Secure Energy Services Inc T.SES

Canaccord Raises Target

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Canaccord Genuity’s John Bereznicki raised his Secure Energy Services Inc. target to $10.50 from $9.75, keeping a “buy” rating. The average is $10.59.

“With Secure’s leverage now in its target range, we expect the company to focus excess FCF on opportunistic share repurchases and (potentially) further dividend increases. In our view, Secure is benefitting from a multiple re-rating as it continues to reposition itself as a midstream service provider focused on shareholder returns (we believe successful resolution of the Commissioner of Competition’s Section 92 filing could further bolster Secure’s trading multiple). We are making modest estimate revisions,” said Mr. Bereznicki.