CES Energy Solutions (TSE:CEU) Hits New 12-Month High – Here’s Why

CES Energy Solutions Corp. (TSE:CEU)’s stock price hit a new 52-week high on Wednesday . The company traded as high as C$19.86 and last traded at C$19.67, with a volume of 81769 shares trading hands. The stock had previously closed at C$19.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. BMO Capital Markets raised shares of CES Energy Solutions from a “market perform” rating to an “outperform” rating and upped their target price for the company from C$21.00 to C$22.00 in a research note on Wednesday, June 24th. Raymond James Financial lifted their target price on CES Energy Solutions from C$23.00 to C$25.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. National Bank Financial raised CES Energy Solutions from a “hold” rating to an “outperform” rating and set a C$20.00 target price for the company in a research note on Friday, August 7th. Scotia increased their price target on CES Energy Solutions from C$21.00 to C$22.00 and gave the stock a “sector outperform” rating in a report on Monday, August 10th. Finally, TD dropped their price target on CES Energy Solutions from C$19.00 to C$18.00 and set a “hold” rating on the stock in a research report on Monday, July 13th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, CES Energy Solutions presently has an average rating of “Moderate Buy” and a consensus target price of C$19.72.

CES Energy Solutions Stock Performance

The firm has a market cap of C$4.13 billion, a price-to-earnings ratio of 21.38, a price-to-earnings-growth ratio of 0.61 and a beta of 0.81. The stock has a 50-day moving average of C$17.61 and a 200-day moving average of C$17.61. The company has a debt-to-equity ratio of 55.36, a quick ratio of 1.78 and a current ratio of 2.70.

Insiders Place Their Bets

In related news, insider Mihir Patel sold 12,184 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of C$16.04, for a total value of C$195,431.36. Following the completion of the transaction, the insider owned 16,571 shares of the company’s stock, valued at approximately C$265,798.84. This trade represents a 42.37% decrease in their ownership of the stock. Also, insider David Allyn Burroughs sold 28,815 shares of CES Energy Solutions stock in a transaction on Monday, July 6th. The shares were sold at an average price of C$16.04, for a total transaction of C$462,192.60. Insiders have sold a total of 71,883 shares of company stock valued at $1,153,003 over the last 90 days. 3.03% of the stock is currently owned by company insiders.

About CES Energy Solutions

CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES’ business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow.