FINWIRES · TerminalLIVE
FINWIRES

$EFXT

8 stories mentioning EFXTUpdated 10d ago

Every FINWIRES story that references EFXT, newest first.

Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Commodities

Canadian Rig Activity Eases While Sector Outlook Remains Firm, RBC Says

Canadian drilling activity softened as the Western Canadian Sedimentary Basin rig count fell to 204, while sector fundamentals remained resilient, RBC Capital Markets said in a Tuesday note.The firm said its Canadian oilfield services coverage group remains up 31% year to date, outperforming the S&P/TSX Capped Energy Index, which has advanced 26.3% over the same period.CES Energy Solutions led the group with a 4.8% gain, while Pason Systems slipped 0.8% and Enerflex declined 3%, making them the top three performers, RBC said.Precision Drilling was the weakest performer, falling 8.2%. Ensign Energy Services dropped 4.6% and Trican Well Service lost 4.1%, rounding out the bottom three performers, the note said.RBC said the Q2 average rig count reached 165, exceeding its estimate of 143. Private operators added one rig over the week, while large exploration and production companies reduced activity by one rig.The Montney rig count increased by three week over week to 39. Ovintiv (OVV) led operators with six rigs, followed by Tourmaline with five, while Precision Drilling remained the top contractor with 23 rigs, ahead of Ensign with seven and Savanna with five, RBC said.The Duvernay rig count declined by one week over week to 14. Whitecap Resources led operators with three rigs, followed by Canadian Natural Resources with two, while Ensign Energy Services remained the top driller with six rigs, ahead of Precision Drilling and Savanna, each with two.The Viking rig count fell by three week over week to two. Teine Energy operated both active rigs, while Ensign Energy Services and Savanna each drilled one rig, according to the note.The Oil Sands rig count declined by four week over week to 10. Cenovus Energy (CVE) led operators with four rigs, while CNOOC and Canadian Natural Resources each ran two. Precision Drilling remained the leading contractor with eight rigs.RBC said Canadian exploration and production companies are on track to generate $6.9 billion in pre-dividend free cash flow in 2026 and $6.4 billion in 2027 using futures strip pricing.RBC expects producers to reinvest 64% of cash flow in 2026 and 67% in 2027, compared with the five-year trailing average of 64%.Price: $23.81, Change: $-0.71, Percent Change: -2.88%

$CVE$EFXT$OVV
Sectors

Sector Update: Energy Stocks Lower Pre-Bell Thursday

Energy stocks were lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) losing 0.4%.The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 2% higher.Front-month US West Texas Intermediate crude oil was down 0.3% to $70.14 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.2% to $73.75 per barrel, and natural gas futures were 2.1% higher at $3.29 per 1 million British Thermal Units.TotalEnergies (TTE) stock was down 0.9% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.BP (BP) shares were down 0.7%, extending losses from the 3.7% decline at the prior close. India's state-run ONGC said it signed a technical services contract with BP to boost crude oil and natural gas production across 43 blocks in the country's Western Offshore Basin.Enerflex (EFXT) stock gained 0.5% after the company signed an updated agreement that extends the expiration of its revolving credit facility by three years to mid-2029.

$BP$EFXT$TTE$UNG$USO$XLE
Commodities

Canadian Oilfield Services Stocks Slip 1% Over Week as WCSB Activity Climbs, RBC Says

The Western Canadian Sedimentary Basin rig count increased by nine over the week to 209, reaching 55 above year-ago levels and surpassing RBC Capital Markets' second-quarter forecast of 143 rigs, RBC Capital Markets said in a Tuesday note.The 209-rig count sits 34 above the five-year average, while the quarter-to-date average of 162 has surpassed RBC's second-quarter forecast of 143 rigs, according to the note.Private operators added three rigs over the week, while large exploration and production companies producing more than 75,000 barrels of oil equivalent per day increased activity by six rigs, RBC said.Montney activity rose by one rig to 36. Ovintiv (OVV) operated six rigs, and Tourmaline ran five, while Precision (PDS) held 22 rigs, or 61% of the total, followed by Ensign with seven rigs, or 19%, and Savanna with four rigs.Duvernay activity declined by one rig to 15. Canadian Natural Resources (CNQ), Paramount, and Whitecap each operated two rigs, while Ensign led drillers with five rigs, or 33% of total activity, followed by Fox and Jomax with two rigs each, RBC added.Heavy oil drilling increased by five rigs to 52. Canadian Natural Resources operated 12 rigs, Spur six and Cenovus (CVE) five, while Precision controlled 24 rigs, or 46% of activity, ahead of Ensign's nine rigs and Savanna's five rigs.Oil sands activity fell by two rigs to 14. Cenovus operated six rigs, while CNOOC and Canadian Natural Resources each ran two.RBC expects covered producers to generate $7.6 billion of pre-dividend free cash flow in both 2026 and 2027 while reinvesting 62% and 63% of cash flow, below the five-year average of 64%.Canadian oilfield services stocks declined 1% over the week. Enerflex (EFXT) gained 8.3%, Calfrac advanced 2.9%, and Trican added 2.2%, while Precision (PDS) fell 3.2%, Ensign lost 4.1%, and Pason dropped 5.2%, the note said.RBC's Canadian oilfield services coverage group has gained 34.8% so far in 2026, outperforming the S&P/TSX Capped Energy Index, which has advanced 30.6% over the same period.Price: $24.55, Change: $-0.70, Percent Change: -2.77%

$CNQ$CVE$EFXT$OVV$PDS
Commodities

Western Canada Rig Count Climbs to 200, Tops 5-Year Average by 31 Rigs, RBC Says

The WCSB rig count climbed to 200, its highest level this year, as drilling activity across Western Canada continued to outpace expectations, RBC Capital Markets said in a Tuesday note.Canadian oilfield services stocks declined 5% over the week, although the group remained up 34% year to date, compared with a 35.4% gain for the S&P/TSX Capped Energy Index, RBC said.Calfrac Well Services led weekly performance with a 5.0% gain, while Enerflex (EFXT) declined 3.7% and Pason Systems fell 4.4% over the same period, according to RBC.The rig count increased by 11 from the prior week to 200, standing 50 above year-ago levels. Activity also remained well above historical trends, with the count 31 rigs above the five-year average.RBC said drilling activity has exceeded expectations this quarter, with the quarter-to-date average rig count reaching 157 compared with its second-quarter forecast of 143.Private operators added four rigs over the week, while large producers with output above 75,000 barrels of oil equivalent per day increased activity by six rigs.Montney and Duvernay activity eased slightly over the week, with each region losing one rig to end at 35 and 16 active rigs, respectively. ARC Resources operated eight rigs in Montney, while Ovintiv (OVV) ran six and Tourmaline Oil managed four, RBC said.In Duvernay, Canadian Natural Resources (CNQ), Paramount Resources and Whitecap Resources each operated two rigs. Ensign Energy Services remained the largest drilling contractor in the play with five rigs, accounting for 31% of activity, according to RBC.Heavy oil activity strengthened over the week as the rig count increased by two to 47, while Cardium added one rig to six. Canadian Natural Resources led heavy oil drilling with 12 rigs, followed by Spur Petroleum with six and Tamarack Valley Energy with four.Canadian exploration and production companies under RBC coverage are expected to generate CA$8.4 billion ($5.99 billion) in pre-dividend free cash flow in 2026 and CA$8.8 billion in 2027. RBC expects operators to reinvest 60% of cash flow in both years, below the five-year average reinvestment rate of 64%.Commodity prices weakened during the period as the balance-of-2026 West Texas Intermediate strip fell 12.8% over the week to $74 per barrel and 22.1% over the month, while Brent declined 10.5% over the week to $78/bbl and 21.3% over the month, RBC said.Natural gas moved higher, with the balance-of-2026 Henry Hub strip gaining 1.7% over the week and 3.2% over the month to $3.57 per thousand cubic feet. However, the benchmark remained 15.1% below levels seen a year earlier, according to RBC.Provincial drilling activity continued to improve on an over-the-year basis. Alberta added 35 rigs and Saskatchewan gained 14, while British Columbia's rig count remained flat from a year earlier, RBC said.Price: $53.63, Change: $+0.13, Percent Change: +0.24%

$CNQ$EFXT$OVV
Commodities

US, Canada Activity Growth Lifts Oilfield Services Outlook, RBC Says

Growing North American activity, improving pricing trends, and expanding power-generation opportunities supported a broadly positive outlook for oilfield services companies at RBC Capital Markets' energy conference, the firm said Sunday.Land drillers indicated that US activity could strengthen through 2026, with Patterson-UTI Energy (PTEN), Precision Drilling (PDS), and Ensign Energy Services currently operating a combined 171 rigs, including 94, 37, and 40, respectively.Representing about 32% of the US land rig fleet of 541, those companies outlined plans to add 10 to 16 rigs next year, implying an industry-wide increase of roughly 32 to 51 rigs and lifting the total count to 573 to 592 rigs by the end of 2026.Several conference participants also noted that approximately 30 idled rigs could return to service for low-single-digit millions of dollars, RBC said.Pricing trends appeared more favorable in pressure pumping than drilling, with Halliburton (HAL), Liberty Energy (LBRT), Patterson-UTI, and Trican Well Service pursuing price increases as momentum builds in the second quarter of 2026 and larger gains emerge in the second half of the year.On the drilling side, Patterson-UTI said rig pricing improved from the low $30,000-per-day range to the low- to mid-$30,000-per-day range, while Nabors Industries (NBR) expects rates to reach the mid-$30,000-per-day range as super-spec rig utilization exceeds 70%.In Canada, the rig count remained at 182, with Precision Drilling reporting record second-quarter 2026 activity levels and Ensign Energy Services expecting operations to rise from 30 rigs after spring break-up to more than 50 rigs during the third quarter of 2026.While disruptions persisted in Kuwait, Iraq, and Qatar, activity in Saudi Arabia, Oman, and the UAE continued at a more normalized pace, and Enerflex (EFXT) pursued expansion opportunities in Saudi Arabia and the UAE, RBC said.International growth opportunities continued to expand, with Halliburton securing a multi-billion-dollar pressure pumping contract from YPF in Argentina, while Venezuela remained a longer-term opportunity highlighted by Halliburton, Weatherford International (WFRD), Ensign Energy Services, and Baker Hughes (BKR).Power generation emerged as another major theme, with Liberty Energy, Atlas Energy Solutions (AESI), and Enerflex evaluating more than 21 gigawatts of opportunities, as data center demand and grid constraints support behind-the-meter projects.Although investors generally support the bullish case for energy services because of stronger commodity prices, Middle East supply disruptions, and favorable producer outlooks, many remain cautious while awaiting further developments in the Iran conflict, RBC said.

$AESI$BKR$EFXT$HAL$LBRT$NBR$PDS$PTEN$WFRD
Mining & Metals

CIBC Maintains Enerflex's Neutral Rating, US$28 Price Target

CIBC Capital Markets on Thursday reiterated its neutral rating on the shares of Enerflex (EFX.TO, EFXT) and its US$28.00 price target.Enerflex's outlined its strategic priorities and financial objectives for 2026 to 2030 during the company's 2026 virtual investor day.The company is targeting a 200 basis point increase to its EBITDA margin, and expects to deliver outsized growth compared to an expected industry compound annual growth rate of 6%.The projected growth rate excludes potential opportunities from power generation related to data center, which remains an intriguing option value to the outlook, CIBC said."We believe the day served to provide a more focused framework on the outlook for optimizing the business moving forward, however we do not expect meaningful changes to consensus expectations," CIBC said.Price: $34.15, Change: $-0.16, Percent Change: -0.47%

$EFX.TO$EFXT
Oil & Energy

Middle East Rig Count Dropped in March, RBC Says

Middle East onshore rig counts fell by 43 rigs, or 5% over the month in March, while offshore counts declined by 10 rigs, or 4%, RBC Capital Markets strategists said in a Tuesday note.These disruptions, along with higher logistics and staffing costs, are expected to pressure first-half results for companies with regional exposure, RBC said.In the US, Q1 rig counts totaled 530, down 7% over the year but above RBC's estimate of 518, prompting an upward revision to its 2026 forecast to 544 from 526.RBC expects activity to remain supported by higher oil prices, easing concerns about a potential drop in West Texas Intermediate crude to $50 per barrel coming into 2026.In Canada, rig counts reached 216, down 4% over the year but slightly above RBC's estimate of 214, with spending expected to remain broadly flat, RBC said.Meanwhile, oilfield services stocks have surged about 36% in 2026, with valuations shifting higher as the sector heads into the Q1 earnings season, strategists said.RBC said Q1 reporting begins Apr. 21 with Halliburton (HAL), Saipem, and Weatherford (WFRD), as investors assess geopolitical risks and future production recovery trends, the report said.RBC said US-focused companies have outperformed peers with Middle East exposure this year, reflecting stronger domestic activity trends and fewer geopolitical disruptions.The firm's top picks include Schlumberger (SLB), Baker Hughes (BKR), TechnipFMC (FTI), Enerflex (EFXT), Patterson-UTI Energy (PTEN), Hunting and CES Energy Solutions, according to the note.Meanwhile, RBC lowered its Q1 EBITDA estimates by 2.4%, with the largest revisions for Schlumberger (SLB) and Trican Well Service (TCW), while raising forecasts for Saipem, TechnipFMC and Enerflex.The revised estimates generally fall below consensus, particularly for Trican Well Service, Atlas Energy Solutions (AESI) and Calfrac Well Services (CFW), while exceeding expectations for Halliburton, Enerflex and Ensign Energy Services, RBC said.RBC downgraded Trican Well Service to sector perform from outperform with a $7.50 price target and cut NOV (NOV) to sector perform from outperform with a $21 price target.

$AESI$BKR$EFXT$FTI$HAL$NOV$PTEN$SLB$WFRD

Track with the FINWIRES app suite

FolioX
FolioX
Track EFXT in your portfolio
WheelAI
WheelAI
Analyze EFXT options with the wheel strategy
StockInsider
StockInsider
See market sentiment on EFXT