ATB sees energy services sector moving into 'cash harvesting phase', raises PTs

Precision Drilling(Calgary)

04/01/2023 20:20

** Brokerage ATB Capital Markets raises PT on U.S. and
Canadian energy services cos
    ** Brokerage sees energy services sector moving into cash
harvesting phase in 2023
    ** ATB expects sector's EBITDA and FCF increasing by 36% and
143%, respectively, in 2023
    ** Global upstream spending to increase by mid-to-high-teen
percentage year-on-year, says brokerage
    ** ATB picks SLB  SLB.N , Nov Inc  NOV.N , Helmerich & Payne
Inc  HP.N , Precision Drilling Corp  PD.TO  and Calfrac Well
Services Ltd  CFW.TO  as its top picks for 2023
 Company                                 New PT      Old PT
 Halliburton  HAL.N                      $53         $49
 Baker Hughes  BKR.O                     $39         $37
 SLB  SLB.N                              $68         $59 
 Nov  NOV.N                              $32         $29
 Helmerich & Payne  HP.N                 $77         $71 
 Patterson-UTI Energy  PTEN.O            $25.5       $23 
 Precision Drilling  PD.TO               C$174       C$140
 Calfrac Well Services  CFW.TO           C$14.5      C$13
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))