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Commodities

US Rig Count Rises as Gas Drilling Gains Offset Flat Permian Activity, RBC Says

US oilfield drilling activity increased last week, with the active land rig count rising by four rigs as gains in both oil and gas drilling offset unchanged activity in the Permian Basin, RBC Capital Markets strategists said in a report on Sunday.RBC analysts said the US land rig count rose to 581, with oil rigs increasing by two to 441 and gas rigs gaining two to 13.The Permian, the largest Us oil-producing basin, was unchanged at 268 active rigs. RBC said that the basin accounted for about 61% of oil rigs in the Lower 48 states and 46% of total US land rigs.Drilling activity among individual contractors was mixed, the consultancy said. Patterson-UTI Energy's (PTEN) active rig count rose by three from the previous week to 103, compared with a third-quarter-to-date average of 100 rigs, in line with its quarterly guidance.Precision Drilling (PDS) was unchanged at 42 rigs, with a quarter-to-date average of 43, above its third-quarter guidance for activity in the "low 40s".Helmerich & Payne's (HP) active rig count fell by one to 150, although its quarter-to-date average of 149 remained toward the upper end of its fiscal Q4 guidance range of 145 to 151 rigs.Nabors Industries (NBR) was operating 77 rigs, averaging 74 during the quarter to date and running above its third-quarter guidance of 73 rigs. Nabors has recorded the strongest year-on-year growth among contractors tracked by RBC, adding 15 rigs, including 10 in the Permian.RBC said that rig utilization also continued to improve. Super-specification rig utilization rose to 73% from 72% a week earlier and 63% a year ago, while total rig utilization increased to 49% from 43% a year ago.The tightening in the super-specification segment could strengthen drilling contractors' pricing power.Nabors, in the Haynesville gas basin, has also gained market share in the Permian, reaching 11% from 8% a year earlier, while Helmerich & Payne's share declined to 32% from 35%.Nabors increased its market share to 15% from 8% a year ago after adding five rigs. The five largest contractors collectively increased their share of basin activity by 6% over the same period.Private operators continued to account for a growing proportion of US drilling activity, representing 60% of active rigs compared with 55% a year ago.Private operators in the Eagle Ford added 10 rigs over the past year and now account for 59% of basin activity, up from 44%. RBC said that their share in Appalachia, however, declined to 42% from 44%.However, despite strong gains in oilfield services stocks this year, land drilling shares remain below their historical valuation averages. RBC said that the group was trading at about 5.3 times estimated 2026 enterprise value to EBITDA, compared with a historical average of 6.4 times.RBC's oilfield services coverage group has gained 46.1% so far this year, compared with an 11.8% rise in the S&P 500.Price: $12.37, Change: $-0.48, Percent Change: -3.77%

$HP$PDS$PTEN
Commodities

Canadian Oilfield Stocks Rise as Energy Prices Strengthen, RBC Says

Canadian oilfield services stocks rose 7% over the past week as oil and natural gas prices climbed, analysts at RBC Capital Markets said in a Tuesday note.Ensign Energy Services led the group, gaining 11.4%, followed by Pason Systems, up 10.1%, and Precision Drilling (PDS), up 6.5%.Enerflex (EFXT) rose 3.5%, CES Energy Solutions gained 3.4%, and Calfrac Well Services advanced 1.9%.RBC said its group of Canadian oilfield services companies has gained 38.8% so far this year, compared with a 50.4% rise in the broader S&P/TSX Capped Energy Index.Drilling activity in Western Canada remains strong. The region had 221 active rigs last week, down three from the previous week but 25 higher than the same period last year and 28 above the five-year average.Activity fell in several major oil and gas-producing regions. The number of rigs operating in the Montney formation dropped by four to 37, while activity in southeastern Saskatchewan fell by four to 14. Heavy-oil drilling declined by five rigs to 52. Activity in the Duvernay region was unchanged at 14 rigs.Precision Drilling was the most active drilling company in the Montney, with 20 rigs, or 54% of the total. Precision Drilling also led activity in the heavy-oil region, with 22 rigs, or 42% of the total.RBC's analysts expect Canadian oil and gas producers they cover to generate 6.5 billion Canadian dollars ($4.7 billion) in cash before dividends in 2026 and 7.2 billion Canadian dollars in 2027, based on current futures prices. Companies are expected to reinvest roughly two-thirds of that cash into drilling and other development activities.Energy prices also moved higher. The price of West Texas Intermediate crude for the remainder of 2026 rose 5.5% over the week to about $87 a barrel, while Brent crude climbed 5.1% to $91. US natural gas prices rose 11.4% to $3.37 per million British thermal units.Price: $93.68, Change: $+1.36, Percent Change: +1.47%

$EFXT$PDS
Commodities

WCSB Rig Count Rises to 224, Canadian Oilfield Services Stocks Fall 4%, RBC Says

The Western Canadian Sedimentary Basin rig count rose 1 week-over-week to 224, while Canadian oilfield services stocks fell 4%, RBC Capital Markets said Tuesday.Canadian oilfield services stocks declined 4% over the week, with Precision Drilling (PDS) down 2%, Trican Well Service down 2.3% and Calfrac Well Services down 2.7%.The weakest performers were Ensign Energy Services, down 5%, Pason Systems, down 5.2%, and Enerflex (EFXT), down 9.5%. RBC's Canadian oilfield services coverage group gained 31.3% year-to-date versus 51.4% for the S&P/TSX Capped Energy Index.RBC said the WCSB count stood at 39 rigs above 2025 levels and 31 rigs above its five-year average, with the Q3 average at 223, compared with RBC's estimate of 201.Private-company rig counts increased by 2 week-over-week, while large exploration and production operators producing more than 75,000 barrels of oil equivalent per day added 1 rig.Montney activity held at 41 rigs, with ARC Resources operating 7 rigs, Ovintiv (OVV) 6 rigs and Tourmaline Oil 5 rigs.Montney drillers included Precision Drilling (PDS) with 22 rigs, or 54% of the total, Ensign Energy with 9 rigs, or 22%, and Savanna Energy with 3 rigs, or 7%.Duvernay activity increased 2 rigs over the week to 14, with Whitecap Resources operating 3 rigs, Paramount Resources 2 rigs and Artis Exploration 1 rig, according to RBC.Drilling activity in Duvernay included 4 rigs from Ensign Energy and 4 rigs from Precision Drilling, each representing 29% of the total, while Akita Drilling operated 2 rigs, or 14%.Southeast Saskatchewan gained 1 rig over the week to 18, with Tundra Oil & Gas operating 4 rigs, Saturn Oil & Gas 3 rigs and Whitecap Resources 3 rigs.Drilling contractors in Southeast Saskatchewan included Stampede Drilling with 8 rigs, representing 44% of the total, followed by Ensign Energy with 5 rigs, or 28%, and Betts Drilling with 2 rigs, or 11%.Heavy Oil activity fell 2 rigs over the week to 57, with Canadian Natural Resources (CNQ) operating 11 rigs, Spur Petroleum 7 rigs and Tamarack Valley Energy 5 rigs.Precision Drilling led Heavy Oil drilling with 23 rigs, or 40% of the total, followed by Ensign Energy Services with 8 rigs and Savanna Energy Services with 7 rigs.RBC's Canadian E&P analysts forecast that companies under coverage will generate $6.5 billion in pre-dividend free cash flow in 2026 and $7.1 billion in 2027, based on the futures strip.Operators are expected to reinvest 66% of cash flow in 2026 and 64% in 2027, compared with a five-year trailing average reinvestment rate of 63%.

$CNQ$EFXT$OVV$PDS
Commodities

Canadian Oilfield Services Stocks Slip as Rig Activity Eases, RBC says

Canadian oilfield services stocks fell 3% over the past week as drilling activity softened in key regions, RBC Capital Markets analysts said.In a Tuesday note, RBC said its Canadian oilfield services coverage group has gained 26.3% so far this year, trailing the 46.8% increase in the S&P/TSX Capped Energy Index.Among the week's strongest performers were Enerflex (EFXT), which rose 2.3%, Essential Energy Services, which declined 0.3%, and Calfrac Well Services, which fell 0.5%. The weakest performers included Precision Drilling (PDS), down 3.3%, Pioneer Well Services, down 4.1%, and Trican Well Services, which dropped 7.4%.RBC reported that the Western Canada Sedimentary Basin rig count decreased by two rigs week-over-week to 225. Despite the decline, activity remains 38 rigs above year-ago levels and 35 rigs above the five-year average. Third-quarter average activity is currently running at 221 rigs, above RBC's forecast of 201 rigs.Private companies increased drilling by one rig during the week, while large exploration and production companies producing more than 75,000 barrels of oil equivalent per day reduced activity by one rig.Activity in the Montney formation was unchanged at 39 rigs. ARC Resources and Ovintiv (OVV) each operated six rigs, while Tourmaline Oil had five. Precision Drilling remained the leading contractor in the play with 22 rigs, accounting for 56% of total activity.The Duvernay formation saw activity fall by two rigs to 16. Whitecap Resources led operators with three rigs, while Ensign Energy Services was the busiest contractor with five rigs.In southeast Saskatchewan, drilling activity increased by one rig to 23. Tundra Oil & Gas led operators with five rigs, followed by Saturn Oil & Gas with four. Stampede Drilling was the largest contractor, with nine rigs representing 39% of regional activity.Heavy oil drilling experienced the largest decline, falling five rigs to 63. Canadian Natural Resources (CNQ) was the top operator with 11 rigs, while Precision Drilling accounted for 24 rigs, or 38% of heavy oil activity.Looking ahead, RBC's Canadian exploration and production analysts estimate companies under coverage will generate $7.1 billion in pre-dividend free cash flow in 2026 and $7.8 billion in 2027, based on current futures pricing. Producers are expected to reinvest about 64% of cash flow in 2026 and 62% in 2027, broadly matching the five-year average reinvestment rate.Price: $22.29, Change: $+0.04, Percent Change: +0.18%

$CNQ$EFXT$OVV$PDS
Commodities

Canadian Oilfield Services Stocks Slip as WCSB Drilling Activity Climbs, RBC Says

Canadian oilfield services stocks fell 5% over the past week even as drilling activity in the Western Canadian Sedimentary Basin climbed further above historical levels, RBC Capital Markets analysts said in a note on Tuesday.The WCSB rig count rose by six week over week to 227, up 40 rigs from a year earlier and 35 above the five-year average. The Q3 average of 220 rigs is well ahead of RBC's forecast of 201.Private operators accounted for most of the increase, adding five rigs during the week, while large exploration and production companies producing over 75,000 barrels of oil equivalent per day added two.Montney activity increased by four rigs to 39, led by ARC Resources (ARC) and Ovintiv (OVV) with six rigs each, followed by Tourmaline Oil with five. Precision Drilling (PDS) remained the largest contractor in the play with 21 rigs, or 54% of the total.Heavy oil drilling also rose by four rigs to 68, led by Canadian Natural Resources (CNQ) with 13 rigs and Cenovus Energy (CVE) with 10. Duvernay activity edged up one rig to 18, while oil sands drilling slipped by two rigs to six.Despite stronger drilling activity, Canadian oilfield services stocks under RBC coverage declined 5% during the week.CES Energy Solutions posted the smallest loss, down 1.2%, followed by Calfrac Well Services, down 2.7%, and Pulse Seismic, down 3.7%.Trican Well Service, Precision Drilling (PDS) and Enerflex (EFXT) were the weakest performers, falling 6.5%, 7.4% and 9.8%, respectively.RBC's Canadian oilfield services coverage group has gained 28.7% year to date, compared with a 41.3% gain for the S&P/TSX Capped Energy Index.The bank forecast Canadian exploration and production companies under its coverage will generate pre-dividend free cash flow of $7.2 billion Canadian dollars ($5.12 billion) in 2026 and $7.8 billion in 2027, while reinvesting 64% and 62% of cash flow, respectively.

$ARC$CNQ$CVE$EFTX$OVV$PDS
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

US Land Rig Count at 561; Oil, Gas Rigs Up, RBC Says

The US land rig count reached 561 for the week ended June 26, with oil rigs accounting for 428 and gas rigs totaling 125, RBC Capital Markets said on Saturday, citing Baker Hughes data.The US oil rig count increased by six from a week earlier and by 18 relative to the previous month, the report said, while the US gas rig count rose by three versus last week and by one from the prior month.The Permian Basin, which accounts for 60% of oil rigs in the Lower 48 and 46% of total US land rigs, saw a rig count increase of two week over week to 258, according to the report.Helmerich & Payne (HP), Patterson-UTI Energy (PTEN), and Nabors Industries (NBR) were the most active drillers in the region during the week, RBC said, while Exxon Mobil (XOM), Devon Energy (DVN), and Occidental Petroleum (OXY) were the most active operators.During the same period, Eagle Ford rig count was flat at 44, while Anadarko rig count decreased by one to 19. The number of rigs in Haynesville also remained unchanged at 55.Stocks of oilfield services under RBC coverage retreated 2.4% week over week, with CES Energy Solutions, Atlas Energy Solutions (AESI), and Calfrac Well Services as the top performers.On the other hand, the bottom performers were Trican Well Service, Precision Drilling (PDS), and Ensign Energy Services, according to the investment bank.RBC noted that prices for West Texas Intermediate and Brent both eased 8% week over week to $69 per barrel and $72/bbl, respectively.Henry Hub natural gas prices also saw a 0.1% moderation to $3.57 per thousand cubic feet, down 9.7% from a year earlier.

$AESI$DVN$HP$NBR$OXY$PDS$PTEN$XOM
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

US Rig Activity Holds Steady as Private Operators Expand Market Share, RBC Says

US drilling activity remained largely stable last week as operators maintained activity levels across major shale basins, RBC Capital Markets said in a Friday note.The Baker Hughes (BKR) US land rig count increased by one rig to 551. Rigs drilling for oil rose by one to 423, while rigs targeting natural gas also increased by one to 122, according to RBC.The Permian Basin held steady at 256 rigs, representing 61% of Lower 48 oil rigs and 46% of total US land rigs. Exxon (XOM) led operators with 34 rigs, followed by Devon (DVN) with 21 and Occidental (OXY) with 20.Private companies accounted for 43% of active Permian rigs, up from 42% a year earlier. Helmerich & Payne (HP) remained the leading contractor with 90 rigs, while Patterson-UTI (PTEN) and Nabors (NBR) operated 31 and 29 rigs, respectively.Eagle Ford activity remained unchanged at 44 rigs. ConocoPhillips (COP) operated seven rigs and EOG Resources (EOG) ran six, while private operators increased their share of active rigs to 45% from 42% a year ago.The Anadarko Basin added one rig over the week to reach 20. Continental remained the largest operator with eight rigs, followed by Mewbourne with seven, while private companies controlled 92% of active rigs.Haynesville drilling activity held steady at 55 rigs. Apex led operators with 13 rigs and Adamas followed with six, while private operators expanded their share to 73% from 66% a year earlier.Helmerich & Payne operated 11 rigs in Haynesville, ahead of ICD with nine, Precision Drilling (PDS) with eight and TG Natural Resources with six.Across the US market, private operators accounted for 57% of active rigs, up from 55% a year earlier. The six largest drilling contractors controlled 72% of active rigs nationwide.Oilfield services stocks fell 9.2% over the week as West Texas Intermediate crude dropped 13.1%. EFX-CA gained 1.6%, while SLB (SLB) and Nabors declined 14.1% and 14.6%, respectively, RBC said.

$BKR$COP$DVN$HP$NBR$OXY$PDS$PTEN$SLB$XOM
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
Commodities

Canadian Rig Count Rises By 10, Hits Multi-Year High, RBC Says

Canada's oilfield services activity strengthened last week, with the Western Canadian Sedimentary Basin rig count rising by 10 over the week to 151, RBC Capital Markets strategists said in a note on Thursday.RBC analysts said the latest reading places total active rigs 26 above 2025 levels and 35 above the five-year average.The quarter-to-date average of 151 rigs has already exceeded RBC's Q2 estimate of 143, with additional seasonal strength expected in the second half of the quarter. Based on five-year trends, RBC said rig activity typically rises by about 26% over the last half of the quarter.By operator grouping, activity among private producers increased by six rigs week-over-week, while large exploration and production producing over 75 barrels of oil equivalent per day held steady.Montney, Canada's largest gas and liquids play, activity held steady week-over-week at 34 rigs. RBC said the key operators include Tourmaline Oil, with five rigs, and Ovintiv, with four rigs.Drilling activity remains dominated by Precision Drilling (PDS), which accounted for 21 rigs or 62% of total activity in the play, followed by Ensign Energy and Savanna.Drilling in the Duvernay also held flat at 17 rigs, with operators including Paramount Resources, Whitecap Resources, and Canadian Natural Resources (CNRL). On the services side, Ensign led with six rigs, followed by Fox and Jomax.Southeast Saskatchewan saw a modest uptick, rising by six rigs over the week to nine, while oil sands and heavy oil activity increased by four rigs to 54.Canadian Natural Resources led activity with 12 rigs in the oil sands segment, followed by Cenovus Energy (CVE) and Spur. Precision Drilling (PDS) remained the dominant contractor in the oil sands, running 30 rigs or 56% of total activity.On capital discipline, RBC's Canadian E&P coverage projects $10.2 billion in pre-dividend free cash flow in 2026 and $9.5 billion in 2027, based on current futures pricing.RBC said the estimates imply reinvestment rates of 55% in 2026 and 57% in 2027, below the five-year trailing average of 64%, suggesting continued emphasis on shareholder returns across the sector despite elevated activity levels.

$CNRL$CVE$PDS
Mining & Metals

Precision Drilling Maintained at Outperform at CIBC Following Q1 Results; Price Target Raised to C$160.00

CIBC Capital Markets maintained its outperform rating on the shares of Precision Drilling (PD.TO, PDS) while raising its price target to C$160.00 from C$150.00 following the company's first-quarter results."Management has indicated visibility towards an inflection point for U.S. rig activity through H2/26, supported by a strong outlook for crude oil pricing, along with increased activity in dry gas basins. We believe PD's share price weakness will prove to be temporary, particularly as we move through Q2/26 and the company's U.S. fleet begins to see increasing utilization. We also expect higher free cash flow in H2/26 as capital spending normalizes, which should support increased share buybacks. We have raised our activity level and field expectations for both the U.S. and Canada, which increases our 2026 EBITDA estimate to $569MM from $533MM previously. We therefore increase our price target to $160/sh ($150/sh prior) based on 2026E EV/EBITDA of 4.3x (4.2x prior)," analyst Jamie Kubik wrote.Price: $129.99, Change: $+3.29, Percent Change: +2.60%

$PD.TO$PDS

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