The Globe and Mail reports in its Tuesday, Aug. 11, edition that Scotia Capital analyst Jonathan Goldman continues to rate CES Energy Solutions "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Goldman boosted his share target by a loonie to $22. Analysts on average target the shares at $21.75. Mr. Goldman says in a note: "CES Energy Solutions has consistently demonstrated that it can grow earnings at a double-digits pace irrespective of industry activity levels or commodity prices. Between 2019 and the LTM [last 12 months], CES Energy grew per share revenue/EBITDA/FCF (before working capital) at 16 per cent/21 per cent/20 per cent CAGR [compound annual growth rate]. Between 2022-2025, which excludes the recovery/easy comps in 2021 and recent RFP wins, and we still get 11 per cent/17 per cent/15 per cent CAGR. This happened in an environment where U.S. rig count declined by 40 per cent and production grew at 1.5 per cent CAGR. Growth has been supported by structural factors: increased fluids intensity; share gains; operating leverage and strong execution; improved working capital efficiency; and good capital allocation directed to shareholder returns."