Cannacord cuts PT on Canadian oilfield services firm, cites dour sentiment

Ensign Energy Services

16/08/2019 12:27

** Cannacord cuts PT on several Canadian oilfield services
firms as investor sentiment turns increasingly sour with hopes
for recovery fading after Q2 results
    ** Says PT changes reflect a more protracted fundamental
downturn in the oilfield services sector 
    ** Says investor sentiment darkened through the course of
the Q2/19 earnings season as the global trade war escalated,
stoking fears of looming recession
    ** Cannacord also cites further deterioration in North
American pumping market sentiment
    ** Brokerage says investor-induced E&P austerity that has
dictated the pace of activity in Western Canadian Sedimentary
Basin (WCSB) has more recently taken hold in the United States
    ** Says investors willing to use current extreme negative
sentiment as an entry point into the sector, should focus on
Secure Energy Services  SES.TO  and Tervita Corp  TEV.TO 
    ** Also favors CES Energy Solutions, saying co remains well
positioned for a challenging fundamental environment, and
drillers Precision Drilling  PD.TO  and Ensign  ESI.TO 
     ** Cuts PT on Calfrac Well Services  CFW.TO , ENTREC Corp
 ENT.TO , Ensign Energy Services  ESI.TO , McCoy Global  MCB.TO 
and Trican Well Service  TCW.TO  among others
           

 (Reporting By Arundhati Sarkar in Bengaluru)
 ((Reuters Messaging: arundhati.sarkar@.thomsonreuters.com))