Stock price when the opinion was issued
Canada's largest provider of frac sand. Demand for frac sand is quite high, especially with LNG coming on. Executing very well. Refinanced debt at lower rate, pushing it out to 2029. Easily an $18-20 stock in the next year. US and potential Canadian governments are much more pro-energy. No dividend.
(Analysts’ price target is $18.00)
EPS was $1.74 for the Q1 and it is buying back stock as well. The stock is exceptionally cheap but that has not prevented a 29% YTD decline. The balance sheet is a bit levered but nothing too concerning. Insiders own 14% and have been net buyers in 2025. It's interesting, but very small and cyclical. We would not add until there is some stabilization in share price.
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He got his double and is still looking for a triple. It is buying back debt. Not well known with an 80 million market cap. It continues to operate very well and is the largest frac service in Western Canada. With LNG coming on this year, it should help.