The Globe and Mail reports in its Saturday, April 1, edition that National Bank Financial analyst Endri Leno assumed coverage of CES Energy Solutions with an "outperform" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Leno set a share target of $4.50. Mr. Leno says in a note: "Our investment thesis is based on expectations that, as the current growth cycle matures, CES Energy will be in a favourable position to return capital to shareholders via 1) cash flows from operations (we estimnate $288-million to 2024 year-end pre-WC); and 2) harvesting of cash from working capital (estimate $45-million to 2024YE). While we are not taking a specific position on how CES Energy might choose to return capital, we note that the current dividend and yield are near the upper range of the last six to seven years whereas 2022 buybacks were below those of the preceding four years." Mr. Leno says the Calgary-based company has expanded from its initial presence in the Western Canadian sedimentary basin "via both acquisitions and, particularly of late, organically." With this expansion, Mr. Leno now sees it set to reward shareholders.