NBC cuts PT on Canadian oil services companies as rig count drops

STEP Energy Services

02/10/2019 13:15

** National Bank of Canada cuts PT on several Canadian oil
and gas services firms ahead of Q3 results as rig count nears
2016 lows
    ** Says average active rig count fell consistently through
Q3, falling 35% over the year, as restrictions on production
stifle drilling and completions in western Canada
    ** Says rig count also fell as trade tensions between the
U.S. and China continue to weigh on the global energy demand
outlook
    ** Brokerage also says few beats in store as forecasts
slightly diminish
    ** "Oil jumped, share prices bumped, and the markets all
went insane ..." - NBC
    ** Cuts PT on Step Energy Services  STEP.TO  to C$2 from
C$3; downgrades to "outperform" from "sector perform"
    ** Also cuts PT on Pason Systems Inc  PSI.TO , CES Energy
Solutions Corp   CEU.TO , Precision Drilling Corp  PD.TO  and
Secure Energy Services Inc  SES.TO 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com))