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Highlights

  • Calfrac Well Services Ltd (TSX: CFW) secured a revenue of CAD 466.4 million in Q2 2023, against CAD 318.5 million in pcp.
  • CFW reported adjusted EBITDA of CAD 87.8 million with 18.8%margin.
  • The company is looking forward to becoming a next-generation pressure pumping company.

One of the largest hydraulic fracturing companies, Calfrac Well Services Ltd (TSX: CFW) offers specialized oilfield services, such as coiled tubing, hydraulic fracturing, cementing, and other well completion services to the oil and natural gas industries in Canada, Russia, the United States, and Argentina.

The firm is looking forward to becoming a next-generation pressure pumping company. It has deployed more Tier IV dynamic gas blending (DGB) fracturing pumps, leading to increased cash flows. The company will deploy 50 more improved Tier IV DGB units by the end of Q4 2024.

In Q2 2023, the company secured a revenue of CAD 466.4 million, against CAD 318.5 million in the previous corresponding period. In the second quarter, CFW reported  adjusted EBITDA of CAD 87.8 million with 18.8% margin. Also, CFW’s earnings before taxes grew to CAD 49.5 million, versus a loss of CAD 5.0 million in Q2 2022. Overall, the company’s net loss of CAD 36.1 million in pcp turned into a net profit of over CAD 50 million in Q2 2023. By the end of 2023, Calfrec Well Services anticipates to lower debt by approximately CAD 80.0 million.

Top 10 Shareholders

Around 66.86% of the total shareholdings are held by CFW’s top ten shareholders. While G2S2 Capital Inc owns a maximum stake of ­­34.80%, Mathison (Ronald P) holds around 11.56% of the shares.

Stock Price Performance
CFW’s stock price has gained approximately 2.17% over the last one week. It has declined by 6.15% in the last one month. The stock’s 52-week high and low price of CAD 7.90 and CAD 3.70, respectively.

 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is September 29, 2023. The reference data in this report has been partly sourced from EODHD/Others.