Analysts have raised their price target for CES Energy Solutions (TSE:CEU) to C$14.50 from C$14.00, reflecting growing confidence in the company’s performance. The adjustment was made by ATB Capital in a research report released on November 17, 2023. They currently maintain an “outperform” rating for the stock, indicating that they expect it will perform better than the overall market.
Various other financial institutions have also recently revised their price targets for CES Energy Solutions. Scotiabank increased its target from C$9.50 to C$10.25 on the same day. Similarly, National Bankshares raised their price target from C$10.50 to C$13.00 and reaffirmed an “outperform” rating in a report on November 20, 2023. TD Securities also adjusted its forecast, increasing the target from C$9.00 to C$11.00 on October 14, 2023. Additionally, Royal Bank of Canada lifted its target from C$10.00 to C$11.00 in a report dated October 9, 2023.
A recent note from Raymond James Financial downgraded the stock from a “strong buy” to a “moderate buy” on November 17, 2023. Currently, two analysts have rated the stock as a “Strong Buy,” while five have given it a “Buy” rating. According to market data from MarketBeat, CES Energy Solutions holds a consensus rating of “Buy” with a consensus price target of C$11.46.
Quarterly Earnings Report and Insider Activity
CES Energy Solutions released its quarterly earnings report on November 13, 2023, revealing earnings per share of C$0.18 for the quarter. The company reported revenues of C$623.22 million, with a return on equity of 27.61% and a net margin of 8.62%. Looking ahead, analysts project earnings per share of approximately C$0.86 for the current fiscal year.
In terms of insider activity, significant purchases were made recently. On November 18, 2023, insider Kenneth Earl Zinger acquired 5,000 shares at an average price of C$10.93 per share, totaling C$54,650. This transaction increased Zinger’s ownership to 1,872,857 shares, valued at around C$20.47 million. Additionally, director John Michael Hooks purchased 44,700 shares at an average price of C$11.09, amounting to C$495,723. Following this acquisition, Hooks now holds 825,981 shares, valued at approximately C$9.16 million. Over the past three months, insiders have acquired a total of 54,245 shares, worth C$600,232, with insiders currently owning 3.03% of the company’s stock.
Overview of CES Energy Solutions
CES Energy Solutions Corp specializes in consumable chemical solutions throughout the lifecycle of oilfields. Its offerings include solutions for drilling, completion, stimulation, and maintenance, primarily serving the pipeline and midstream market. The company operates predominantly in the United States, which accounts for the majority of its revenue, with additional operations in Canada.
As the energy sector continues to evolve, CES Energy Solutions remains a noteworthy player, with analysts optimistic about its growth trajectory based on recent performance and insider confidence.
