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Investing.com - RBC Capital downgraded Ensign Energy Services Inc. (TSX:ESI) (OTC:ESVIF) from Outperform to Sector Perform while raising its price target to C$3.00 from C$2.50.
The rating change follows recent outperformance by Ensign’s stock compared to its land drilling peers, according to RBC Capital analyst Keith Mackey.
RBC Capital noted the potential return to its 12-month target price now aligns more closely with other Sector Perform-rated stocks in its coverage universe.
The investment firm also removed the "Speculative Risk" qualifier from its rating, citing Ensign’s improved financial liquidity position.
Ensign Energy Services is a Canadian-based oilfield services company that provides drilling and well servicing operations in Canada, the United States, and internationally.
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