Research, Charts & Company Announcements
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.
|15Feb17 22:22||MKW||Total Energy Services Inc. Announces Shareholder Approval of Issuance of Total Shares in Connection with Take-Over Bid for Savanna Energy Services Corp.|
|08Feb17 18:35||MKW||Total Energy Services Inc. Announces 2016 Fourth Quarter Conference Call and Webcast|
|13Jan17 21:22||MKW||Total Energy Services Inc. Announces Intention to Purchase Common Shares of Savanna Energy Services Corp. on the TSX|
|09Jan17 19:27||MKW||Total Energy Services Inc. Announces Preliminary 2017 Capital Expenditure Budget|
|11Mar16 17:18||MKW||Total Energy Services Inc. Announces Dividend|
|10Mar16 16:12||MKW||Total Energy Services Inc. Announces 2015 Results|
|11Feb16 21:59||MKW||Total Energy Services Inc. Announces 2015 Fourth Quarter Conference Call and Webcast|
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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).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.