Essential Energy Services Ltd. (ESN.TO) Buy,…

Essential Energy Services Ltd. (ESN.TO)

0.40

-0.00 (0.00%)

as of Nov 15, 2023, 8:24:10 pm Market Open.

61 watching

DON'T BUY

Not a fan of oil/gas services today. Have now moved to and on-cash distribution, but at the end of the day there is still a tremendous amount of pressure. Cost of capital is quite high and with low gas prices, there are still not robust enough cost structures for gas producers. Could be a potential distribution cut.

BUY

This is an “after drilling” services. Convinced the distribution is going to be maintained. Distribution is $1 and they are only paying 65% of EBITDA. A bit of an orphan.

HOLD

Was spun out of Avenir (AVF.UN-T). Operationally fine, pays $1 dividend and is being tax loss sold. Basically an orphan. No analysts cover it. 20% yield. Will probably have a bump after tax loss selling (Dec 22/06). Thinks it will be a takeover.

TOP PICK

Provide truck and rig based services to the oil/gas industry. Not dependent on new drilling activity. Well diversified geographically in western Canada. Trading at about 12.5% yield. Can see this at above average growth relative to their peers.

BUY

Almost 12% yield. Sees them making further acquisitions. Very good value.

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Essential Energy Services Ltd. (ESN.TO)