the U.S., it expects a 2-per-cent decline to 990 rigs in 2019 and a 6-per-cent increase in 2020 to 1,050 rigs. Mr. Foscolos says in a note: "We believe that a disconnect exist between the value of CEU's equity and the company's current situation. CEU's stock is 25 per cent lower than during the previous downturn in 2016, while its debt is yielding 300 basis points less and adjusted EBITDAC is projected to more than triple from 2016 based on consensus estimates."

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