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- BMO Capital analyst John Gibson upgraded Total Energy Services Inc TOT TOTZF to Outperform from Market Perform and raised the price target to C$11 from C$10 post 1Q22 results.
- The analyst states that the company's inexpensive valuation (<3x 2023 EV/EBITDA) screens well relative to the coverage group.
- Combining this with his extremely strong outlook for oilfield service activity levels and pricing into 2023, the analyst now rates Total Energy Services shares as Outperform.
- Price Action: TOT shares are trading higher by 2.55% at C$8.05 on TSX, and TOTZF is higher by 3.84% at $6.22 on the last check Thursday.
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