Service Sector picking up on new perspectives
Globe says Secure Energy, others are top gainers
2016-11-17 08:16 ET - In the News
See In the News (C-SES) Secure Energy Services Inc
The Globe and Mail reports in its Thursday, Nov. 17, edition that top gainers in the energy patch were Canadian Energy Services & Technology, Secure Energy Services and Enerflex, which rallied 13 per cent, 9 per cent, and 8 per cent, respectively. The Globe's Jennifer Dowty writes that all three companies reported earnings before interest, taxes, depreciation and amortization (EBITDA) that surpassed the Street's expectations. Challenging industry conditions, cost controls and cautious optimistic outlooks were common themes. For instance, Enerflex reported a strong increase in booking and backlog during the quarter and looking out to 2017, management indicated that they are, "cautiously optimistic that further stability in commodity prices will allow oil and gas producers to increase investment in their businesses, which will ultimately drive demand for Enerflex's products and services." Secure management echoed this positive sentiment, stating, "As it appears commodity prices have bottomed earlier this year, Secure expects an increase in oil and gas producers' capital budgets for 2017 over 2016, which will drive higher activity levels and benefit all three of the corporation's divisions."