The Globe and Mail reports in its Friday, Aug. 7, edition that National Bank Financial analyst Dan Payne has upgraded CES Energy Solutions to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne continues to target the shares at $20. Analysts on average target the shares at $21.25. Mr. Payne says in a note: "Overall, the company continues to progress returns with high visibility relating to the strength of its market position (market share and product mix) in addition to structural (new business wins and acquisitions) and secular (intensity of activity) thematics. All with the outcome of compounding returns. Through the period, the company generated FCF of $25-million (down 24 per cent prior period and 29 per cent same period last; given elevated working capital requirements to support high activity levels), which continues to complement shareholder returns (entirely returned through its 1-per-cent cash yield and 2-per-cent buyback; arguably a moderated pace) and strength of balance sheet (total debt up 4 per cent quarter-over-quarter with increased working capital investment; one times D/EBITDA)."