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Benzinga
Benzinga
Business
Akanksha Bakshi

RBC Capital Boosts Ensign Energy Services Price Target By 8%

Ensign RBC Capital ESI
  • Ensign Energy Services Inc (TSX:ESI) (OTC:ESVIF) price target has been raised to C$6.50 from C$6 by RBC Capital analyst Keith Mackey.
  • The analyst maintained the Outperform, Speculative Risk rating on the shares.
  • Mackey stated that Ensign's 1Q22 results were in line with estimates, and the company modestly improved its financial liquidity through the disposition of idle rig assets.
  • The analyst expects 2H22 to shape up favorably as Ensign's rig contract book steps into higher leading-edge pricing.
  • Mackey increased the 2022/23 EBITDA estimates by 5%.
  • Related: RBC Capital Bumps Up Ensign Energy Services Price Target By 85%
  • Price Action: ESI shares are trading lower by 0.26% at C$3.88 on TSX on the last check Tuesday.
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