10:41:32 EDT Tue 25 Jun 2024
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Cathedral Energy Services Ltd
Symbol CET
Shares Issued 241,655,056
Close 2023-11-28 C$ 0.71
Market Cap C$ 171,575,090
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Globe says Cathedral Energy boosted to "outperform"

2023-11-28 08:25 ET - In the News

The Globe and Mail reports in its Tuesday, Nov. 28, edition that ATB Capital Markets analyst Tim Monachello has elevated his recommendation for Cathedral Energy Services to "outperform" from "sector perform." The Globe's David Leeder writes that Mr. Monachello gave his share target a 10-cent trim to $1.40. Analysts on average target the shares at $1.78. The Globe says Mr. Monachello figures the "current setup is ripe for investors to build overweight positions in the energy services sector." Mr. Monachello says in a note: "Despite reporting in-line Q3/23 results, and the second-strongest quarterly performance in company history, Cathedral shares are down 10 per cent since reporting Q3/23 results, down 25 per cent since its highs in late-September, and down 53 per cent since its 52-week high in January 2023. We believe Cathedral's weak performance has been largely attributable to multiple negative earnings surprises in 2023 and a downward trend in forward EBITDA expectations." The Globe reported on June 16 that Stifel's Cole Pereira rated Cathedral "buy." It was then worth 64 cents. The Globe reported on July 7 that Mr. Monachello had reaffirmed his "outperform" call on Cathedral when it could be had for 65 cents.

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