Ensign Energy Services (TSX: ESI), the Materials sector company, was revisited by a Wall Street analyst today. Analyst John Bereznicki from Canaccord Genuity reiterated a Hold rating, with a C$6 price target.
Bereznicki commented:
“We estimate Ensign’s domestic contract drilling fleet realized utilization of 13% in Q2/18 while its domestic well servicing unit realized utilization of 24% in the quarter, which was consistent with our forecast. Ensign had 14 rigs under long-term contract at the end of Q2/18 (~25% of its fleet). Management reports the WCSB drilling market is experiencing a shortage of rigs in some segments as contractors have relocated equipment into the US, which has allowed some service providers to realize increased day rates and contract term heading into the winter drilling season.”
According to TipRanks.com, Bereznicki is ranked #1011 out of 4849 analysts.
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Ensign Energy Services has an analyst consensus of Moderate Sell, with a price target consensus of C$5.83.
Based on Ensign Energy Services’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$26.68 million. In comparison, last year the company had a GAAP net loss of C$33.81 million.
Ensign Energy Services, Inc. engages in the provision of oilfield services. It offers land-based drilling services and well servicing contracts to crude oil, natural gas, and geothermal operators. The firm operates through the following geographical segments: Canada, United States, and International.
The company’s shares closed on Friday at C$5.61, close to its 52-week low of C$5.29.
