Trican Well Service Ltd.

TCW-T

TSE:TCW

1.03
0.02 (1.98%)
Trican Well Service Ltd. is an oilfield services corporation headquartered in Calgary, Alberta, Canada with operations in Alberta, British Columbia, Manitoba and Saskatchewan, Canada as well as the United States.
More at Wikipedia

Analysis and Opinions about TCW-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
October 11, 2019
He has owned this in the past, but not now as spending looks to be declining in the space. Supply in the space is very high. Investors are telling producers to lower spending on growing production. It is difficult to invest in a 6-9 month time window.
He has owned this in the past, but not now as spending looks to be declining in the space. Supply in the space is very high. Investors are telling producers to lower spending on growing production. It is difficult to invest in a 6-9 month time window.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$0.950
Owned
No
BUY WEAKNESS
BUY WEAKNESS
October 10, 2019
It is the largest fraker in Canada and has minimal debt. It has been an aggressive buyer of its own stock with free cash flow. Q4 should start to see a recovery. On tax loss selling it will probably be very attractive to own.
It is the largest fraker in Canada and has minimal debt. It has been an aggressive buyer of its own stock with free cash flow. Q4 should start to see a recovery. On tax loss selling it will probably be very attractive to own.
Josef Schachter
President, Schachter Asset Management
Price
$0.950
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
September 16, 2019
They have been normal course issuer bids. He has a $2.25 target. Canada has a 41% decline in rig counts. You want to own this for the cycle. Wait for a pull back.
They have been normal course issuer bids. He has a $2.25 target. Canada has a 41% decline in rig counts. You want to own this for the cycle. Wait for a pull back.
Josef Schachter
President, Schachter Asset Management
Price
$1.230
Owned
Unknown
BUY
BUY
July 25, 2019
On his top picks list. Attractive long-term. He has a $2.25 target, based on $70-80 oil. Minimal debt. Q2 won't be great. By end of year, activity levels will pick up, plus more natural gas capacity and fracking. Very cheap.
On his top picks list. Attractive long-term. He has a $2.25 target, based on $70-80 oil. Minimal debt. Q2 won't be great. By end of year, activity levels will pick up, plus more natural gas capacity and fracking. Very cheap.
Josef Schachter
President, Schachter Asset Management
Price
$0.970
Owned
Unknown
SELL
SELL
June 18, 2019
Oil field services are no longer profitable, given too much capacity in the Canadian oil patch. Write this off against your capital gains.
Oil field services are no longer profitable, given too much capacity in the Canadian oil patch. Write this off against your capital gains.
David Baskin
President, Baskin Wealth Management
Price
$1.190
Owned
No
TOP PICK
TOP PICK
May 21, 2019
A turnaround opportunity. Trading below its liquidation value. Strong balance sheet, large upside recovery potential. No dividend. (Analysts’ price target is $2.13)
A turnaround opportunity. Trading below its liquidation value. Strong balance sheet, large upside recovery potential. No dividend. (Analysts’ price target is $2.13)
Teal Linde
Portfolio Manager & Publisher, Linde Equity Report, Linde Equity Report
Price
$1.360
Owned
Yes
COMMENT
COMMENT
May 1, 2019
If there's more drilling, then this and other oil service companies will do well. Rising oil prices will help.
If there's more drilling, then this and other oil service companies will do well. Rising oil prices will help.
Bruce Campbell (2)
President & Portfolio Manager, Stone Castle Investment Management Inc.
Price
$1.340
Owned
Unknown
BUY
BUY
April 29, 2019
His dad works here. He likes it. Great balance sheet with $110 million cash.
His dad works here. He likes it. Great balance sheet with $110 million cash.
James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$1.480
Owned
Yes
DON'T BUY
DON'T BUY
April 29, 2019
Sales were down 47% in the last quarter and earnings down 113%. Upcoming earnings should be better, but even if it rebounds next year, you won't break even with this stock.
Sales were down 47% in the last quarter and earnings down 113%. Upcoming earnings should be better, but even if it rebounds next year, you won't break even with this stock.
Robert McWhirter
President, Selective Asset Management
Price
$1.480
Owned
No
HOLD
HOLD
April 26, 2019
They have done a good job paying down debt. Free cash-flow is being used to buy back shares -- he likes that. He favours Canadian mid-caps or US Permian producers.
They have done a good job paying down debt. Free cash-flow is being used to buy back shares -- he likes that. He favours Canadian mid-caps or US Permian producers.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.460
Owned
No
BUY WEAKNESS
BUY WEAKNESS
April 18, 2019
Has done very well since last Nov-Dec. Very cheap here. Book value is $2.80. Has a $4.50 target. Balance sheet in excellent shape. On his coverage list. A go-to name. Buy on weakness. Especially in Q2 if it goes to $1.10-1.20. When the cycle turns, it will have a lot of leverage to the upside based on pricing power and utilization rate.
Has done very well since last Nov-Dec. Very cheap here. Book value is $2.80. Has a $4.50 target. Balance sheet in excellent shape. On his coverage list. A go-to name. Buy on weakness. Especially in Q2 if it goes to $1.10-1.20. When the cycle turns, it will have a lot of leverage to the upside based on pricing power and utilization rate.
Josef Schachter
President, Schachter Asset Management
Price
$1.500
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
March 28, 2019
It is on his action alert buy list. It has a very good balance sheet. The book value is about $2.80. Probably the largest fracker in Canada. If we see $80 oil they will be a very big beneficiary. His target is $4.50 in 12 months.
It is on his action alert buy list. It has a very good balance sheet. The book value is about $2.80. Probably the largest fracker in Canada. If we see $80 oil they will be a very big beneficiary. His target is $4.50 in 12 months.
Josef Schachter
President, Schachter Asset Management
Price
$1.310
Owned
Unknown
TOP PICK
TOP PICK
March 11, 2019
It collapsed in 2015. They sold off their US division. Their balance sheet is much stronger now. They are the largest pressure pumper in Canada. You can buy it today at less than liquidation value. (Analysts’ price target is $2.04)
It collapsed in 2015. They sold off their US division. Their balance sheet is much stronger now. They are the largest pressure pumper in Canada. You can buy it today at less than liquidation value. (Analysts’ price target is $2.04)
Teal Linde
Portfolio Manager & Publisher, Linde Equity Report, Linde Equity Report
Price
$1.400
Owned
Yes
HOLD
HOLD
February 28, 2019
It is on his action alert list. It is very cheap. They reported Q4 results. Book is $3.80. They are doing a lot of share buybacks. They are in the fracking business, which is tough and competitive. Book value is $2.80. 2020 should be much better. His target is $4.50. It is very cheap. The balance sheet is strong.
It is on his action alert list. It is very cheap. They reported Q4 results. Book is $3.80. They are doing a lot of share buybacks. They are in the fracking business, which is tough and competitive. Book value is $2.80. 2020 should be much better. His target is $4.50. It is very cheap. The balance sheet is strong.
Josef Schachter
President, Schachter Asset Management
Price
$1.460
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
January 25, 2019
(A Top Pick Feb 09/18, Down 57%) He sold them out at $3.50 back in April or May last year. Oil was at $60 and cash flow was growing. He liked this pressure pumper then. But now natural gas prices have gone to zero and condensate discounts have expanded. The whole service sector was decimated.
(A Top Pick Feb 09/18, Down 57%) He sold them out at $3.50 back in April or May last year. Oil was at $60 and cash flow was growing. He liked this pressure pumper then. But now natural gas prices have gone to zero and condensate discounts have expanded. The whole service sector was decimated.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.360
Owned
No
COMMENT
COMMENT
January 23, 2019
All the drillers have under performed. This is probably a good entry point -- around 5 year lows. He does not love the sector, but the risk reward is enticing. He owns PD-T right now instead. He would recommend taking money off the table if the stock price strengthens due to the volatility of the energy sector.
All the drillers have under performed. This is probably a good entry point -- around 5 year lows. He does not love the sector, but the risk reward is enticing. He owns PD-T right now instead. He would recommend taking money off the table if the stock price strengthens due to the volatility of the energy sector.
Peter Imhof
Vice President & Portfolio Manager, AGF Investments Inc
Price
$1.330
Owned
_N/A
STRONG BUY
STRONG BUY
December 17, 2018
He likes it. The stock is quite cheap. It is on his action alert buy list. They have been buying back shares at $3. Now it is $1.16. It is being thrown out. He thinks it will benefit from the recovery. They now really have no debt. This stock could have a massive recovery in 2019 when the industry sees some daylight.
He likes it. The stock is quite cheap. It is on his action alert buy list. They have been buying back shares at $3. Now it is $1.16. It is being thrown out. He thinks it will benefit from the recovery. They now really have no debt. This stock could have a massive recovery in 2019 when the industry sees some daylight.
Josef Schachter
President, Schachter Asset Management
Price
$1.140
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
December 14, 2018
(A Top Pick Jan 05/18, Down 69%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. He sold this at $4.25. They announced last week a divestiture making them debt free and it trades below book value. They have bought back 10% of their shares. When the outlook for spending improves it will be back on his radar.
(A Top Pick Jan 05/18, Down 69%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. He sold this at $4.25. They announced last week a divestiture making them debt free and it trades below book value. They have bought back 10% of their shares. When the outlook for spending improves it will be back on his radar.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.220
Owned
No
WAIT
WAIT
November 19, 2018
The utilization rate in the US is under duress. They slowed drilling in Q4. This stock is very cheap. The balance sheet is good. Book value is $3.27 and the stocks trades less than half that. The company has been buying back shares. You have to wait for the turn in the cycle. Buy it during tax loss season.
The utilization rate in the US is under duress. They slowed drilling in Q4. This stock is very cheap. The balance sheet is good. Book value is $3.27 and the stocks trades less than half that. The company has been buying back shares. You have to wait for the turn in the cycle. Buy it during tax loss season.
Josef Schachter
President, Schachter Asset Management
Price
$1.360
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
November 19, 2018
(A Top Pick Jan 23/18, Down 68%) Well-run with a solid balance sheet, but is a victim, like all Canadian energy, of very weak WCS oil prices. It's a tough time for energy services companies like this. He exited this stock and space earlier this year. Ottawa needs to build more pipelines.
(A Top Pick Jan 23/18, Down 68%) Well-run with a solid balance sheet, but is a victim, like all Canadian energy, of very weak WCS oil prices. It's a tough time for energy services companies like this. He exited this stock and space earlier this year. Ottawa needs to build more pipelines.
Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$1.360
Owned
No
PAST TOP PICK
PAST TOP PICK
November 16, 2018
(A Top Pick Nov 15/17, Down 71%) He has been in and out of this stock because of the volatility. It is dirt cheap but does not own it now. Every producer will likely come out next year with a very conservative spending budget. What is the next catalyst to get people interested in this name? He likes the assets and management and the long term outlook, but it is probably stuck in the short term.
(A Top Pick Nov 15/17, Down 71%) He has been in and out of this stock because of the volatility. It is dirt cheap but does not own it now. Every producer will likely come out next year with a very conservative spending budget. What is the next catalyst to get people interested in this name? He likes the assets and management and the long term outlook, but it is probably stuck in the short term.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.280
Owned
No
PAST TOP PICK
PAST TOP PICK
October 19, 2018

(A Top Pick January 5/18 Down 52%) He exited this when light oil differentials widened and capital spending declined. Bidding has remained very hostile for their services. It is trading at a 10% discount to NAV and he thinks negative sentiment is almost at its worst. They are diverting free cashflow into share buybacks, so he thinks there is hope going forward in a $70 WTI world and a $10 differential.

(A Top Pick January 5/18 Down 52%) He exited this when light oil differentials widened and capital spending declined. Bidding has remained very hostile for their services. It is trading at a 10% discount to NAV and he thinks negative sentiment is almost at its worst. They are diverting free cashflow into share buybacks, so he thinks there is hope going forward in a $70 WTI world and a $10 differential.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.910
Owned
No
WAIT
WAIT
October 9, 2018

Likes it a lot. He is still waiting to add it to his action alert list. Its metrics are excellent but tax loss season is coming and the price will come down. The company has been buying its stock back aggressively, at an average price of $3.47. The price keeps going down and the company has slowed down its buyback. With tax loss selling, he thinks the price could drop below $2. He would buy it himself for that price. He sees this as a $3.70 stock in late 2019 and an $8.50 stock 5 years later. It was $20 in 2014

Likes it a lot. He is still waiting to add it to his action alert list. Its metrics are excellent but tax loss season is coming and the price will come down. The company has been buying its stock back aggressively, at an average price of $3.47. The price keeps going down and the company has slowed down its buyback. With tax loss selling, he thinks the price could drop below $2. He would buy it himself for that price. He sees this as a $3.70 stock in late 2019 and an $8.50 stock 5 years later. It was $20 in 2014

Josef Schachter
President, Schachter Asset Management
Price
$2.270
Owned
No
PAST TOP PICK
PAST TOP PICK
September 14, 2018

(A Top Pick November 15/17 Down 46%) He exited energy services earlier this year. The E&Ps, he feels, are harbouring cash to survive, which has resulted in lower demand for the service sector. The company trades today at a trough PE and the company is paying down debt and buying back shares. He likes the management team strategy.

(A Top Pick November 15/17 Down 46%) He exited energy services earlier this year. The E&Ps, he feels, are harbouring cash to survive, which has resulted in lower demand for the service sector. The company trades today at a trough PE and the company is paying down debt and buying back shares. He likes the management team strategy.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.480
Owned
No
BUY
BUY
August 17, 2018

He was trying to buy some today. It is trading at a 15% free cash flow yield. They are buying back $85 million of stock. A Canadian producer is selling at the equivalent of $80 Canadian per barrel – this is a cash flow machine. The stock is undervalued and they are essentially debt free.

He was trying to buy some today. It is trading at a 15% free cash flow yield. They are buying back $85 million of stock. A Canadian producer is selling at the equivalent of $80 Canadian per barrel – this is a cash flow machine. The stock is undervalued and they are essentially debt free.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.690
Owned
No
BUY WEAKNESS
BUY WEAKNESS
August 13, 2018

Very cheap, trading below book value. They are using their excess cash to buy back stock. As the fracking business picks up, this stock will benefit. This stock has a lot of upside. He has a 1 year target of $6.00 and a 3-5 year target of $12.00. A very attractive buy below $3.00.

Very cheap, trading below book value. They are using their excess cash to buy back stock. As the fracking business picks up, this stock will benefit. This stock has a lot of upside. He has a 1 year target of $6.00 and a 3-5 year target of $12.00. A very attractive buy below $3.00.

Josef Schachter
President, Schachter Asset Management
Price
$2.950
Owned
No
WEAK BUY
WEAK BUY
August 3, 2018

The momentum may become positive soon. He was previously worried about the massive amount of debt, but they have dramatically improved the balance sheet. You might get a 10-15% appreciation in price over the next 6-12 months.

The momentum may become positive soon. He was previously worried about the massive amount of debt, but they have dramatically improved the balance sheet. You might get a 10-15% appreciation in price over the next 6-12 months.

Peter Hodson
CEO & Head of Research, 5i Research Inc.
Price
$2.830
Owned
No
SELL
SELL
July 27, 2018

Sell or buy more? Has fairly strong support level at $2.90. Bad sign that dropped below that and continues to drop. Technicians shouldn’t average down. Significant resistance point at $2.80. Anyone who bought in last 2-3 years, is looking to get out. Everything is saying negative. Wouldn’t touch it. Be very cautious. There’s no indication of a bottom.

Sell or buy more? Has fairly strong support level at $2.90. Bad sign that dropped below that and continues to drop. Technicians shouldn’t average down. Significant resistance point at $2.80. Anyone who bought in last 2-3 years, is looking to get out. Everything is saying negative. Wouldn’t touch it. Be very cautious. There’s no indication of a bottom.

Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$2.680
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
July 20, 2018

(A top pick July 19/17, down 21%) Is a pure play Canadian pressure pumper. Concerns were weak natural gas pricing and lowering of capital expense spending. They have been successful at share buybacks. Are being encouraged not to buy new equipment but continue to buy back stock. Trading at about 25% free cash flow yield.

(A top pick July 19/17, down 21%) Is a pure play Canadian pressure pumper. Concerns were weak natural gas pricing and lowering of capital expense spending. They have been successful at share buybacks. Are being encouraged not to buy new equipment but continue to buy back stock. Trading at about 25% free cash flow yield.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.950
Owned
Yes
COMMENT
COMMENT
July 20, 2018

Trican Well Services (TCW-T) vs. Trinidad Drilling (TDG-T). Trinidad is still going through strategic alternatives. The founder quit suddenly. Trinidad still has a large exposure to the Permian, so this is a detractor. Trican is pure play Canada and should work in its favour. He would take Trican over Trinidad

Trican Well Services (TCW-T) vs. Trinidad Drilling (TDG-T). Trinidad is still going through strategic alternatives. The founder quit suddenly. Trinidad still has a large exposure to the Permian, so this is a detractor. Trican is pure play Canada and should work in its favour. He would take Trican over Trinidad

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.950
Owned
Unknown
WATCH
WATCH
July 16, 2018

He likes it. He believes it has a $6 one year target. He is waiting because of concerns on the oil price. They have minimal debt. We are trading below book value. They are buying back a lot of shares. The buyback price suggests the company thinks their stock is cheap. When oil gets below $60 he thinks the stock will get down to $2.80 and it would be a buy then.

He likes it. He believes it has a $6 one year target. He is waiting because of concerns on the oil price. They have minimal debt. We are trading below book value. They are buying back a lot of shares. The buyback price suggests the company thinks their stock is cheap. When oil gets below $60 he thinks the stock will get down to $2.80 and it would be a buy then.

Josef Schachter
President, Schachter Asset Management
Price
$2.990
Owned
Unknown
DON'T BUY
DON'T BUY
June 29, 2018

Trican Well vs. Birchcliff (BIR-T) Be wary of Trican fracking right now, how much extra do you need. Tough to be a fracker up north, with most of the activity in the 48 states.

Trican Well vs. Birchcliff (BIR-T) Be wary of Trican fracking right now, how much extra do you need. Tough to be a fracker up north, with most of the activity in the 48 states.

Scott Willis
Head of Research, Grizzle
Price
$2.990
Owned
Unknown
COMMENT
COMMENT
June 18, 2018

He is bullish on natural gas and in the future he will be bullish on oil. Differentials are a problem, as is egress of the commodity. They are buying back stock right now. They have really no debt. He I warming up to the story.

He is bullish on natural gas and in the future he will be bullish on oil. Differentials are a problem, as is egress of the commodity. They are buying back stock right now. They have really no debt. He I warming up to the story.

Josef Schachter
President, Schachter Asset Management
Price
$2.940
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
June 11, 2018

(A Top Pick Nov 15/17, Down 32%) The concern was around the level of dry gas spending. He still thinks there is an opportunity for an upward revision later this year. Everyone seems to forget the uplift from the change in currency. This one has been a target of shorts but it unwound last Friday. You will be the recipient of a lot of free cash flow in forms like share buybacks.

(A Top Pick Nov 15/17, Down 32%) The concern was around the level of dry gas spending. He still thinks there is an opportunity for an upward revision later this year. Everyone seems to forget the uplift from the change in currency. This one has been a target of shorts but it unwound last Friday. You will be the recipient of a lot of free cash flow in forms like share buybacks.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$3.140
Owned
Yes
DON'T BUY
DON'T BUY
May 31, 2018

Not a great looking chart. It is in a sideways trend and the highs are lower. He would prefer Calfrac, due to its better up trend. He could see this drop to $2.80 and would not be a buyer until it moved back above $3.50. (Analysts’ price target is $5)

Not a great looking chart. It is in a sideways trend and the highs are lower. He would prefer Calfrac, due to its better up trend. He could see this drop to $2.80 and would not be a buyer until it moved back above $3.50. (Analysts’ price target is $5)

Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$3.200
Owned
Unknown
DON'T BUY
DON'T BUY
May 23, 2018

He would favour shifting into a much bigger company than this one. Technically it is in a downtrend and it is not a peak period for the energy sector. He would not buy this one.

He would favour shifting into a much bigger company than this one. Technically it is in a downtrend and it is not a peak period for the energy sector. He would not buy this one.

Brooke Thackray
Research Analyst, Horizons ETFs (Canada) Inc.
Price
$3.260
Owned
No
DON'T BUY
DON'T BUY
May 16, 2018

It's unlikely he'll buy this in the near future. It's wildly cyclical, so it's a trader's stock, not an investor's one. Profitability can swing a lot. He's a long-term, conservative investor. He can't buy-and-hold this.

It's unlikely he'll buy this in the near future. It's wildly cyclical, so it's a trader's stock, not an investor's one. Profitability can swing a lot. He's a long-term, conservative investor. He can't buy-and-hold this.

Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council
Price
$3.360
Owned
No
DON'T BUY
DON'T BUY
May 4, 2018

The perception of weak natural gas pricing has held this stock back. If they report weak Q1 earnings, it may not be until the fall that they will be able to prove themselves. He thinks there is better opportunity trading E&P companies. In the services sector he has picked other horses.

The perception of weak natural gas pricing has held this stock back. If they report weak Q1 earnings, it may not be until the fall that they will be able to prove themselves. He thinks there is better opportunity trading E&P companies. In the services sector he has picked other horses.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$3.640
Owned
No
BUY WEAKNESS
BUY WEAKNESS
May 1, 2018

He really likes this but has not moved it to his Action Alert list yet. Book value is $3.40, which is about where the stock is trading. It has a fabulous balance sheet. They have a little bit of debt, $83 million, but they own a position in Keane Energy which is worth much more than that, so this is effectively a debt-free company. They are the largest fracker in Canada. The stock is up about 20% from its lows of the last month because of the bounce. Wait until the stock drops again; he thinks it will go below $3.

He really likes this but has not moved it to his Action Alert list yet. Book value is $3.40, which is about where the stock is trading. It has a fabulous balance sheet. They have a little bit of debt, $83 million, but they own a position in Keane Energy which is worth much more than that, so this is effectively a debt-free company. They are the largest fracker in Canada. The stock is up about 20% from its lows of the last month because of the bounce. Wait until the stock drops again; he thinks it will go below $3.

Josef Schachter
President, Schachter Asset Management
Price
$3.340
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
April 17, 2018

(A Top Pick June 19, 2017. Down 16%). The entire pressure-pumping sector, including Trican, is completely undervalued. This company trades at 3x next year’s EBITDA. Mid-cycle valuations are closer to 4 or 4.5. The company has been spitting out high free cash flow, which has let them do $54 million in buybacks. When Shell makes its positive decision on an LNG terminal, which he expects this year, it will be very positive for Trican. He projects their free cash flow yield next year at 20%. He sold his position even though he likes the stock because he thinks that US pumpers are even more cheap than Trican. He can buy the US peers nearer 2.2 times EBITDA, compared to Trican’s 3x and they generate even better cash flow.

(A Top Pick June 19, 2017. Down 16%). The entire pressure-pumping sector, including Trican, is completely undervalued. This company trades at 3x next year’s EBITDA. Mid-cycle valuations are closer to 4 or 4.5. The company has been spitting out high free cash flow, which has let them do $54 million in buybacks. When Shell makes its positive decision on an LNG terminal, which he expects this year, it will be very positive for Trican. He projects their free cash flow yield next year at 20%. He sold his position even though he likes the stock because he thinks that US pumpers are even more cheap than Trican. He can buy the US peers nearer 2.2 times EBITDA, compared to Trican’s 3x and they generate even better cash flow.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$3.080
Owned
No
WATCH
WATCH
April 6, 2018

This stock has been a source of frustration for many investors. Recent earnings guidance has disappointed the market. Their margins have been eroded and they hold a lot of debt. He thinks this is getting closer to an entry.

This stock has been a source of frustration for many investors. Recent earnings guidance has disappointed the market. Their margins have been eroded and they hold a lot of debt. He thinks this is getting closer to an entry.

Peter Imhof
Vice President & Portfolio Manager, AGF Investments Inc
Price
$2.890
Owned
No
BUY WEAKNESS
BUY WEAKNESS
April 3, 2018

This is on his coverage list but not yet on his recommended list. Book value is $3.47 compared to its price today of $2.85. The balance sheet is in good shape, their debts are relatively low ($83 million compared to 1.17 billion of equity, which he calls a “non-debt company”). They’re coming to their lows of the year. He likes the company a lot and he expects it to do much better than it did last year. However, if oil drops below $60, Trican will probably be hit a little more. He expects to add it to his action alert buy list in Q2. This company has traded on 2x book value a few times, during bull markets for oil. He thinks it can more than double over the next two years.

This is on his coverage list but not yet on his recommended list. Book value is $3.47 compared to its price today of $2.85. The balance sheet is in good shape, their debts are relatively low ($83 million compared to 1.17 billion of equity, which he calls a “non-debt company”). They’re coming to their lows of the year. He likes the company a lot and he expects it to do much better than it did last year. However, if oil drops below $60, Trican will probably be hit a little more. He expects to add it to his action alert buy list in Q2. This company has traded on 2x book value a few times, during bull markets for oil. He thinks it can more than double over the next two years.

Josef Schachter
President, Schachter Asset Management
Price
$2.870
Owned
No
BUY WEAKNESS
BUY WEAKNESS
March 16, 2018

He likes the leadership and the balance sheet. They are doing stock buy-backs. Below $3 this is a great buy. They are the biggest fracker in Canada. Book value is $3.47 and it has traded 2.6 times book value. Be patient. He has a $12 target for 3-5 years.

He likes the leadership and the balance sheet. They are doing stock buy-backs. Below $3 this is a great buy. They are the biggest fracker in Canada. Book value is $3.47 and it has traded 2.6 times book value. Be patient. He has a $12 target for 3-5 years.

Josef Schachter
President, Schachter Asset Management
Price
$3.290
Owned
No
PAST TOP PICK
PAST TOP PICK
March 15, 2018

(A Top Pick May 23/17, Down 27%) A pure play in Canadian pressure pumping. Still a big holding for him. Got penalized for concerns to their exposure to dry natural gas. But the market ignored their play in East Duvernay. This has been the poster child to Americans selling or shorting Canadian oil. A major plus: This company is buying back $54 million of stock with their net cash.

(A Top Pick May 23/17, Down 27%) A pure play in Canadian pressure pumping. Still a big holding for him. Got penalized for concerns to their exposure to dry natural gas. But the market ignored their play in East Duvernay. This has been the poster child to Americans selling or shorting Canadian oil. A major plus: This company is buying back $54 million of stock with their net cash.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$3.190
Owned
Yes
DON'T BUY
DON'T BUY
February 23, 2018

A very volatile industry. They are in fracking. A lot of their cost structure is labor. As the labor market becomes tighter it gets into their margins. Very difficult for these companies to get pricing pressure because it is an undifferentiated commodity.

A very volatile industry. They are in fracking. A lot of their cost structure is labor. As the labor market becomes tighter it gets into their margins. Very difficult for these companies to get pricing pressure because it is an undifferentiated commodity.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$3.120
Owned
No
WATCH
WATCH
February 12, 2018

They have a fabulous balance sheet. The debt is offset by their investment in a fracker. $3.40 book value.

They have a fabulous balance sheet. The debt is offset by their investment in a fracker. $3.40 book value.

Josef Schachter
President, Schachter Asset Management
Price
$3.320
Owned
No
PAST TOP PICK