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ENSIGN (ESI TSX)
On past appearances, we’ve talked about Ensign’s aggressive debt paydown schedule providing upside as value is transferred from debt holders to equity holders. It’s been a $600 million dollar paydown that is expected to be completed exactly this month next year. So from a capital structure perspective, the expected $65 million expected to be paid down this current quarter and $200 million next year should continue to support further upside in the stock. The company’s operation front is also looking more constructive for 2025. Up to five additional rigs are expected to be running in Canada, and an additional rig in both the U.S. and International Markets, bring their active rig count up to around 90 rigs. Plus, the Canadian market is also seeing improving rig rates. The combination of further aggressive debt reduction through to the end of 2025 and improving operating metrics heading into next year is bullish for Ensign’s stock. Owned in fund, personally and by family.
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