07:01:21 EDT Tue 04 Oct 2022
Enter Symbol
or Name

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Cathedral Energy Services Ltd
Symbol CET
Shares Issued 213,168,532
Close 2022-09-22 C$ 0.70
Recent Sedar Documents

Globe says new coverage rates Cathedral Energy "buy"

2022-09-23 09:40 ET - In the News

The Globe and Mail reports in its Friday, Sept. 23, edition that Stifel analyst Cole Pereira commenced coverage on Cathedral Energy Services with a "buy" recommendation and $1.65 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $1.70. Mr. Pereira says in a note: "From 2019-2020 Cathedral Energy struggled with declining market share and profitability but since president and chief executive officer Tom Connors was brought on in 2021 the company has conducted six acquisitions, and we forecast it to achieve 2023 market shares of 21 per cent in Canada and 7 per cent in the U.S., vs. 5 per cent and 1 per cent, respectively in 2020. We believe investors should consider taking positions in Cathedral for three main reasons: (1) its unique strategy to consolidate the highly fragmented directional drilling market; (2) its strong management team with a solid track record in the sector; and (3) its attractive valuation at 1.9 times 2023E EV/EBITDAS vs. the sector average of 3.1 times and its closest peer PHX-TSX [PHX Energy Services] at 2.6 times."

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