Weekly Updates

​​(Week of July 10 - July 14, 2017)

Canadian Oilfield Services:

​​​News:

  • No News Currently

​Company Updates:

  • No Company Updates Currently

​​Canadian E&P:

​News:

  • No News Currently

​Company Updates:

  • No Company Updates Currently

Weekly Updates

​​(Week of July 3 - July 7, 2017)

​​Canadian Oilfield Services:

​​News:

  • No News Currently

​Company Updates:

  • No Company Updates Currently

​Canadian E&P:

​News:

​​Company Updates:

  • We have made no changes to our VII-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of June 12 - June 16, 2017)

​Canadian Oilfield Services:

​News:

​Company Updates:

  • No Company Updates Currently

​Canadian E&P:

​​News:


​​Company Updates:

  • We made minor adjustments to our CR-T estimates. No change to Target Price or Recommendation.​ 
​
  • We have made no changes to our VII-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of June 5 - June 9, 2017)

​​​​​Canadian Oilfield Services:

​​News:

  • We are launching coverage of STEP Energy Services (STEP-T). STEP provides specialized and fully integrated coiled tubing and fracturing solutions to oil and gas companies throughout Western Canada and the U.S. Currently, STEP has a fleet of 298k HHP in fracturing capacity and 12 coiled tubing spreads in Canada and four coiled-tubing spreads in the Permian and Eagle Ford basins in the US. Click Here 

​​Company Updates:

  • We are launching coverage of STEP Energy Services (STEP-T) with a Buy Recommendation and $16.00 Target Price. 

​Canadian E&P:

​News:

​​Company Updates:

  • We have adjusted our ECA-T estimates to account for the sale of its Piceance natural gas weighted assets for $735 million. Further, we have slightly increased our target multiple to reflect ECA's reduced gathering and liquids expenses and improved balance sheet post asset sale (now based on 7.0x 2018 EV/DACF, previously 6.5x). Target Price and Recommendation remains unchanged. 

Weekly Updates

​​(Week of May 29 - June 2, 2017)

​​​​Canadian Oilfield Services:

​News:

​Company Updates:

  • We have made minor changes to our HNL-T estimates. No change to Target Price or Recommendation.​ ​​​

​​​​​​​Canadian E&P:

​​​​​News:

​

​Company Updates:

  • We have made no changes to our CNQ-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of May 22 - May 26, 2017)

​​​​Canadian Oilfield Services:

​​​News:

  • No News Currently ​​

​Company Updates:

  • No Company Updates Currently ​​

​​​​​​Canadian E&P:

​​​​News:



​

​Company Updates:

  • We have made minor adjustments to our CNQ-T estimates. No change to Target Price or Recommendation.​ ​​​

  • We have made no changes to our CR-T estimates, Target Price or Recommendation.​ ​​​

Weekly Updates

​​(Week of May 15 - May 19, 2017)

​​​Canadian Oilfield Services:

​​News:


Company Updates:

  • We have increased our SES-T estimates to incorporate the acquisition of Ceiba Energy Services (CEB-T). Price Target increases to $15.00 from $14.00 previously (Based on 13.0x 2018 EV/EBITDA, previously 12.0x). We have increased our target multiple to reflect SES's increased scale, synergies and improved cost structure after incorporating CEB's assets (should lead to a higher ROIC over time). No change to Recommendation.

  • We have made no changes to our PD-T estimates, Target Price or Recommendation.​ ​​​

​​​​​Canadian E&P:

​News:



​Company Updates:

  • We have made no changes to our PPY-T estimates, Target Price or Recommendation.​ ​​​

Weekly Updates

​​(Week of May 8 - May 12, 2017)

​​Canadian Oilfield Services:

​News:




 

​Company Updates:

  • We increased our CEU-T estimates to reflect stronger Q1/17 results, ongoing improvement in the drilling fluids segment and a higher growth rate for the Canadian and U.S. production chemicals business. Accordingly, we have increased our Target Price to $10.50 from $9.25 previously (Based on 14.5x 2018 EV/EBITDA, unchanged). No change to Recommendation.
​
  • We slightly lowered our BDI-T estimates to reflect weaker Q1/17 results and a slightly more modest growth profile for the Britco assets. Further, we have increased our target multiple on BDI (now 8.0x 2018 EV/EBITDA, previously 7.0x) to reflect increased scale and cost synergies heading into 2018 (with the full integration of Britco) and an expected improvement in oil sands activity (positively impacting camps and lodging revenue and margins). No change to Target Price or Recommendation.
​
  • We have made slight adjustments to our TDG-T estimates. No change to Target Price or Recommendation.​ ​​​
 
  • We have made minor changes to our NAL-T estimates. No change to Target Price or Recommendation.​ ​​​
​
  • We slightly lowered our ESI-T estimates to reflect weaker Q1/17 results and lower forecast margins in H2/17 and 2018. Accordingly, we have lowered our Target Price to $8.50 from $8.75 previously (Based on 7.0x 2018 EV/EBITDA, unchanged). No change to Recommendation.

​​​​Canadian E&P:

​​News:


  • Kelt reports financial and operating results for the three months ended March 31, 2017 (May 10, 2017)   www.keltexploration.com/
   

​​Company Updates:

  • We slightly increased our PPY-T estimates to reflect solid Q1/17 results and better pricing than previously forecast. No change to Target Price or Recommendation.
​
  • We slightly lowered our KEL-T estimates to reflect a more modest growth profile going forward. Accordingly, we have lowered our Target Price to $9.50 from $10.50 previously (Based on 8.5x 2018 EV/DACF, unchanged). No change to Recommendation.
​
  • We slightly increased our CR-T estimates to account for higher Montney production in 2018 than previously forecast. Accordingly, we have increased our Target Price to $10.75 from $10.25 previously (Based on 8.0x 2018 EV/DACF, unchanged). No change to Recommendation.
 
  • We increased our TOG-T estimates to incorporate the company's increased guidance. Accordingly, we have increased our Target Price to $11.00 from $10.75 previously (Based on 8.5x 2018 EV/DACF, unchanged). No change to Recommendation.

Weekly Updates

​​(Week of May 1 - May 5, 2017)

​Canadian Oilfield Services:

​News:





​Company Updates:

  • FRC is being acquired by Trican Well Services. The Transaction is expected to be completed in the second half of 2017.

  • We slightly trimmed our HNL-T estimates in 2017 to reflect a more modest ramp in both the Industrials and Modular segments. In 2018, we have increased our estimates to include more of HNL's expanding modular backlog being converted into business. Accordingly, we have slightly increased our Target Price to $2.75 from $2.50 previously (Based on 7.0x 2018 EV/EBITDA, unchanged). No change to Recommendation.

  • We increased our TCW-T estimates in 2017 to reflect strong Q1/17 results and a more positive outlook for fraccing activity in Canada in H2/17. In 2018, we made only minor adjustments to our estimates. No change to Target Price or Recommendation.​ ​​​
​
  • We trimmed our SES-T estimates to reflect lower revenue and margin progression in the OS and DS divisions. Accordingly, we have lowered our Target Price to $14.00 from $16.00 previously (Based on 12.0x 2018 EV/EBITDA, unchanged). No change to Recommendation.
 
  • We have made minor changes to our TDG-T estimates. No change to Target Price or Recommendation.​ ​​​

​​​Canadian E&P:

​News:




​ ​ 

​Company Updates:

  • We trimmed our AAV-T estimates to account for slightly higher operating costs than previously forecast. Accordingly, we have lowered our Target Price to $11.00 from $11.50 previously (Based on 8.5x 2018 EV/DACF, unchanged). No change to Recommendation.
​
  • We have made minor adjustments to our CNQ-T estimates. No change to Target Price or Recommendation.​
 
  • We trimmed our VII-T estimates to account for minor margin and mix adjustments. Accordingly, we have lowered our Target Price to $44.00 from $45.00 previously (Based on 8.0x 2018 EV/DACF, unchanged). No change to Recommendation.
​
  • We slightly trimmed our ARX-T estimates in 2017 to reflect select operational delays driving lower Q2/17 volumes (including trucking of liquids in NE BC and a minor pipeline shutdown at Pembina). No change to Target Price or Recommendation.
​
  • We have made minor adjustments to our WCP-T estimates. No change to Target Price or Recommendation.​
​
  • We slightly lowered our ECA-T estimates to reflect a more modest growth profile going forward. Accordingly, we have lowered our Target Price to $14.00 from $15.00 previously (Based on 6.5x 2018 EV/DACF, unchanged). No change to Recommendation.

Weekly Updates

​​(Week of April 24 - April 28, 2017)

​​Canadian Oilfield Services:

​News:


  ​​

​​​Company Updates:

  • We lowered our WRG-T estimates to reflect lower dayrate progression into 2018 for the company's Canadian land drilling business. Accordingly, we have lowered our Target Price to $3.50 from $4.50 previously (Based on 7.0x 2018 EV/EBITDA, unchanged). No change to Recommendation.
​
  • We increased our CFW-T estimates to reflect solid Q1/17 results and a more positive outlook for fraccing activity in Canada and the U.S. in H2/17 and 2018. No change to Target Price or Recommendation.​ ​​
​
  • We slightly increased our PD-T estimates to incorporate a more positive outlook for drilling activity in Canada and the U.S. in H2/17 and 2018. No change to Target Price or Recommendation.​ ​​

​​Canadian E&P:

​​News:


​  
  • PrairieSky announces first quarter 2017 results (April 24, 2017)                                                                                   www.prairiesky.com/News-Releases-Notices

​​​​Company Updates:

  • We lowered our CPG-T estimates to reflect both weaker than forecast Q1/17 results and a more modest growth profile going forward. Accordingly, we have lowered our Target Price to $22.00 form $27.00 previously (Based on 8.0x 2018 EV/DACF, unchanged). No change to Recommendation.
​
  • We have made minor adjustments to our SU-T estimates. No change to Target Price or Recommendation.​
 
  • We slightly lowered our CVE-T estimates to reflect both weaker Q1/17 results and a more conservative growth profile post the ConocoPhillips acquisition. Further, we have adjusted our target multiple to reflect CVE's elevated debt levels post acquisition and to reflect a more modest growth profile going forward (based on 9.0x 2018 EV/DACF, previously 9.5x). Target Price and Recommendation remains unchanged.
​
  • We slightly increased our PSK-T estimates to account for an expected rise in production volumes in H2/17 and 2018 (adjusting for compliance and recently acquired thermal GORR's). No change to Target Price or Recommendation.​ ​​

Weekly Updates

​​(Week of April 17 - April 21, 2017)

​Canadian Oilfield Services:

News:


​​Company Updates:

  • We have made no changes to our WRG-T estimates, Target Price or Recommendation.​ ​​​
​
  • We slightly increased our SES-T estimates to incorporate the recent acquisition of a production chemicals business from a large U.S. multi-national (adds $3-$4 million in EBITDA per year). No change to Target Price or Recommendation.​ ​​

​Canadian E&P:

​News:

​

​​Company Updates:

  • We have made no changes to our SU-T estimates, Target Price or Recommendation.​ ​​​

  • We have made no changes to our ECA-T estimates, Target Price or Recommendation.​ ​​​

Weekly Updates

​​(Week of April 10 - April 14, 2017)

​​​​​​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

News:

​

​Company Updates:

  • We slightly increased our HNL-T estimates to incorporate its new three-year contract award for the provision of camp solutions in the Qikiqtaaluk Region of Nunavut (adds $2-$3 million in EBITDA per year). No change to Target Price or Recommendation.​ ​​

  • We have made no changes to our SVY-T estimates, Target Price or Recommendation.​ ​​​

​Canadian E&P:

​News:

  • No News Currently ​​

​Company Updates:

  • No Company Updates Currently ​​

Weekly Updates

​​(Week of April 3 - April 7, 2017)

​​​​​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​News:



   

​​​​​Company Updates:

  • We have made minor adjustments to our CFW-T estimates. No change to Target Price or Recommendation.​ ​​​
​
  • We have made no changes to our NAL-T estimates, Target Price or Recommendation.​ ​​​

​​​Canadian E&P:

​​News:

​​​​​​Company Updates:

  • We have made no changes to our CVE-T estimates, Target Price or Recommendation.​ ​​​

Weekly Updates

​​(Week of March 27 - March 31, 2017)

​​​​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​News:

​   ​

​​​​Company Updates:

  • Due to Savanna announcing the termination of its arrangement agreement with Western Energy, we have stripped out SVY from our WRG estimates. Price Target decreases to $4.50 from $5.00 previously (Based on 7.0x 2018 EV/EBITDA, previously 8.0x). We have lowered our target multiple to reflect WRG's smaller scale as a stand alone entity (fewer cost savings through synergies, ect.). Recommendation remains unchanged.

​​Canadian E&P:

​News:



​​​​​Company Updates:

  • We have increased our estimates for CVE-T to reflect the $17.7 billion acquisition from ConocoPhillips, which includes $14.1 billion cash and $3.6 billion of stock. The company is also looking to issue an additional $3 billion of equity in the public market and will look to sell $3.6 billion of additional assets (note - we have not included the asset sale in our estimates currently). Overall, the acquisition improves CVE's asset portfolio longer term and allows for corporate value creation, but at a hefty price. The high acquisition multiple and large debt load will likely negatively impact the stock in the near term. Accordingly, we have lowered our Target Price to $21.00 from $29.00 previously (Based on 9.5x 2018 EV/DACF, unchanged). No change to Recommendation.​
​
  • We have made no changes to our SU-T estimates, Target Price or Recommendation.​ ​​​

Weekly Updates

​​(Week of March 20 - March 24, 2017)

​​​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​​​News:


 

​​​Company Updates:

  • ​We have made no changes to our WRG-T estimates, Target Price or Recommendation.​ ​​​
​
  • We have increased our TCW-T estimates to incorporate the acquisition of FRC-T. Price Target increases to $6.00 from $4.50 previously (Based on 9.5x 2018 EV/EBITDA, previously 8.0x). We have increased our target multiple to reflect TCW's increased scale and improved cost structure, which should lead to a higher return on invested capital. Overall, we believe economies of scale in the fraccing industry will result in a competitive advantage. We have changed our Recommendation to a Buy from a Hold previously.
 
  • FRC is being acquired by Trican Well Services. Trican has agreed to acquire all of the issued and outstanding common shares of Canyon on the basis of 1.70 common shares of Trican for each outstanding Canyon share. The offer reflects a value of $6.63 per Canyon share based on the closing price of Trican shares on March 21, 2017 (32% premium over the closing price of Canyon shares on the TSX on March 21, 2017). The total transaction value is approximately $637 million, including the assumption of approximately $40 million in Canyon debt. Upon completion, existing Trican shareholders will own 56% of the combined company, while existing Canyon shareholders will own 44%. This transaction creates a premier, Canadian focused pressure pumper with 680,000 HHP. We expect Trican's offer to acquire Canyon will be approved by shareholders. 
 
  • ​We have made no changes to our WRG-T estimates, Target Price or Recommendation.​ ​​​

​Canadian E&P:

​​​News:

  • No News Currently ​​

​Company Updates:

  • No Company Updates Currently ​​

Weekly Updates

​​(Week of March 13 - March 17, 2017)

​​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​​News:

​  

​​Company Updates:

  • We made minor changes to our TDG-T estimates. No change to Target Price or Recommendation.​ ​​​
​
  • We made slight adjustments to our WRG-T estimates.​ No change to Target Price or Recommendation.​ ​​Comparatively, the new WRG offer results in a much higher premium vs. Total's offer (29% premium to 20-day VWAP vs. TOT at a 3% premium to 20-day VWAP). We expect Western's enhanced bid for Savanna will be successful. 
 
  • We made minor adjustments to our BDI-T estimates (Q4/16 results were pre-released). No change to Target Price or Recommendation.​ ​​​

​Canadian E&P:

​​​News:

​Company Updates:

  • We increased our estimates for PPY-T to reflect the UGR acquisition and built in the share issuance to URC and concurrent $100 million financing. Target Price slightly decreases to $12.00 from $13.00 previously (mainly due to the impact of dilution). Our Target Price is now based on 7.0x 2018 EV/DACF, up from 6.0x previously. We slightly increased our target multiple to reflect the increased scale of PPY's world-class Montney asset, potential acquisition synergies and increased take-away capacity in NEBC. No change to Recommendation.​

Weekly Updates

​​(Week of March 6 - March 10, 2017)

​​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​News:


​​

​Company Updates:

  • We made minor adjustments to our CEU-T estimates. No change to Target Price or Recommendation.​ ​​
​
  • We increased our WRG-T estimates to incorporate the acquisition of SVY (we have assumed that SVY shareholders will accept WRG's superior offer and will reject TOT's competing offer). Price Target increases to $5.00 from $4.00 previously (Based on 8.0x 2018 EV/EBITDA, previously 7.0x). We increased our target multiple to reflect WRG's increased scale after incorporating SVY (creating the second largest driller in Canada). We believe economies of scale in both the drilling and service rig business will result in a competitive advantage. No change to Recommendation.​
​
  • SVY is being acquired by Western Energy Services. The Transaction value, based on Western’s 20‐day VWAP, is approximately $533 million, including the assumption of approximately $248 million in Savanna net debt, including estimated transaction costs. We expect Western's bid for Savanna will be successful. 
​
  • We increased our BDI-T estimates to incorporate the acquisition of Britco's modular workspace rental fleet and related assets (2017 EBITDA guidance is now of $35-$45 million, up from $30-$40 million previously). Price Target remains unchanged at $7.25 (Based on 7.0x 2018 EV/EBITDA, previously 6.5x). We slightly increased our target multiple to reflect BDI's ongoing diversification into non-energy related businesses (i.e. Boxx Modular). No change to Recommendation.​
​
  • We made minor adjustments to our ESI-T estimates. No change to Target Price or Recommendation.​ ​​

​​​​Canadian E&P:

​News:


  • Kelt reports financial an  operating results for the quarter and year ended December 31, 2016 (March 8, 2017)   www.keltexploration.com/



​Company Updates:

  • We increased our estimates for CNQ-T to reflect the acquisition of a 70% interest in the Athabasca oil sands project (ASOP) from Shell and Marathon for $12.7 billion. Target Price increases to $65.00 from$60.00 previously (Based on 8.0x 2018 EV/DACF, previously 8.5x). We slightly lowered our target multiple to reflect the large increase in leverage associated with the ASOP acquisition. No change to Recommendation.​
​
  • We slightly increased our KEL-T estimates. No change to Target Price or Recommendation.​ ​​
 
  • We slightly trimmed our VII-T estimates to account for lower production volumes in Q2/17 (14-day outage, roughly a 5,000 boe/d impact). No change to Target Price or Recommendation.​ 
​
  • We made minor adjustments to our WCP-T estimates. No change to Target Price or Recommendation.​ ​​
​
  • We trimmed our PPY-T estimates to reflect lower company guidance, due to the decline in natural gas prices (2017 - $288 million in capex driving production of 43,000 boe/d, 2018 - $216 million in capex driving production of 60,000 boe/d). Accordingly, we have lowered our Target Price to $13.00 form $14.00 previously (Based on 6.0x 2018 EV/DACF, 5.0x previously). We slightly increased our target multiple to reflect PPY's peer-leading growth profile in 2017 & 2018 and to move closer to the peer group average. No change to Recommendation.​

Weekly Updates

​​(Week of February 27 - March 3, 2017)

​​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​​​News:

​​    
  • Secure announces fourth quarter adjusted EBITDA of $33 million and year end 2016 results (March 1, 2017)                     secure-energy.mediaroom.com/ 
​

​Company Updates:

  • We increased our FRC-T estimates to reflect higher utilization and margins than previously forecast (i.e. FRC is effectively sold out for the remainder of 2017 and pricing increases continue). Accordingly, we have raised our Target Price to $8.50 from $7.25 previously (Based on 8.5x 2018 EV/EBITDA). Recommendation changes to Buy from Hold previously.
​
  • We raised our HNL-T estimates to reflect increased contribution from the modular construction business (revenue of $40-$60 million expected in 2017, likely moving to north of $130 million in 2018). Accordingly, we have raised our Target to $2.50 from $2.25 previously (Based on 7.0x 2018 EV/EBITDA, previously 6.5x). We slightly increased our target multiple to reflect HNL's ongoing diversification into non-energy related businesses. No change to Recommendation.​

  • We slightly lowered our TDG-T estimates in 2018 to reflect lower Revenue/EBITDA from TDG's JV with Halliburton (i.e. uncertainty around contract renewals). No change to Target Price or Recommendation.​ 

  • We slightly lowered our SES-T estimates to reflect slower margin progression in the DPS and OS divisions. Accordingly, we lowered our Target to $16.00 from $16.50 previously (Based on 12.0x 2018 EV/EBITDA). No change to Recommendation.​ 
​
  • We lowered our BDI-T estimates in 2017 to reflect lower company guidance (EBITDA of between $30 and $40 million). Specifically, we lowered our 2017 EBITDA estimate to $38 million from $46 million previously. We left our 2018 estimates unchanged. No change to Target Price or Recommendation.​

​​​Canadian E&P:

​​​​News:


​   ​ ​ ​  

​Company Updates:

  • We lowered our cash flow estimates for AAV-T to reflect a less optimistic outlook for natural gas prices going forward. Target Price lowers to $11.50 from$14.50 previously (Based on 8.5x 2018 EV/DACF). No change to Recommendation.​ 
​
  • We slightly lowered our cash flow estimates for CR-T to reflect a less optimistic outlook for natural gas prices going forward. No change to Target Price or Recommendation.​ ​​
​
  • We slightly increased our TOG-T cash flow estimates to reflect lower opex and transportation costs guidance (~$14.00/boe). No change to Target Price or Recommendation.​ ​​
​
  • We increased our estimates for CNQ-T to reflect stronger cash flow generation from Horizon, as operating costs are expected to drop to sub-$20/bbl by the end of 2017. Target Price increases to $60.00 from $59.00 previously (Based on 8.5x 2018 EV/DACF). No change to Recommendation.​ 
 
  • We lowered our cash flow estimates for PPY-T to reflect the weakness in natural gas prices since the start of 2017 and a less optimistic outlook for prices going forward. Target Price lowers to $14.00 from$17.00 previously (Based on 5.0x 2018 EV/DACF). No change to Recommendation.​ 
 
  • We increased our estimates for PSK-T to reflect strong company guidance and higher 2017 capital spending than   previously forecast. Target Price increases to $35.00 from$33.00 previously (Based on 30.0x 2018 EV/DACF). No change to Recommendation.​ 
 
  • No changes to our WCP-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of February 20 - February 24, 2017)

​​​​​​​​​​​​​​​​Canadian Oilfield Services:

​​News:

​    

​​Company Updates:

  • We lowered our NAL-T estimates in 2017 to reflect the lower end of the company's 2017 Adjusted EBITDA guidance (taking a less optimistic view on NAL's prospects for 2017). We left our 2018 estimates unchanged. No change to Target Price or Recommendation.​

  • We lowered our CFW-T estimates after incorporating weaker forecast margin progression in the US, Latin America, and Russia. Accordingly, we lowered our Target price to $4.00 from $4.25 previously (Based now on 8.0x 2018 EV/EBITDA, previously 7.0x). We slightly increased our target multiple to a level closer to CFW's historical multiple to reflect how cyclical stocks trade in a recovery period. No change to Recommendation.
​​
  • We made minor adjustments to our TCW-T estimates. No change to Target Price or Recommendation.​ ​​
​
  • We increased our WRG-T estimates after incorporating an improved rig count progression in Canada and the U.S going forward. Target price remains unchanged at $4.00 (Based now on 7.0x 2018 EV/EBITDA, previously 9.0x). We lowered our target multiple to a level closer to WRG's historical +1 standard deviation multiple of 7.0x to reflect how cyclical stocks trade in a recovery period. No change to Recommendation.

​​Canadian E&P:

​News:

​

​​​Company Updates:

  • We made minor adjustments to our CPG-T estimates. No change to Target Price or Recommendation.​ ​​
​
  • No changes to our CR-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of February 13 - February 17, 2017)

​​​​​​​​​​​​​​​Canadian Oilfield Services:

​News:

  • No News Currently ​​

​Company Updates:

  • No Company Updates Currently ​​

​Canadian E&P:

​​News:



​Company Updates:

  • We made minor adjustments to our ECA-T estimates. No change to Target Price or Recommendation.​ ​​

  • We slightly increased our CVE-T estimates after incorporating solid Q4/16 results and an improved outlook for 2017. No change to Target Price or Recommendation.​
 
  • No changes to our CNQ-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of February 6 - February 10, 2017)

​​​​​​​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​​​​​​News:


​​​​​​​​​​​​​​Company Updates:

  • We slightly increased our PD-T estimates after accounting for an improved rig count progression in the U.S. and a broad-based implementation of pricing increases across all of PD's active spot market rigs. No change to Target Price or Recommendation.​
​
  • No changes to our TDG-T estimates, Target Price or Recommendation.​ 

​​​​​​​​​​​​​​​​​Canadian E&P:

​​​​​​​​​​​​​​​News:

  • Kelt reports significant increase in oil and gas reserves and net asset value per share (Feb 10, 2017)   www.keltexploration.com/
​​ ​   ​​

​​​​​​​​​​​​​​Company Updates:

  • No changes to our KEL-T estimates, Target Price or Recommendation.​ 
​
  • No changes to our CR-T estimates, Target Price or Recommendation.​ 
​
  • We made minor adjustments to our SU-T estimates. No change to Target Price or Recommendation.​ ​​
 
  • We lowered our estimates for ARX-T to reflect revised company guidance and a more conservative outlook for the company overall. Target Price lowers to $23.00 from $24.00 previously (Based on 9.0x 2018 EV/DACF). No change to Recommendation.​ ​
​
  • No changes to our AAV-T estimates, Target Price or Recommendation.​ 

Weekly Updates

​​(Week of January 30 - February 3, 2017)

​​​​​​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​​​​​​News:

  • No News Currently ​

​​​​​​​​​​​​​Company Updates:

  • No Company Updates Currently ​

​​​​​​​​​​​​​​​​Canadian E&P:

​​​​​​​​​​​​​​News:

​​​​​​​​​​​​​​Company Updates:

  • We have made no changes to our previously revised SU-T estimates. No change to Target Price or Recommendation.​ 

Weekly Updates

​​(Week of January 23 - January 27, 2017)

​​​​​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​​​​​News:


​

​​​​​​​​​​​​Company Updates:

  • We made minor adjustments to our TDG-T estimates. No change to Target Price or Recommendation.​ ​​
​
  • We adjusted our TCW-T estimates to incorporate cash proceeds from sale of investments. No change to Target Price or Recommendation.​​

​​​​​​​​​​​​​​​Canadian E&P:

​News:

  • No News Currently 

​​​​​​​​​​​​​Company Updates:

  • No Company Updates Currently 

Weekly Updates

​​(Week of January 16 - January 20, 2017)

​​​​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​​​​News:


​

​​​​​​​​​​​Company Updates:

  • We adjusted our TDG-T estimates to incorporate $130 million equity financing. No change to Target Price or Recommendation.​

  • We slightly increased our TDG-T estimates after incorporating higher 2017 capex guidance and improved market conditions in Canada and the U.S. (particularity in the Permian Basin). No change to Target Price or Recommendation.​
​
  • We made minor adjustments to our BDI-T estimates. No change to Target Price or Recommendation.​ ​​

​​​​​​​​​​​​​​Canadian E&P:

​​​​​​​​​​​​News:


  • Kelt provides Montney land holdings update and closes Karr disposition for gross proceeds of $100 million (Jan 18, 2017) www.keltexploration.com/​ 

​​​​​​​​​​​​Company Updates:

  • We made minor adjustments to our AAV-T estimates. No change to Target Price or Recommendation.​ 

  • We made minor adjustments to our KEL-T estimates. No change to Target Price or Recommendation.​ 

Weekly Updates

​​(Week of January 9 - January 13, 2017)

​​​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​​​News:

​​​​​​​​​​Company Updates:

  • We made minor adjustments to our WRG-T estimates. No change to Target Price or Recommendation.​ ​​

​​​​​​​​​​​​​Canadian E&P:

​News:

  • No News Currently 

​​​​​​​​​​Company Updates:

  • No Company Updates Currently 

Weekly Updates

​​(Week of January 2 - January 6, 2017)

​​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​​News:

  • No News Currently 

​​​​​​​​​Company Updates:

  • No Company Updates Currently 

​​​​​​​​​​​​Canadian E&P:

​​​​​​​​​​​News:





  • Kelt enters into agreement to dispose oil and gas properties at Karr for proceeds of $100 million (Jan 4, 2017)   www.keltexploration.com/

​​​​​​​​​​Company Updates:

  • We lowered our 2016 estimates for VII-T after incorporating lower forecast Q4/16 production guidance. No change to Target Price or Recommendation.​ 

  • We made minor adjustments to our PPY-T estimates. No change to Target Price or Recommendation.​ 
 
  • We slightly increased our WCP-T estimates after incorporating slightly higher production levels. No change to Target Price or Recommendation.​
 
  • We slightly lowered our CR-T estimates after incorporating 2017 budget and adjusted our estimates for no heavy oil asset sale at year-end 2016 (process remains ongoing). Target Price lowers to $10.25 from $10.75 previously (Based on 8.5x 2018 EV/DACF). No change to Recommendation.​ ​
 
  • We have increased our KEL-T estimates to reflect higher 2017 capex spending and lowered our debt estimates to reflect the Karr asset sale. Target Price increases to $10.50 from $8.50 previously (Based on 8.5x 2018 EV/DACF). No change to Recommendation.
​​
  • We made minor adjustments to our ECA-T estimates after incorporating updated 2017 forecast. No change to Target Price or Recommendation.​ ​

Weekly Updates

​​(Week of December 19 - December 23, 2016

​​​​​​​​Canadian Oilfield Services:

​​​​​​​​​News:

​​​​​​​​​Company Updates:

  • We made no changes to our BDI-T estimates. No change to Target Price or Recommendation.​ ​

​​​​​​​​​​​Canadian E&P:

​​​​​​​​​​News:

  • No News Currently 

​Company Updates:

  • No Company Updates Currently 

Weekly Updates

​​(Week of December 12 - December 16, 2016

​​​​​​​Canadian Oilfield Services:

​​​​​​​​News:

​​​​​​​​Company Updates:

We are introducing our 2018 estimates for Canadian Oilfield Services. Of note, we are moving to an EV/EBITDA valuation approach from a P/TBV valuation previously, given that we have exited the market trough. Target and Rating changes are as follows:
​
Drilling Companies:

  • ESI-T - Target Price increases to $8.75, up from $8.00 previously(Based on 7.0x 2018 EV/EBITDA). No change to HOLD Recommendation.​​
 
  • PD-T - Target Price increases to $9.50, up from $8.50 previously (Based on 8.5x 2018 EV/EBITDA). No change to BUY Recommendation.​​​
 
  • SVY-T - Target Price increases to $3.25, up from $2.50 previously (Based on 7.0x 2018 EV/EBITDA). No change to BUY Recommendation.​​​
 
  • TDG-T - Target Price increases to $4.75, up from $3.75 previously (Based on 8.0x 2018 EV/EBITDA). No change to BUY Recommendation.​​
 
  • WRG-T - Target Price remains unchanged at $4.00 (Based on 9.0x 2018 EV/EBITDA). No change to BUY Recommendation.​​

Fraccing Companies:

  • CFW-T - Target Price increases to $4.25, up from $3.50 previously (Based on 7.0x 2018 EV/EBITDA). No change to HOLD Recommendation.​​
 
  • FRC-T - Target Price increases to $7.25, up from $6.75 previously (Based on 8.5x 2018 EV/EBITDA). Recommendation changes to a HOLD from a BUY previously.
 
  • TCW-T - Target Price increases to $4.50, up from $4.00 previously (Based on 8.0x 2018 EV/EBITDA). No change to HOLD Recommendation.

Oilfield Fluids & Waste Mgmt. Companies:

  • CEU-T - Target Price increases to $9.25, up from $6.50 previously (Based on 14.5x 2018 EV/EBITDA). Recommendation changes to a BUY from a HOLD previously.
 
  • NAL-T - Target Price increases to $4.00, up from $3.00 previously (Based on 6.5x 2018 EV/EBITDA). No change to BUY Recommendation.
 
  • SES-T - Target Price increases to $16.50, up from $13.50 previously (Based on 12.0x 2018 EV/EBITDA). No change to BUY Recommendation.
​
Accomodations Companies:

  • BDI-T - Target Price increases to $7.25, up from $7.00 previously (Based on 6.5x 2018 EV/EBITDA). No change to BUY Recommendation.
 
  • HNL-T - Target Price remains unchanged at $2.25 (Based on 6.5x 2018 EV/EBITDA). No change to BUY Recommendation.​​

​​​​​​​​​​Canadian E&P:

​​​​​​​​​News:



​​​​​​​​Company Updates:

We are introducing our 2018 estimates for Canadian E&P. Model adjustments for CNQ-T, TOG-T and PSK-T have been included with 2018 estimates. Target and Rating changes are as follows:

Large-Cap Companies:

  • CNQ-T - Target Price increases to $59.00, up from $58.00 previously (Based on 8.5x 2018 EV/DACF). No change to BUY Recommendation.​​
 
  • CVE-T - Target Price remains unchanged at $29.00 (Based on 9.5x 2018 EV/DACF). No change to BUY Recommendation.​​
 
  • CPG-T - Target Price increases to $27.00, up from $25.00 previously (Based on 8.0x 2018 EV/DACF). No change to BUY Recommendation.​​
 
  • ECA-T - Target Price increases to $15.00, up from $13.50 previously (Based on 6.5x 2018 EV/DACF). No change to HOLD Recommendation.​​
 
  • SU-T - Target Price remains unchanged at $54.00 (Based on 9.0x 2018 EV/DACF). No change to BUY Recommendation.​​
​
Mid-Cap Companies:

  • AAV-T - Target Price increases to $14.50, up from $12.50 previously (Based on 8.5x 2018 EV/DACF). No change to BUY Recommendation.​​​
 
  • ARX-T - Target Price increases to $24.00, up from $23.00 previously (Based on 9.0x 2018 EV/DACF). No change to HOLD  Recommendation.​​
 
  • CR-T - Target Price increases to $10.75, up from $9.00 previously (Based on 8.5x 2018 EV/DACF). Recommendation changes to a BUY from a HOLD previously.
 
  • KEL-T - Target Price increases to $8.50, up from $6.50 previously (Based on 8.5x 2018 EV/DACF). Recommendation changes to a BUY from a HOLD previously.
 
  • PPY-T - Target Price increases to $17.00, up from $15.00 previously (Based on 5.0x 2018 EV/DACF). No change to BUY Recommendation.​​
 
  • PSK-T - Target Price increases to $33.00, up from $29.00 previously (Based on 30.0x 2018 EV/DACF). No change to HOLD Recommendation.​​
 
  • TOG-T - Target Price remains unchanged at $10.75 (Based on 8.5x 2018 EV/DACF). No change to BUY Recommendation.​​
 
  • VII-T - Target Price increases to $45.00, up from $41.00 previously (Based on 8.0x 2018 EV/DACF). No change to BUY Recommendation.​​
 
  • WCP-T - Target Price remains unchanged at $15.00  (Based on 8.5x 2018 EV/DACF). No change to BUY Recommendation.​​

Weekly Updates

​​(Week of December 5 - December 9, 2016

​​​​​​Canadian Oilfield Services:

​​​​​​​News:

​​​​​​​Company Updates:

  • We made minor adjustments to our PD-T estimates after incorporating 2017 spending guidance. No change to Target Price or Recommendation.​ 

​​​​​​​​​Canadian E&P:

​​​​​​​​News:


​​​​​​​​Company Updates:

  • We increased our CVE-T estimates after incorporating solid 2017 guidance. Target Price increases to $29.00, up from $27.00 previously. No change to Recommendation.​​
​
  • We increased our CPG-T estimates after incorporating strong 2017 guidance. Target Price increases to $25.00, up from $24.00 previously. No change to Recommendation.​​

Weekly Updates

​​(Week of November 28 - December 2, 2016

​​​​​Canadian Oilfield Services:

​​​​​​News:

  • No News Currently 

​​​​​​Company Updates:

  • Based on valuation, we are changing our Recommendation on TCW-T to a Hold from a Buy previously.
​
  • ​Based on valuation, we are changing our Recommendation on CFW-T to a Hold from a Buy previously.

​​​​​​​​Canadian E&P:

​​​​​​​News:

  • PrairieSky Announces royalty transactions (Dec 1, 2016)                                                                    www.prairiesky.com/News-post    

​​​​​​​Company Updates:

  • We increased our PSK-T estimates after incorporating new royalty transactions. Target Price increases to $29.00, up from $27.00 previously. No change to Recommendation.​

  • We slightly increased our AAV-T estimates after incorporating 2017 spending and production guidance. No change to Target Price or Recommendation.​ 

Weekly Updates

​​(Week of November 21 - November 25, 2016

​​​​Canadian Oilfield Services:

​​​​​News:


  • Total Energy Services Inc. announces intention to make a takeover bid for Savanna Energy Services (Nov 24, 2016)    www.totalenergy.ca/news-releases/                    

​​​​​Company Updates:

  • We made minor changes to our CFW-T estimates to incorporate equity financing. No change to Target Price or Recommendation.​ 

  • We have made no changes to our SVY-T estimates. We do not expect that Total Energy Services hostile takeover bid of Savanna will move forward. No change to Target Price or Recommendation​ 

​​​​​​​Canadian E&P:

​​​​​News:

  • No News Currently 

​​​​​Company Updates:

  • No Company Updates Currently 

Weekly Updates

​​(Week of November 14 - November 18, 2016

​​​Canadian Oilfield Services:

​​​​News:

  • No News Currently 

​​​​Company Updates:

  • No Company Updates Currently 

​​​​​​​Canadian E&P:

​​​​​News:


​

​​​​​Company Updates:

  • We decreased our ARX-T estimates after incorporating the Saskatchewan asset sale. Target Price decreases to $23.00, down from $24.00 previously. No change to Recommendation​.

  • We increased our SU-T estimates after incorporating increased 2017 guidance. Target Price increases to $54.00, up from $48.00 previously. No change to Recommendation.​
​
  • We increased our PPY-T estimates after incorporating increased 2017 spending and production guidance. Target Price increases to $15.00, up from $13.00 previously. No change to Recommendation​.

Weekly Updates

​​(Week of October 7 - November 11, 2016

​​Canadian Oilfield Services:

​​​News:



  • Newalta Reports Third Quarter 2016 Results (Nov 9, 2016)                                                                    newalta.mediaroom.com/news-releases

  • Trican Reports Third Quarter Results for 2016 (Nov 9, 2016)                                                        www.tricanwellservice.com/investors

​

​​​Company Updates:

  • We increased our CEU-T estimates after incorporating stronger than forecast Q3/16 results. Target Price increases to $6.50, up from $5.50 previously. No change to Recommendation.
​
  • We lowered our NAL-T estimates to incorporate weaker than forecast Q3/16 results. Target Price decreases to $3.00, down from $3.25 previously. No change to   Recommendation.
 
  • We made minor changes to our TCW-T estimates to incorporate Q3/16 results. No change to Target Price or Recommendation
​
  • We slightly lowered our BDI-T estimates to incorporate weaker than forecast Q3/16 results. No change to Target Price or Recommendation
 
  • We increased our SVY-T estimates after incorporating stronger than forecast Q3/16 results. Target Price increases to $2.50, up from $2.00 previously. No change to Recommendation.
​
  • Based on valuation, we are changing our Recommendation on CFW-T to a Buy from a Hold previously.

​​​​​​Canadian E&P:

​​​​News:



  • Kelt Reports Financial and Operating Results for the Three and Nine Months Ended September 30, 2016 (Nov 10, 2016)    www.keltexploration.com/
​

​​​​Company Updates:

  • We increased our ARX-T estimates after incorporating stronger than forecast Q3/16 results. Target Price increases to $24.00, up from $22.00 previously. No change to Recommendation.

  • We lowered our CPG-T estimates to incorporate weaker than expected Q3/16 results. Target Price decreases to $24.00, down from $27.00 previously. No change to Recommendation.
​
  • We made minor changes to our KEL-T estimates to incorporate Q3/16 results. No change to Target Price or Recommendation

  • We slightly increased our PPY-T estimates to incorporate Q3/16 results. No change to Target Price or Recommendation

  • We made minor changes to our TOG-T estimates to incorporate Q3/16 results. No change to Target Price or Recommendation

Weekly Updates

​​(Week of October 31 - November 4, 2016)

​Canadian Oilfield Services:

​​News:



​​ 

​​Company Updates:

  • We made ​minor changes to our FRC-T estimates after incorporating Q3/16 results. No change to Target Price or Recommendation.​​ 

  • ​We made ​minor changes to our SES-T estimates after incorporating Q3/16 results. No change to Target Price or Recommendation.​​ 

  • We increased our TDG-T estimates after incorporating Q3/16 results. Target Price increases to $3.75, up from $3.25 previously. No change to Recommendation. 
​
  • We slightly lowered our HNL-T estimates to incorporate Q3/16 results. No change to Target Price or Recommendation. 

​​​​​Canadian E&P:

​News:

​​ 



​​​Company Updates:

  • We slightly increased our estimates for CNQ-T to incorporate Q3/16 results. Target Price increases to $55.00, up from $54.00 previously. Rating remains unchanged.

  • We slightly increased our estimates for ECA-T to incorporate solid Q3/16 results. No change to Target Price or Recommendation.​​ 

  • We made minor changes to our CR-T estimates to incorporate Q3/16 results. No change to Target Price or Recommendation.​​ 

  • We increased our estimates for AAV-T to incorporate stronger than forecast Q3/16 results. Target Price increases to $12.50, up from $10.00 previously. Rating is changed to a Buy from a Hold previously.
​
  • We slightly lowered our estimates for WCP-T after incorporating Q3/16 results. Target Price decreases slightly to $15.00, up from $15.50 previously. Rating remains unchanged.
​
  • We increased our estimates for VII-T to incorporate stronger than forecast Q3/16 results. Target Price increases to $41.00, up from $39.00 previously. Rating remains unchanged.

Weekly Updates

​​(Week of October 24 - 28, 2016)

​​Canadian Oilfield Services:

​News:


​Company Updates:

  • We made ​minor changes to our CFW-T estimates after incorporating Q3/16 results. No change to Target Price or Recommendation.​​ 
​
  • We made ​minor changes to our WRG-T estimates after incorporating Q3/16 results. No change to Target Price or Recommendation.​​ 

​​​​Canadian E&P:

​​News:



  • ​PrairieSky Announces Third Quarter 2016 Results (Oct 26, 2016)                                                  www.prairiesky.com/News-post       

​​Company Updates:

  • We slightly increased our estimates for CVE-T after incorporating solid Q3/16 results. Target Price increases to $27.00, from $25.00 previously. No change to Recommendation.

  • We increased our estimates for SU-T after incorporating stronger than forecast Q3/16 results. Target Price increases to $48.00, from $46.00 previously. No change to Recommendation.

  • We increased our estimates for PSK-T after incorporating stronger than forecast Q3/16 results. Target Price increases to $27.00, from $26.00 previously. No change to Recommendation.

Weekly Updates

​​(Week of October 17 - 21, 2016)

​Canadian Oilfield Services:

​​News:

​Company Updates:

  • We made ​minor Changes to our PD-T estimates after incorporating Q3/16 results. No change to Target Price or Recommendation.   

​​​Canadian E&P:

​​​News:

  • No News Currently   

​​Company Updates:

  • No Company Updates Currently

Weekly Updates

​​(Week of October 3 - 7, 2016)

​Canadian Oilfield Services:

​News:

​Company Updates:

  • We slightly increased our estimates for BDI-T to incorporate the Shelter Modular Inc. acquisition and $5 million increase to the 2016 capex budget. No change to Target Price or Recommendation.​​​​

  • Due to the significant increase in valuation, we are changing our Recommendation on CEU-T to a Hold from a Buy previously.

​​Canadian E&P:

​News:

​​Company Updates:

  • We made minor changes to our ECA-T estimates to incorporate slightly lower operating costs in 2016 and 2017. No change to Target Price or Recommendation.​​​ 

Weekly Updates

​​(Week of September 19 - 23, 2016)

​​​​Canadian Oilfield Services:

​News:

  • No News Currently    

​​​Company Updates:

  • No Company Updates Currently

​Canadian E&P:

​News:


​​​Company Updates:

  • We increased our estimates for ECA-T to incorporate higher production volumes in 2017 and lower debt levels following the company's $1.15 Bn equity financing. Target Price increases to $13.50, up from $11.00 previously. Recommendation remains unchanged.

  • We made minor changes to our PPY-T estimates to incorporate slightly higher average production in 2016 than previously forecast. No change to Target Price or Recommendation.​​​ ​

Weekly Updates

​​(Week of September 5 - 9, 2016)

​​​Canadian Oilfield Services:

​News:

  • No News Currently    

​​Company Updates:

  • No Company Updates Currently

​Canadian E&P:

​News:

  • Crescent Point Announces Increased Capital Expenditures of CDN$600 Million in 2016 and 2017, Upwardly Revised Guidance and a CDN$650 Million Bought Deal Financing (September 8, 2016)    www.crescentpointenergy.com/invest/news

​​​Company Updates:

  • We increased our CPG-T estimates to incorporate increased capex budget, guidance and bought deal financing. Target Price increases to $27.00, up from $26.00 previously. Recommendation remains unchanged.

Weekly Updates

​​(Week of August 29 - September 2, 2016)

​​Canadian Oilfield Services:

​News:

  • No News Currently    

​Company Updates:

  • No Company Updates Currently    

​Canadian E&P:

​​News:

​​Company Updates:

  • We made ​minor changes to our TOG-T estimates after incorporating finalized acquisition. No change to Target Price or Recommendation.​​​​

Weekly Updates

​​(Week of August 8 - 12, 2016)

​Canadian Oilfield Services:

​News:



​                

​​Company Updates:

  • We slightly lowered our HNL-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​​

  • We slightly increased our BDI-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​​

  • We made ​minor changes to our TCW-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​​ 

  • We increased our CEU-T estimates after incorporating Q2/16 results. Target Price increases to $5.50, up from $5.00 previously. Recommendation remains unchanged.

  • We made ​minor changes to our ESI-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​​ 

​​Canadian E&P:

​News:



  • Kelt Reports Financial and Operating Results for Second Quarter 2016 (Aug 10, 2016)                 www.keltexploration.com/  

​Company Updates:

  • We increased our CPG-T estimates after incorporating stronger than forecast Q2/16 results. Target Price increases to $26.00, up from $25.00. Recommendation remains unchanged.
​
  • We slightly increased our PPY-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​​ ​
​
  • We increased our KEL-T estimates after incorporating Q2/16 results. Target Price increases to $6.50, up from $5.50 previously. Rating changes to Buy from Hold.
​
  • We slightly increased our TOG-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​​ ​

Weekly Updates

​​(Week of August 1 - 5, 2016)

​Canadian Oilfield Services:

​News:



 

​Company Updates:

  • We made ​minor changes to our FRC-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​ 

  • We increased our NAL-T estimates after incorporating stronger than forecast Q2/16 results. Target Price increases to $3.25, up from $2.50 previously. Recommendation changed to Buy from Hold.
​
  • We made ​minor changes to our SVY-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​ 

  • We increased our TDG-T estimates after incorporating Q2/16 results. Target Price increases to $3.25, up from $2.50 previously. No change to Recommendation.  

  • We increased our estimates for CEU-T to incorporate Catalyst acquisition. No change to Target Price or Recommendation.

​Canadian E&P:

​​News:




​

​Company Updates:

  • We slightly increased our estimates for CNQ-T to incorporate Q2/16 results. No change to Target Price or Recommendation.

  • We increased our estimates for CR-T to incorporate Q2/16 results. Target Price increases to $9.00, up from $7.50 previously. No change to Recommendation.
​​
  • We increased our estimates for WCP-T to incorporate Q2/16 results. Target Price increases to $15.50, up from $15.00 previously. No change to Recommendation.

  • We increased our estimates for AAV-T to incorporate Q2/16 results. Target Price increases to $10.00, up from $9.50 previously. No change to Recommendation.
​​
  • We increased our estimates for VII-T to incorporate Q2/16 results. Target Price increases to $39.00, up from $37.00 previously. Recall, VII's $1.5 Billion Montney acquisition is expected to close on or before October 16, 2016.

  • We made minor adjustments to our estimates for ARX-T to incorporate Q2/16 results. No change to Target Price or Recommendation.

Weekly Updates

​​(Week of July 25 - 29, 2016)

Canadian Oilfield Services:

News:


  • ​Western Energy Services Releases Second Quarter 2016 Financial & Operating Results (July 26, 2016)              www.wesc.ca/                                        

Company Updates:

  • We slightly lowered our CFW-T estimates after incorporating weaker than forecast Q2/16 results. No change to Target Price or Recommendation.​​ 

  • We increased our SES-T estimates after incorporating stronger than forecast Q2/16 results. Target Price increases to $13.50, up from $12.00 previously. No change to Recommendation. 

  • We made ​minor changes to our WRG-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.​​ 

Canadian E&P:

​News:



  • ​PrairieSky Announces Second Quarter 2016 Results (July 25, 2016)                                               www.prairiesky.com/News-post              

​Company Updates:

  • We made ​minor changes to our CVE-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation. 

  • We slightly lowered our estimates for SU-T after incorporating Q2/16 results. Target Price decreases to $46.00, from $47.00 previously. No change to Recommendation. 

  • We made ​minor changes to our PSK-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.    ​

  • We increased our estimates for TOG-T to incorporate SE Sask acquisition, bought deal financing and increased 2016 guidance. Target Price increases to $10.75, up from $10.00 previously. No change to Recommendation.  

Weekly Updates

​​(Week of July 18 - 22, 2016)

​Canadian Oilfield Services:

​News:


​Company Updates:

  • We made ​minor Changes to our PD-T estimates after incorporating Q2/16 results. No change to Target Price or Recommendation.    
​
  • We increased our estimates for HNL-T to incorporate Empire acquisition. No change to Target Price or Recommendation.

​Canadian E&P:

​News:

​​Company Updates:

  • We increased our estimates for ECA-T to incorporate strong Q2/16 results. Target Price increases to $11.00, up from $9.00 previously. No change to Recommendation.