Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ENSIGN ENERGY SERVICES INC. We currently have 16 research reports from 1 professional analysts.
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ENSIGN ENERGY SERVICES INC
ENSIGN ENERGY SERVICES INC
Reports In Line 2Q16
10 Aug 16
Ensign reported 2Q16 revenue of $176 mm and EBITDAS of $31 mm, both of which were in line with our estimates. The Company has announced Mr. Michael Gray will become CFO in 4Q16e, replacing Mr. Timothy Lemke. Mr. Gray joined Ensign in early 2015 as Corporate Controller after several years at CanElson Drilling Inc. The Company is continually reevaluating retrofits and new rig build opportunities. Ensign anticipates putting two new upgraded U.S. rigs into the field during 3Q16e or 4Q16e. Ensign suggested that 16% of its fleet is on long-term take or pay contracts
REPORTS IN LINE 2Q16, LOWERS 2016E CAPEX
09 Aug 16
Impact: Neutral. Ensign reported 2Q16 revenue of $176 mm which was in line with our estimate of $171 mm, but below consensus of $186 mm. EBITDAS of $31 mm was in line with our estimate and consensus which were $31 mm and $32 mm, respectively. The loss per share was $0.23, above our forecasted loss of $0.28 (which was the same as consensus). Ensign has lowered its 2016e capital program to $42.5 mm at the midpoint from $60 mm previously.
1Q16e Preview and Commodity Update – All Is Quiet on the Western Front
13 Apr 16
We are updating our oilfield industry forecasts post the release of FirstEnergy’s new commodity price forecast for crude oil and natural gas on March 24, 2016. We have updated our 2016e Canadian well count/drilling days forecast to 3,209/37,335 from 3,800/43,325. In 2017e, we have left our forecast unchanged at 6,200 wells/70,200 days. In the U.S., our 2016e rig count forecast is now 482 (prior: 610) and 2017e is 675 (prior: 775). Data for 1Q16e came in weaker than our prior forecast anticipated, and we have lowered our estimates across our coverage universe accordingly. We are currently below 1Q16 consensus for 15 of 18 companies in our coverage universe, but the percentages are misleading given the absolute size of EBITDAS being earned this quarter.
Posts Meaningful 4Q15 Beat
09 Mar 16
Ensign reported 4Q15 EBITDAS of $72 mm, well ahead of our forecast of $55 mm, despite revenue coming in line with our es mate. The Company suggested on its conference call that there was no early termination revenue, but that cost cutting initiatives are starting to manifest themselves in financial results. The Company has 23 contract drilling rigs on take-or-pay contracts for various durations. This represents 10% of Ensign’s corporate drilling fleet. In 1Q16e, an additional 10 rigs have been cold stacked in Canada in addition to what was retired at 4Q15. The Company continues to manage its fleet for market demands. We are concerned over Ensign’s International ac vity in 2016e due to the decline in Australian and Argentinian rig counts early in 2016e. Day rates are also likely to come under pressure in these regions.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.