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Research Tree provides access to ongoing research coverage, media content and regulatory news on TOTAL ENERGY SERVICES INC. We currently have 19 research reports from 1 professional analysts.
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TOTAL ENERGY SERVICES INC
TOTAL ENERGY SERVICES INC
2Q16 Results Include Large Compression Contract Award
12 Aug 16
Total reported 2Q16 EBITDAS of $2 mm, which was in line with our estimate. Revenue of $44 mm far exceeded our forecast of $32 mm, with EBITDAS being negatively impacted by a lower-than-expected gain on sale of PP&E. We believe the outlook has improved for the Compression and Process Services division due to a $21.3 mm contract win. The Rentals division market share growth strategy appears to be working through expected higher revenue and margins. We continue to believe that Total will use its strong balance sheet to expand its operational footprint.
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.
Reports 4Q15 Results
11 Mar 16
Total reported 4Q15 EBITDAS of $7 mm, below our estimate of $9 mm due to weaker than expected utilization. We believe the Company is parking additional equipment in light of weak pricing. This is a prudent decision to manage equipment quality. The Company’s liquidity position remains robust with an undrawn $65 mm credit facility and $14 mm ($0.47/share) in cash and marketable securities exiting 4Q15. We remain optimistic that acquisitions will occur if oilfield activity remains weak through 2016e. Backlog in Compression and Process Services exiting the quarters was $49 mm, modestly lower than 3Q15 when backlog was $51 mm. Total has included an $8.1 mm order that has supposedly been cancelled, but no cancellation fee has been paid. The Company intends to litigate this issue. Post 4Q15, Total received a meaningful compression order from Australia. The amount was not disclosed.
Energy Services 4Q15e Preview and Updating Activity Outlook – Buckle Up
09 Feb 16
In conjunction with the new oil price forecast released by FirstEnergy on February 8, 2016, we have updated our 2016e Canadian well count/drilling days forecast to 3,800/43,325 from 4,950/54,853. In 2017e, we are now forecasting wells/drilling days of 6,200/70,200 from 7,900/86,600. In the U.S., our 2016e rig count forecast is now 610 (prior: 763) and 2017e is 775 (prior: 1,063).
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
GMP FirstEnergy ― UK Energy morning research package
10 Jan 17
GeoPark (GPRK-NYSE) 1,6; BUY, US$6.50: 4Q16 operations update and production results | Northern Petroleum (NOP LN)1; SPEC. BUY, £0.10: Results of open offer | Serica Energy (SQZ LN) (not covered): Operations Update | Roxi Petroleum (RXP LN) (not covered): BNG Operational update in Kazakhstan | Tullow Oil (TLW LN); REDUCE, £2.90: Transaction in Uganda frees up cash for Kenya | Eco Atlantic (EOC CN) (not covered): Intention to list on AIM –
19 Dec 16
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