Trinidad Energy Services

TDG.UN-T

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0.00 (0.00%)
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Analysis and Opinions about TDG.UN-T

Signal
Opinion
Expert
WEAK BUY
WEAK BUY
October 29, 2014

This is one of the newer rig fleets, so he thinks it is quite attractive. Also, they are more of a drilling company, as opposed to a fracing company. A global company with rigs in Australia as well as Canada and the US. He would classify this as a cautious Buy. Historically between now and the end of March is a good time to be in these.

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This is one of the newer rig fleets, so he thinks it is quite attractive. Also, they are more of a drilling company, as opposed to a fracing company. A global company with rigs in Australia as well as Canada and the US. He would classify this as a cautious Buy. Historically between now and the end of March is a good time to be in these.

PAST TOP PICK
PAST TOP PICK
February 25, 2010
(Top Pick May 08/09, 25.5% capital gain) Trinidad Energy 7.75% 07/31/2012. They were a busted income trust.
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(Top Pick May 08/09, 25.5% capital gain) Trinidad Energy 7.75% 07/31/2012. They were a busted income trust.
HOLD
HOLD
February 26, 2008
One of the best operators of the types of rigs needed to drill tight gas wells. These are high-cost wells so you need the best operators to keep costs down. Have been expanding in the US and building capacity so it is a bit of a growth story. Converting to a corporation has shaken some holders, so would Hold for 2 years until this was over.
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One of the best operators of the types of rigs needed to drill tight gas wells. These are high-cost wells so you need the best operators to keep costs down. Have been expanding in the US and building capacity so it is a bit of a growth story. Converting to a corporation has shaken some holders, so would Hold for 2 years until this was over.
SPECULATIVE BUY
SPECULATIVE BUY
February 12, 2008
Has been in a downtrend and is hoping that a bit of a bottom is forming. If you buy, have a stoploss at its last low. Very good one for short-term speculation.
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Has been in a downtrend and is hoping that a bit of a bottom is forming. If you buy, have a stoploss at its last low. Very good one for short-term speculation.
DON'T BUY
DON'T BUY
February 8, 2008
(Caller's comments; Going back to a corporation. Will be paying a 6% dividend and moving a lot of their operations to the US.) One of the first test cases of conversion from a trust. Drilling in Canada is really a problem right now. When gas prices come down, drilling contractors get laid off. US is a highly competitive market and while they may have better rigs, results of a move there is yet to be seen. A good name, but wouldn't be backing up the truck.
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(Caller's comments; Going back to a corporation. Will be paying a 6% dividend and moving a lot of their operations to the US.) One of the first test cases of conversion from a trust. Drilling in Canada is really a problem right now. When gas prices come down, drilling contractors get laid off. US is a highly competitive market and while they may have better rigs, results of a move there is yet to be seen. A good name, but wouldn't be backing up the truck.
SELL
SELL
February 4, 2008
Expect it will still drop some more. Fortunately they are outside of Canada.
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Expect it will still drop some more. Fortunately they are outside of Canada.
COMMENT
COMMENT
January 21, 2008
Recently converted to a common stock structure, so reduced their payout significantly for 2008. Have moved a significant amount of their business outside of Canada. Sees drilling rigs and economics much more favourable in the US than it is here. All the drilling/oil services are currently in a bit of a head wind.
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Recently converted to a common stock structure, so reduced their payout significantly for 2008. Have moved a significant amount of their business outside of Canada. Sees drilling rigs and economics much more favourable in the US than it is here. All the drilling/oil services are currently in a bit of a head wind.
HOLD
HOLD
January 11, 2008
Converting back to a corporation. What was surprising was that they had cut the distribution dramatically. If you are willing to take a 2 to 3 year view on a bet that the drilling cycle will pick up, treated as a Hold.
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Converting back to a corporation. What was surprising was that they had cut the distribution dramatically. If you are willing to take a 2 to 3 year view on a bet that the drilling cycle will pick up, treated as a Hold.
DON'T BUY
DON'T BUY
January 10, 2008
Just announced they are going to convert back from a trust to a corporation and they have cut their distributions. Well-run company and has grown significantly through acquisitions but the balance sheet is not that strong.
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Just announced they are going to convert back from a trust to a corporation and they have cut their distributions. Well-run company and has grown significantly through acquisitions but the balance sheet is not that strong.
BUY
BUY
December 7, 2007
Likes this one. Has gotten pretty badly beaten up. They have a good size fleet with good up-to-date rigs. Has recently bought some shares.
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Likes this one. Has gotten pretty badly beaten up. They have a good size fleet with good up-to-date rigs. Has recently bought some shares.
PARTIAL BUY
PARTIAL BUY
December 5, 2007
Drillers are definitely the names you want to get into early on in the up cycle. Have about 110 rigs and 4 barge rigs. Their US exposure will definitely give them higher revenue than their competitors. They stock price is not reflecting this.
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Drillers are definitely the names you want to get into early on in the up cycle. Have about 110 rigs and 4 barge rigs. Their US exposure will definitely give them higher revenue than their competitors. They stock price is not reflecting this.
HOLD
HOLD
November 13, 2007
This trust has a very great story behind it, which a lot of institutions liked. However, the trend line was broken in June and the stock is now in decline. Part of this may be due to talk that they may un-trust. Feels it is into very deep support, so if you have it, he would continue to hold.
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This trust has a very great story behind it, which a lot of institutions liked. However, the trend line was broken in June and the stock is now in decline. Part of this may be due to talk that they may un-trust. Feels it is into very deep support, so if you have it, he would continue to hold.
VAGUE
VAGUE
October 26, 2007
Has been under pressure. Whole sector has been depressed.
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Has been under pressure. Whole sector has been depressed.
DON'T BUY
DON'T BUY
September 5, 2007
One of the most active acquirers of other drillers/service companies in the oil patch. Have done a tremendous job in the US. Going forward, because of natural gas prices, it is going to have some tough quarters ahead of it. Good management.
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One of the most active acquirers of other drillers/service companies in the oil patch. Have done a tremendous job in the US. Going forward, because of natural gas prices, it is going to have some tough quarters ahead of it. Good management.
Ben Cheng

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Price
$13.690
Owned
Unknown
BUY
BUY
August 31, 2007
At its present price, he is going to consider looking at this one again. Fairly well run.
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At its present price, he is going to consider looking at this one again. Fairly well run.
BUY
BUY
August 21, 2007
Not a bad name. Would be cautious on service companies, as it is a bit early. Canadian oil field services are predominantly weighted towards gas producing companies. This is a reasonably good entry point. Diversified and has a newer fleet and some long-term contracts.
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Not a bad name. Would be cautious on service companies, as it is a bit early. Canadian oil field services are predominantly weighted towards gas producing companies. This is a reasonably good entry point. Diversified and has a newer fleet and some long-term contracts.
BUY
BUY
August 8, 2007
Diversifying out of Canada and into the US. Has probably one of the best diversities of revenue. 9.9% yield. Earnings are coming out on Aug 9, so wait before buying.
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Diversifying out of Canada and into the US. Has probably one of the best diversities of revenue. 9.9% yield. Earnings are coming out on Aug 9, so wait before buying.
COMMENT
COMMENT
July 4, 2007
Driller. 9% yield. Moving into some barge drilling in the Gulf of Mexico. Focuses on more modern rigs that can drill deeper. About 50% cash flow comes from the US. Debt level is a bit high.
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Driller. 9% yield. Moving into some barge drilling in the Gulf of Mexico. Focuses on more modern rigs that can drill deeper. About 50% cash flow comes from the US. Debt level is a bit high.
BUY
BUY
June 20, 2007
Of all the oil service companies, this would be at the top of his list. Good value.
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Of all the oil service companies, this would be at the top of his list. Good value.
BUY
BUY
May 29, 2007
Had run up quite a bit of debt in the past because of acquisitions, but good management/assets allowed them to skate through without too much difficulty. Very strong quarterly earnings compared to its peers.
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Had run up quite a bit of debt in the past because of acquisitions, but good management/assets allowed them to skate through without too much difficulty. Very strong quarterly earnings compared to its peers.
Ben Cheng

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Price
$16.980
Owned
Unknown
BUY
BUY
May 11, 2007
Well-managed. Likes the overall oil service business right now. Good numbers coming of the Company.
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Well-managed. Likes the overall oil service business right now. Good numbers coming of the Company.
BUY
BUY
March 19, 2007
Made a good acquisition a year ago. Focused more on deep drilling as opposed to shallow gas. Trades at about 5 X EBITA, which is extremely reasonable.
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Made a good acquisition a year ago. Focused more on deep drilling as opposed to shallow gas. Trades at about 5 X EBITA, which is extremely reasonable.
BUY
BUY
March 15, 2007
Not keen on it as an oil trust, but likes it as a driller. They have new deep drilling equipment. Things have not been good for the drillers over the last 6 months, but thinks there will be a pickup. Good yield of about 9%.
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Not keen on it as an oil trust, but likes it as a driller. They have new deep drilling equipment. Things have not been good for the drillers over the last 6 months, but thinks there will be a pickup. Good yield of about 9%.
WAIT
WAIT
February 23, 2007
Have modern rigs operating in Canada and the US with about 50% revenue coming from the US. Their rigs are used for deeper drilling. Excellent company. Wait until April/May, which is the seasonally weak period.
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Have modern rigs operating in Canada and the US with about 50% revenue coming from the US. Their rigs are used for deeper drilling. Excellent company. Wait until April/May, which is the seasonally weak period.
SELL
SELL
February 21, 2007
Would consider trading out of this and getting into a name that has some up tick when commodity prices turn.
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Would consider trading out of this and getting into a name that has some up tick when commodity prices turn.
PARTIAL BUY
PARTIAL BUY
January 4, 2007
And excellent, strong company. They are drilling rigs are modern allowing them to drill deeper gas wells. Try to stagger your purchases is there may be some weakness after Q1. It will be a survivor.
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And excellent, strong company. They are drilling rigs are modern allowing them to drill deeper gas wells. Try to stagger your purchases is there may be some weakness after Q1. It will be a survivor.
BUY
BUY
December 7, 2006
Have a lot of good, up to date equipment. They tend to get fully booked because they have the right kind of rigs. Good price.
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Have a lot of good, up to date equipment. They tend to get fully booked because they have the right kind of rigs. Good price.
DON'T BUY
DON'T BUY
December 5, 2006
Had most of its growth through acquisitions. With the changes in trusts, it will not be able to acquire like it did before. With the pullback of oil/gas companies spending, it won’t be as lucrative.
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Had most of its growth through acquisitions. With the changes in trusts, it will not be able to acquire like it did before. With the pullback of oil/gas companies spending, it won’t be as lucrative.
DON'T BUY
DON'T BUY
December 1, 2006
Energy service sector has been suffering. This trust has grown at a tremendous rate. A little cautious on it because of the large debt.
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Energy service sector has been suffering. This trust has grown at a tremendous rate. A little cautious on it because of the large debt.
Ben Cheng

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Price
$13.740
Owned
Unknown
SELL
SELL
November 17, 2006
An excellent company with technological advantages with a very young fleet. If demand for rigs goes down, this will be the least affected. Would move out of this and into something with more short-term growth. Go back to it in the spring.
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An excellent company with technological advantages with a very young fleet. If demand for rigs goes down, this will be the least affected. Would move out of this and into something with more short-term growth. Go back to it in the spring.
HOLD
HOLD
November 15, 2006
Been hit along with the other trusts. Cyclical and seasonal. Outlook looks better in the next quarter.
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Been hit along with the other trusts. Cyclical and seasonal. Outlook looks better in the next quarter.
BUY
BUY
November 1, 2006
Attractively priced. They have one of the best fleets out there.
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Attractively priced. They have one of the best fleets out there.
PAST TOP PICK
PAST TOP PICK
October 26, 2006
(A Top Pick Sept 1/05. Up 4.5%.) Good drilling company. Good choice of rigs.
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(A Top Pick Sept 1/05. Up 4.5%.) Good drilling company. Good choice of rigs.
DON'T BUY
DON'T BUY
October 13, 2006
Focused on the deeper drilling. Better rigs with higher utilisation rates. Tend to be more gas focused so could have some slippage in day rates in a warm winter. Have somewhat higher financial leverage then he likes. Good management.
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Focused on the deeper drilling. Better rigs with higher utilisation rates. Tend to be more gas focused so could have some slippage in day rates in a warm winter. Have somewhat higher financial leverage then he likes. Good management.
BUY
BUY
September 8, 2006
Drilling company. Reasonably profitable and well-managed. Have made a number of astute acquisitions.
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Drilling company. Reasonably profitable and well-managed. Have made a number of astute acquisitions.
BUY
BUY
September 7, 2006
An energy services company, but more in the drilling aspects. A little bit sensitive to commodity prices and drilling activity.
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An energy services company, but more in the drilling aspects. A little bit sensitive to commodity prices and drilling activity.
PAST TOP PICK
PAST TOP PICK
August 30, 2006
(A Top Pick Sept 1/05. Up 19%.) Owns this for growth, not the yield. It has a light more growth potential.
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(A Top Pick Sept 1/05. Up 19%.) Owns this for growth, not the yield. It has a light more growth potential.
BUY WEAKNESS
BUY WEAKNESS
August 16, 2006
He doesn't treat this as an income trust as the yield is relatively low. He looks at them as a pure driller. From that standpoint, it really hasn't given much upside. Really likes the company.
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He doesn't treat this as an income trust as the yield is relatively low. He looks at them as a pure driller. From that standpoint, it really hasn't given much upside. Really likes the company.
DON'T BUY
DON'T BUY
August 14, 2006
Between this one and Cathedral Energy Services (CET.UN-T) he would probably buy Cathedral. Given the nature of the drilling business, he would stick with Precision Drilling (PD.UN-T).
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Between this one and Cathedral Energy Services (CET.UN-T) he would probably buy Cathedral. Given the nature of the drilling business, he would stick with Precision Drilling (PD.UN-T).
BUY
BUY
August 4, 2006
One of its favourite names in oilfield services. Area has been volatile because of the spot price for natural gas. Looking at cash flows, they are reporting record numbers. Some concern on reduction of drilling, but this one is better placed because their rigs are on the deep side.
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One of its favourite names in oilfield services. Area has been volatile because of the spot price for natural gas. Looking at cash flows, they are reporting record numbers. Some concern on reduction of drilling, but this one is better placed because their rigs are on the deep side.
PAST TOP PICK
PAST TOP PICK
July 21, 2006
(A Top Pick Feb 10. Down 8%.) Has had significant volatility. Sold his holdings except for one fund. Setting up nicely again. Still a favourite to play for the back half of the year.
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(A Top Pick Feb 10. Down 8%.) Has had significant volatility. Sold his holdings except for one fund. Setting up nicely again. Still a favourite to play for the back half of the year.