Trican Well Service Ltd.

TCW-T

TSE:TCW

0.95
0.03 (3.06%)
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.
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Analysis and Opinions about TCW-T

Signal
Opinion
Expert
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.

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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.

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.

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(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.

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.

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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.

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.

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

PAST TOP PICK
PAST TOP PICK
February 9, 2018

(A Top Pick March 23/17 - Down 16.4%.) This is outer stupidity. Talk later about this.

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(A Top Pick March 23/17 - Down 16.4%.) This is outer stupidity. Talk later about this.

TOP PICK
TOP PICK
February 9, 2018

100% Canadian name. Trading at 2.9 times EBITDA. Trading at 20% free cash flow yield. 80% of their business is based off of strong WTI pricing on condensate. Difficult to explain when shares are down 30%. (Analysts’ price target is $6.40)

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100% Canadian name. Trading at 2.9 times EBITDA. Trading at 20% free cash flow yield. 80% of their business is based off of strong WTI pricing on condensate. Difficult to explain when shares are down 30%. (Analysts’ price target is $6.40)

WATCH
WATCH
February 5, 2018

Last year we formed a base and now we are heading down to it. These businesses can do extremely well if the energy sector picks up. $3.20 would be a place to step in.

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Last year we formed a base and now we are heading down to it. These businesses can do extremely well if the energy sector picks up. $3.20 would be a place to step in.

TOP PICK
TOP PICK
January 23, 2018

He likes this because it has torque, and it is trading at a very cheap multiple. The fracing business in Canada has really been consolidated and is far less competitive than in the US. Trading at a very low valuation of about 3-3.5 times enterprise value to EBITDA. Has a really good balance sheet and will be generating free cash flow this year. This doesn't have any balance sheet concerns. (Analysts' price target is $6.50.)

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He likes this because it has torque, and it is trading at a very cheap multiple. The fracing business in Canada has really been consolidated and is far less competitive than in the US. Trading at a very low valuation of about 3-3.5 times enterprise value to EBITDA. Has a really good balance sheet and will be generating free cash flow this year. This doesn't have any balance sheet concerns. (Analysts' price target is $6.50.)

HOLD
HOLD
January 22, 2018

The services companies are collectively quite cheap by multiple and so is the whole energy E&P sector. Western Canadian Select has not moved as have other oil prices. If you had US exposure that would be better because then you would have un-trapped oil. Pipelines will not fix this for a couple of years.

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The services companies are collectively quite cheap by multiple and so is the whole energy E&P sector. Western Canadian Select has not moved as have other oil prices. If you had US exposure that would be better because then you would have un-trapped oil. Pipelines will not fix this for a couple of years.

WATCH
WATCH
January 18, 2018

He likes it. It is a long in three of his funds. It has good valuation. There is one particularly large seller and that has held back the price. He would like to see it stronger, but all of its peers are picking up good momentum. 16 times PE and a really solid balance sheet. It should get a pop when the last of the selling clears up.

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He likes it. It is a long in three of his funds. It has good valuation. There is one particularly large seller and that has held back the price. He would like to see it stronger, but all of its peers are picking up good momentum. 16 times PE and a really solid balance sheet. It should get a pop when the last of the selling clears up.

PAST TOP PICK
PAST TOP PICK
January 5, 2018

(A Top Pick Jan 31/17. Down 16%.) Thinks the frac market, both in Canada and especially in the US, is and will remain undersupplied. There is very good upside in this.

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(A Top Pick Jan 31/17. Down 16%.) Thinks the frac market, both in Canada and especially in the US, is and will remain undersupplied. There is very good upside in this.

TOP PICK
TOP PICK
January 5, 2018

Extra service names are absolutely where the best risk/reward opportunities are. He's specifically focused on the fracers both Canada and the US. This is an area where pricing power remains very strong. Canada's ECO pricing is impacting pricing power, but he sees it sticking. Believes both Canada and the US will be undersupplied for pressure pumping for all of 2018, and likely heading into 2019 despite the concerns of weak natural gas prices. This company gives you almost pure exposure in Canada. You are paying a multiple that is about half its historical average because of this worry of overcapacity in Canada. He doesn't believe in that thesis. Sees about 50% upside in the shares. (Analysts' price target is $6.50.)

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Extra service names are absolutely where the best risk/reward opportunities are. He's specifically focused on the fracers both Canada and the US. This is an area where pricing power remains very strong. Canada's ECO pricing is impacting pricing power, but he sees it sticking. Believes both Canada and the US will be undersupplied for pressure pumping for all of 2018, and likely heading into 2019 despite the concerns of weak natural gas prices. This company gives you almost pure exposure in Canada. You are paying a multiple that is about half its historical average because of this worry of overcapacity in Canada. He doesn't believe in that thesis. Sees about 50% upside in the shares. (Analysts' price target is $6.50.)

COMMENT
COMMENT
January 4, 2018

Just took over Canyon Energy Services. The company does fracing pressure pumping with fluids to crack the rocks to get the hydrocarbons out. These companies are poised to have a pretty good year in 2018, especially as oil prices are perking up. It looks pretty good going into the new year, but you are vulnerable to a collapse in oil prices with no dividend to back you up.

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Just took over Canyon Energy Services. The company does fracing pressure pumping with fluids to crack the rocks to get the hydrocarbons out. These companies are poised to have a pretty good year in 2018, especially as oil prices are perking up. It looks pretty good going into the new year, but you are vulnerable to a collapse in oil prices with no dividend to back you up.

COMMENT
COMMENT
December 29, 2017

Over the last 2 years, the chart looks fairly promising in an up channel, but there is a big overhead supply going back over time. The stock is going nowhere, and will probably go sideways from here. There are probably better things to do.

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Over the last 2 years, the chart looks fairly promising in an up channel, but there is a big overhead supply going back over time. The stock is going nowhere, and will probably go sideways from here. There are probably better things to do.

BUY
BUY
December 18, 2017

He thinks it is should be bought in Q1 after a possible back off in oil. They have debt but shares in a US operation that offsets the debt. They had a fabulous quarter. It bottomed in early 2016. The balance sheet is now clean and they could make acquisitions. A non-compete clause with an acquisition expires in 2018.

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He thinks it is should be bought in Q1 after a possible back off in oil. They have debt but shares in a US operation that offsets the debt. They had a fabulous quarter. It bottomed in early 2016. The balance sheet is now clean and they could make acquisitions. A non-compete clause with an acquisition expires in 2018.

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