Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CALFRAC WELL SERVICES LTD. We currently have 17 research reports from 1 professional analysts.
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Research reports on
CALFRAC WELL SERVICES LTD
CALFRAC WELL SERVICES LTD
Positive Trends for Canadian Pressure Pumping
31 Aug 16
WCSB pressure pumping supply and demand is poised to benefit from an increase in stages per well and proppant per well. We believe this could cause supply and demand to tighten more quickly than anticipated in an activity recovery. Higher service intensity has been particularly evident in the Montney and Duvernay, where stages per well have generated a 2012-1Q16 CAGR of 23% and 44%, respectively, and a proppant per well CAGR of 39% and 62%. Our investment bias is towards Trican given it is the largest pure play Canadian pressure pumper, with excess equipment and a discounted valuation relative to its peers.
29 Jul 16
Calfrac reported a 2Q16 EBITDAS loss of -$14 mm, which was in line with our forecast. Our 2016e EBITDAS of -$23 mm is unchanged, while we have lowered 2017e EBITDAS to $75 mm (prior: $81 mm). The Company has temporarily shuttered its North Dakota operation. We believe this will be positive for operating margins in the U.S. segment. Competitive bidding practices in Canada continue to be an impediment to margin improvement, but 3Q16e activity is expected to be high for the Company’s active fleet.
29 Apr 16
Calfrac’s 1Q16 EBITDAS was a loss of $11 mm, but after adjusting for $4 mm in restructuring costs it could be viewed as a loss of $7 mm, compared to our forecasted loss of $14 mm. Calfrac has reduced its 2016e capex to $40 mm from $50 mm. Our forecast suggests the first equity cure provision for the Company’s funded debt to EBITDAS covenant will need to be utilized in 2Q16e, but it could occur in 3Q16e. The Company has temporarily suspended its Eagle Ford operations, which refocuses Calfrac’s operations on the Rockies, Marcellus and Bakken.
RESULTS IN LINE WITH CONSENSUS. CAPEX REDUCED. ADDITIONAL EQUIPMENT PARKED AND RETIRED.
28 Apr 16
Impact: Neutral. We expect the stock to trade in line with the market today as results were largely in line with consensus expectations. Operationally, the Company retired ~74,000 hp and is temporarily suspending its South Texas operations, both of which we view positively.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.