STOCKCHASE

Drillers have had a terrible time but with oil at $70 you will see more activity. Very volatile area. Likes the stock.

2009-06-05

DON'T BUY

5.790

Oil services have been extremely distressed. Not sure that market is likely to pick up that quickly.

2009-05-27

WAIT

5.570

A little bit early for the oilfield service plays. Expect there will be a little bit of weakness going through the summer, which would be a better opportunity. Longer-term it is well positioned.

2009-05-22

DON'T BUY

5.880

Bill Harris, CFA

When there is this much capacity and drilling has come off this much, the leverage is actually with the E&P company. The whole market has to tighten up before the drillers actually get the margin on their side. Prices will still come down on the drillers. Drillers lag the industry by 2 years.

2009-05-19

DON'T BUY

5.980

Sandy McIntyre

(Market Call Minute.) Too much financial leverage. A commodity cyclical with a bad balance sheet.

2009-05-14

BUY on WEAKNESS

5.550

Joseph Schachter

We are in the spring break up when demand is at its lowest level. No reason to be chasing the stock right here.

2009-05-01

WAIT

5.400

Recently did a very significant financing with Alberta. Much better shape than 3 months ago

2009-04-27

DON'T BUY

5.410

Charles Lannon

Bad outlook for 12 months. Doesn’t suggest this. Distribution is not coming back any time soon.

2009-04-23

HOLD

4.460

John Stephenson

Had a nice run. Bounced back in what looked to be like a death watch on it. The challenge is, it is gas weighted.

2009-04-14

DON'T BUY

4.250

Joseph Schachter

Biggest driller in Canada, but the utilization of this industry is down to very low levels. Has quite a debt load. Stock will languish until there is a recovery in gas prices. Will be a survivor.

2009-04-06

WAIT

3.600

Ben Stadelmann

Think they will survive and there will have to be a lot more drilling done. Chart indicates it is bottoming. Entry point would be a little further on when the worst of the recession is over.

2009-04-01

DON'T BUY

3.090

John Zechner

A premier player and will do well once drilling activity picks up. More bullish on oil itself and the big internationals such as Talisman (TLM-T), Nexen (NXY-T), Suncor (SU-T) and Canadian Natural Resources (CNQ-T). Drilling sector will lag. (See Top Picks.)

2009-03-16

WAIT

2.950

Jaime Carrasco

If you have a long-term horizon, drilling will pick up at some point. It has to come back. Probably not a bad time, but when will there earnings show? Thinks it's still early.

2009-03-13

DON'T BUY

2.960

Bruce Campbell

Doesn't like the drillers because nobody wants to drill with the low oil price environment. There is also a surplus of natural gas.

2009-02-23

DON'T BUY

2.800

Rick Stuchberry

Outlook is not great in the short term for drillers. Natural gas prices have to start to appreciate than the producers have to decide to drill more wells. Things should be improving by next year.

2009-02-20

DON'T BUY

3.020

David Burrows

(Market Call Minute.) Stay away from the drillers.

2009-02-19

HOLD

3.890

Michael Smedley

Present management is expanding the company again. It should be all right, but you are waiting for a cycle return on the whole oil services sector.

2009-02-13

SELL

4.600

Veronika Hirsch

(Market Call Minute.) Balance sheet issue. Need to refinance.

2009-02-05

DON'T BUY

5.080

Drilling activity has come to a virtual standstill and outlook is weak. Made an acquisition of Grey Wolf at a very healthy price and terms of the debt are quite restrictive. If you own, you might want to hold for a couple of years until the drilling cycle comes back.

2009-02-03

DON'T BUY

6.560

Laura Wallace

Timing of the acquisition of Grey Wolf (GW-A) was unfortunate. Cut their distribution. Oil service companies are high beta oil companies and oil companies are high beta. A lot of volatility.

2009-01-28

DON'T BUY

7.520

With the decline in oil prices, there will be massive cutbacks in capital expenditures, which will impact drillers.

2009-01-20

BUY on WEAKNESS

8.440

(Market Call Minute.) Look for an opportunity to buy but don't be in a hurry. Cheap.

2008-12-19

SELL

7.650

Bill MacLachlan

This is a company that he would not be in at all. It is so sensitive to the cap X of the energy companies. Thinks it will be a few years before this one returns to its former levels.

2008-12-11

Comment

8.780

John Stephenson

Trading at about a 50% haircut to its replacement value for its rigs. 17.9% yield. Not overly bullish on many of these service companies.

2008-12-03

DON'T BUY

9.030

Jean-Francois Tardif

15% yield. North American drillers are trading very cheap on all metrics. Really likes the new management. Has older equipment and newer companies will be more in demand.

2008-12-02

Comment

8.450

Quality trust. Largest drilling and service trust in Canada. Making a big acquisition of Grey Wolf (GW-A). Previously a pristine balance sheet but will now have debt levels. Seeing drilling coming off in the US. Would be cautious.

2008-11-20

BUY

11.160

Good time to be buying oil drilling and oil services companies. Strong demand for their services.

2008-11-11

Comment

11.550

Greg A. Taylor, CFA, BBA

It seems they are able to keep the distribution currently. Thinks winter drilling will be fine.

2008-10-27

WAIT

12.080

Ben Stadelmann

Tentative hold. Wait if buying.

2008-10-09

Comment

17.910

Largest oil service firm in Western Canada. Will depend on commodity prices. If you have a positive view on oil and natural gas you should continue to hold. The numbers he sees for drilling this winter don't look as good.

2008-09-24

WAIT

18.950

One of the largest contract drillers in Canada. Recently acquired Grey Wolf (GW-A) in the US. Expects there could be tax loss selling in November when shareholders from Grey Wolf could be selling shares. Well run trust, but wait until December.

2008-09-19

BUY

22.000

Largest driller in Western Canada. Because of higher energy prices, drilling activity has been significantly higher in the last year. They are also expected to look for acquisitions in the US. (See Top Picks.)

2008-08-07

HOLD

23.000

Has been disappointing. Last year, gas prices went down so drilling slowed. This spring started off slowly and earnings started picking up. Will do well with their bigger rigs on the deep drilling.

2008-08-01

BUY

27.030

David Baskin

Calfrac Well Services (CFW-T), Precision Drilling (PD.UN-T), Ensign Resource (ESI-T). Involved in fracturing, an expensive exploration/production service, which basically fractures rocks to release petrochemicals. With higher natural gas, companies are starting to use this service. Bullish on natural gas. These companies can be very cyclical and will fall off the table when energy prices weaken.

2008-06-10

DON'T BUY

26.190

Laura Wallace

3 to 5 years this is a great story. Near term there are some issues. Pricing a great deal of success into the organic growth initiatives they are having in the US and internationally. 6% yield. A little bit ahead of itself.

2008-05-23

PARTIAL SELL

27.940

One of the largest oil/gas drilling and service companies in Canada. Recently had plans to expand into the US. Q1 results were OK but some people were expecting higher data rates for some of their rigs. There is usually a seasonal weakness that we are approaching and you might consider taking some profit.

2008-05-14

DON'T BUY

27.670

This is still in the trust structure and he does not allow trusts. His model price is $41, which would be a 58% positive differential but with all these companies they do have to convert, eventually, back to the corporate structure. There will be a 30% haircut somewhere.

2008-05-08

PARTIAL SELL

26.210

Kevin Hall BComm, CFA

Will be looking to expand beyond North America. This is the shoulder season for energy, soul if you own, he would recommend taking some profits. If you don't own, Wait.

2008-05-06

BUY

24.370

Well run company and lots of assets. Wouldn't be surprised if they convert back to a corporation. There is significant turnaround in the fortunes of the oil/gas drillers out west as gas prices have come up. The companies that have the equipment to do the deep drilling are going to do very well.

2008-04-24

HOLD

25.550

(Market Call Minute.) The 800-pound gorilla in the oil patch.

2008-04-16

BUY

25.240

One of the primary service oil companies in Canada. Price increase is a reaction the high oil/gas prices which are creating a lot more exploration. Well managed. He has been looking at this one lately.

2008-04-15

BUY

23.180

Jeff Parent

Chart shows a very definite reversal signal. (A break out of a long-term down trend.) Will run into resistance, but not until it gets to about $27. Use a stop around $22.

2008-04-02

WAIT

23.420

Ken McCord

A big move today, but it hasn't been screening well. He would wait.

2008-03-26

BUY

22.470

Sandy McIntyre

(Market Call Minute.) Would buy this for the recovery in the gas market.

2008-02-26

BUY

19.070

Became an income trust at precisely the wrong time. Gas prices have declined and Alberta's royalty tax has not helped. Eventually, stocks like this get too cheap and you have to look beyond the current prices. When natural gas prices recover, this'll be great for them. Wouldn't be concerned about holding it here.

2008-02-11

SELL

18.650

Alex Ruus

Would avoid this stock. Their plan is to increase their international business, but is primarily leveraged to Canada. Will take a while before it turns.

2008-02-04

Comment

18.650

David Baskin

There are some hopeful signs for the natural gas industry. Inventory is starting to come down. That should help the price of natural gas a little, which should be good for the drilling companies. They have expanded their scope out of Canada towards the US where there is more activity. The stock may have hit its bottom at the start of the year.

2008-02-04

DON'T BUY

16.450

(Market Call Minute.) It will be a bit of a rocky market for them in 2008. Wait 6 to 12 months in order to get a better picture.

2008-01-21

BUY

17.800

David Baskin

Natural gas inventories are coming down and activity is picking up this winter. Thinks that all the energy service companies are being beat up too much.

2008-01-14

HOLD

16.930

If you have a 3-year target, this is a good buy. There is not going to be a pickup in drilling until there is a sustained natural gas price of $7 or more. He thinks this is a year away. Good yield while you wait.

2008-01-11

BUY

15.400

Joanne A. Hruska, CFA

Service sector always gets hit the hardest but has the most potential for major wins/losses. Very capital-intensive. In this sector, the drilling rig sector would be considered high beta in that they go down and up the most. You want to own these at the beginning of the upturn.

2008-01-04

HOLD

15.280

Drilling will slow down because of weak gas prices. Thinks distribution is safe. Wouldn't buy at this time.

2007-12-28

Comment

15.100

The extra $.40 they paid was a surprise. On a cash flow basis they are in good shape. Has dropped because of tax loss selling. Looking pretty good at this point in time.

2007-12-21

HOLD

16.000

Kevin Hall BComm, CFA

Like all energy services it has corrected good amount. Natural gas has been very soft with inventory levels being full. There’ve been big imports of LNG. This will be a late 2nd half 08 story. Distribution cut was made, so this should now be stable. Yield of 9% plus.

2007-12-04

DON'T BUY

15.770

Michael Decter

Energy sector, including the drillers, has really been clobbered, largely because of low natural gas prices. Declining rates are so high in the patch now that this slowdown will start to impact production.

2007-11-12

HOLD

16.750

New CEO. After their non-competition ends they will try to expand more into Mexico and other countries. The issue is what type of drilling season will occur in Q1 of 08. A cold winter in eastern Canada could increase natural gas prices. Good balance sheet. If you think gas prices will improve, Hold.

2007-11-08

Comment

17.000

Patrick Kim

The classic value pick for the contrarian investor. Market does not like the energy services space right now. Over the long term, this will bounce back. If you Buy you will have to hold until 2009, which will be the first time for a significant turnaround in terms of utilization rates.

2007-11-02

DON'T BUY

16.930

He has a model price of around $25. A positive 10%, 11%.

2007-11-01

DON'T BUY

18.520

Benj Gallander

Would not be interested in investing in a drilling company at this time.

2007-10-18

DON'T BUY

17.790

They don't own, but are watching. Needs the firming of natural gas prices. Also needs the royalty program to be approved, before he would take the risk.

2007-10-17

HOLD

17.700

Joseph Schachter

Has been hammered because the utilization rate has been down. They also had to decrease their payouts. A very cheap stock from the point of view of the upside capability when there is a recovery in the industry.

2007-10-11

HOLD

19.040

All the oilfield service trusts have had big corrections because of weak activity levels in western Canadian sedimentary basin. This will probably continue right through 2008. Cut the distribution earlier this year but doesn't see a lot of risk with the current level.

2007-10-03

HOLD

19.640

As natural gas prices firm going out into 08 and 09, he feels the drillers will come back with a vengeance. Gives you a decent return, so continue holding.

2007-09-25

DON'T BUY

20.310

This is a tough one for him. With the distributions coming out, they balance sheet is actually falling on his quantitative model. The model price is around $25, but we'll get hit with taxes in 2 years. Probably trading in line. Doesn't see any big upside

2007-08-30

Comment

20.800

Sandy McIntyre

He tends to avoid the service sector except for production related companies rather than exploration companies. Good balance sheet. This one will suffer more in down periods, but will recover more quickly.

2007-08-13

Comment

20.460

John Stephenson

Generally doesn't like this one, but it has fallen so far it might be worth looking at.

2007-08-08

DON'T BUY

21.200

If you own, you are getting close to the point where you can average down. Wait until you see some signs of natural gas basing. That could be as long as a year from now.

2007-08-03

WAIT

21.100

Laura Wallace

Looking at this one very closely. Have cut distributions twice. Canadian drilling has been very bad. 3% of their rigs are in the US, but has accounted for 17% of their EBITDA. Outlook for earnings is very poor and the earnings are very close to the distribution.

2007-08-02

WAIT

24.690

Had a big drop and the prices are starting to look attractive again. Very Conservative payout ratio. Would wait to see where gas prices are going.

2007-07-23

HOLD

25.930

Kevin Hall BComm, CFA

Softer natural gas prices have decreased drilling activities. This company will have the most upside should this cycle change.

2007-07-11

BUY

26.590

Jeff Parent

The oilfield services have been beaten up and are trading near their bottoms. Good entry point and the support is strong. Not a lot of volume right now. Exit if it goes below $25.

2007-07-06

DON'T BUY

27.120

His model price on this is $35.60 giving a 30% differential, which will disappear in 2 years, so are trading at what their future earnings are. (See “Today’s Commentary”.)

2007-06-21

DON'T BUY

27.290

Foreign exchange is moving against them. Be cautious on this name. Good long term hold, but don't be in any rush to jump in.

2007-06-11

WAIT

27.910

He likes it. It's suffering along with all the other drilling companies. Thinks it will pick up next year.

2007-06-04

BUY

27.730

Has been hit by a 20% drop in utilization rates for all of the drillers. This one is the 100 lb. gorilla with a 30% market share. With a normalized winter, they should be a pickup in drilling activity. Could be a consolidator and continue to grow their market share.

2007-05-29

WAIT

29.180

Patrick Kim

A play on natural gas. Current price is displaying some optimism in the market. Don't look for good news out of their quarterly reports until this winter. Price has gone up on speculation about M7A activity. All the good news is fully factored in. Wait for the summer doldrums.

2007-05-14

HOLD

27.290

Derek Webb, CFA

In the US they have not backed off drilling, while in Canada they have.

2007-05-03

DON'T BUY

27.130

He exited the oil service stocks over a year ago. Not sure that it's the time to jump back in yet.

2007-04-27

BUY

29.400

Paul Harris, CFA

8% yield. Thinks there's one more leg down in the drilling stocks. Trading at a discount to their replacement value. Good time to buy when investors don't like the oil sector.

2007-04-23

Comment

29.120

Has been hammered recently with the decline in capX spending. There have been signs of life. 2nd and 3rd quarters tend to be weak historically. He is not doing anything on oil/gas trusts until the rules on taxation are clearer.

2007-04-18

HOLD

26.780

In the oil field service space. Expecting the weakness in this sector will continue until the 4th quarter and 1st quarter of next year. Relatively clean balance sheet.

2007-03-23

Comment

25.940

The largest driller in western Canada. Shallow rig drilling has definitely had to be cut back. Have some good deep rigs. Expect them to do a lot better in 07 and 08 than they did in 06.

2007-03-15

BUY on WEAKNESS

26.620

Good company. Best market share in drilling and oil/gas services in western Canada. This could work against them, as their growth trajectory is weak. $22 would be an attractive price. Ownership by Management is very small.

2007-03-02

DON'T BUY

27.290

Brendan Caldwell

Not bullish on the energy sector. Drilling companies are a leveraged way to play the energy sector.

2007-02-27

PAST TOP PICK

27.370

(A Top Pick Feb 17/06. Down 22.7%.) Drillers took quite a beating with the slowdown on the gas side as well as the government's decision on trusts. Still a Hold.

2007-02-23

WAIT

25.990

Glenn MacNeill

Largest drilling contractor in Canada. Manage their business very well. Utilization rates are down in the oil patch. Wait for couple of months.

2007-02-16

DON'T BUY

24.750

Sold off their international division and became a pure Canadian play with big emphasis on natural gas. Natural gas prices collapsed along with the stock price. This will be dependent on the future of natural gas prices. Would rather own some international drillers.

2007-02-12

BUY

26.990

Has been beaten up because the outlook for oil services has come off substantially. Recently had a distribution cut of about 39%, which was bigger than she expected. Clean balance sheet. In a good position for when this cycle starts to turn.

2007-02-02

BUY on WEAKNESS

26.460

Robert Lauzon

Long-term it is a great company. Natural gas primarily makes up most of their drilling activities. Has some aggressive capital expenditure plans for this year. Would buy a $23.

2007-01-22

HOLD

26.640

Robert Floyd

Had a big cut which was more than what analysts had been looking for. The #1 player in the servicing of oil/gas rigs. Very strong company.

2007-01-19

DON'T BUY

27.000

Not a fan of trusts, so would not invest in this. This will trade between $24.90 and $31. If there's a big rally in oil, expect it to go closer to $31.

2007-01-17

DON'T BUY

26.670

Poor decision for them to become an income trust. Sold off international assets to become a purely Canadian drilling company and international drilling scene is more attractive right now.

2007-01-09

DON'T BUY

25.980

He got out of the oil service companies early last year. Couldn't see a lot of new rig activity happening. With the warm winter, it is even worse in oil patch making it hard to move equipment around. Too early.

2007-01-05

WAIT

27.000

What you have to see is a firming of natural gas prices which will then lead to a bottoming out of drilling activity in western Canada and that’s the time you jump in.

2006-12-29

DON'T BUY

28.220

Model price is only slightly higher than the stock price. Not a fan of income trusts.

2006-12-21

BUY

28.500

Has been quite beat up because people are concerned that activity levels are going to be lower than last year. They are in a good position to weather this storm. Good price. Utilization rates have been going up significantly. You have to watch this one in relation to commodity prices.

2006-12-15

Comment

28.890

Brad Willock

Not an expert on this specific driller, but his view on oil is very positive and this stock, along with other drillers, service companies, etc. will follow the price of oil.

2006-12-11

DON'T BUY

29.060