≡ Menu

Estrella International’s Mixed Operational Results Cause Canaccord to Lower EBITDA and Earnings Estimates

Estrella International Energy Services' (EEN:TSXV) mixed operational results caused Canadian brokerage Canaccord Genuity to reduce its 3Q11 EBITDA forecast for the firm to C$2.04 million from C$2.62 million and its 4Q11 earnings prediction to C$3.1 million from C$3.36 million. Canaccord maintained its SPECULATIVE BUY rating for the oilfield services company and reiterated its target share price of C$0.80.

Rig 1201 that exists in Chile suffered a mechanical problem on October 27 and Estrella is currently investigating this incident. Canaccord lowered its estimated EBITDA contribution from this rig as a result of its lowered utilization.

Canaccord's C$0.80 target share price for Estrella is based on a 4.9 times multiple of 2012 estimated EV/EBITDA. The Canadian brokerage is maintaining its EPS estimates of C$0.09 for 2011 and C$0.01 for 2012. Estrella International Energy Services closed at C$0.25 on November 2 and hit a 52-week high/low of C$1.02 and C$0.22, respectively.  



[[T_F]]Data Leak Prevention – Data Security Solutions – Information Theft Protection, Detection and Prevention Software Productstracefusion_signature=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[[T_F]]

Hide me
Get My Top Oil Pick of 2019—Absolutely FREE—click HERE
Enter Your Best Email Address Here: *
Show me