Essential Energy Receives a Hold from Canaccord Genuity

By Jason Carr

In a new note to investors yesterday, an analyst has provided a rating update for the Materials sector company, Essential Energy (TSX: ESN). The company received a Hold rating from Canaccord Genuity’s analyst John Bereznicki, with a C$0.90 price target.

According to, Bereznicki is a 5-star analyst with an average return of 15.8% and a 57.6% success rate. Bereznicki covers the Basic Materials sector, focusing on stocks such as Essential Energy Services Ltd, Trinidad Drilling, and Canadian Energy.

Essential Energy has an analyst consensus of Hold, with a price target consensus of C$0.95.

Based on Essential Energy’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$56.25 million and quarterly net profit of C$3.15 million. In comparison, last year the company earned revenue of C$30.92 million and had a GAAP net loss of C$53.92 million.

Essential Energy Services Ltd. provides oilfield services to oil and natural gas producers in western Canada. It operates through two segments: Essential Coil Well Service and Downhole Tools & Rentals. The Essential Coil Well Service segment provides completion and stimulation services through its fleet of coil tubing rigs and fluid and nitrogen pumpers. The Downhole Tools & Rentals segment provides production and completion tools and rentals for horizontal and vertical wells. It also offers oilfield equipment rentals, including specialty tubulars, blow out preventers, specialty rental equipment for the SAGD market, and various other tools and handling equipment. The company was founded on February 26, 2010 and is headquartered in Calgary, Canada.

The company’s shares closed last Wednesday at $0.65.