01:36:13 EDT Wed 29 May 2024
Enter Symbol
or Name

Login ID:
Cathedral Energy Services Ltd
Symbol CET
Shares Issued 242,025,172
Close 2023-06-15 C$ 0.64
Market Cap C$ 154,896,110
Recent Sedar Documents

Globe says Cathedral Energy Services kept at "buy"

2023-06-16 07:49 ET - In the News

The Globe and Mail reports in its Friday edition that Stifel analyst Cole Pereira has reaffirmed his "positive view" for the oil field service sector, even though the year may have some challenges "given volatility in commodity prices and capital markets." The Globe's David Leeder writes that Mr. Periera believes oil field service stocks are oversold. Accordingly, Mr. Periera shaved his share target for Cathedral Energy Services by 10 cents to $1.80, while maintaining his "buy" recommendation. Analysts on average target the shares at $1.89. Mr. Periera says in a note: "Canadian activity in particular remains very strong, with the year-to-date WCSB rig count up 9 per cent year-over-year while the Montney rig count is up 22 per cent and the U.S. land rig count has declined 12 per cent year-to-date. ... We review factors impacting share price performance, and come away with a preference towards resilient EBITDAS profiles, elevated shareholder returns and higher Canadian exposure. However, the U.S. OFS activity outlook screens as eerily similar to 2012-2013, where the U.S. rig count declined 12 per cent in 2012 and was effectively flat through 2013, though the equities generated meaningful upside during the latter."

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