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Cathedral Energy Services Ltd
Symbol CET
Shares Issued 242,025,172
Close 2023-07-07 C$ 0.65
Market Cap C$ 157,316,362
Recent Sedar Documents

Globe says Cathedral Energy maintained at "outperform"

2023-07-07 08:09 ET - In the News

The Globe and Mail reports in its Friday, July 7, edition that ATB Capital Markets analyst Tim Monachello says in a report previewing second quarter earnings season for Canadian energy services providers that the sector is "oversold" and "a U.S. activity bottom could unlock significant second-half upside." The Globe's David Leeder writes in the Eye On Equities column that Mr. Monachello continues to rate Cathedral Energy Services "outperform." Mr. Monachello gave his share target a 20-cent trim to $1.30. Analysts on average target the shares at $1.87. Mr. Monachello says in note: "Energy sentiment has weakened through 2023 on significantly lower natural gas prices and headwinds facing crude prices. ... Even with this relatively tepid macro backdrop and a moderate softening in U.S. activity levels, we believe the North American energy services complex remains well positioned for a significant and sustainable inflection in FCF generation in 2023; across our Canadian SMID-cap coverage universe, we forecast an aggregate 235 per cent year-over-year increase in FCF generation in 2023, with the aggregate net leverage ratio falling to roughly one times by year-end 2023 from 1.9 times at year-end 2022."

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