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Source: Oil and Gas Photographer, Shutterstock
ClearStream Energy Services Inc. (TSX:CSM) stock skyrocketed over 171 per cent as the macro-cap company announced on February 24 that it has won new project awards and renewed old contracts from energy firms across North America. It was the most active stocks on the TSX, trading over 14.64 million shares in a one-day session.
The stock was again up by 31 per cent at the market opening bell on Friday but sank 15 per cent at 10:55 am ET on Friday.
The company expects to generate nearly C$150-million revenue from these contracts. Most of these projects are likely to conclude in 2021. Company CEO Yves Paletta stated that rising crude oil and natural gas prices and inoculations drive against COVID-19 will allow energy companies to accelerate their operations.
Let us explore this oil and gas growth stock’s market fundamentals:
ClearStream Energy Services Inc. (TSX:CSM)
The firm provides construction facilities and maintenance services to the oil and gas industry across North America. The Alberta-based firm’s stock has yielded over 111 per cent in a year.
It registered a 52-week high of C$ 0.13 per common share and its more than 38 million shares traded on Thursday, February 25. The energy stock has around 110 million outstanding shares listed, with a 10-day average volume of 3.95 million.
Its return on equity has also improved and stood at 5.49 per cent. Shares of the energy firm are up more than 333 per cent this year.
Image Source: Kalkine Media
In the third quarter of 2020, the company posted revenues of C$ 100.8 million, a rise of 24.2 per cent or C$19.8 million quarter-over-quarter (QoQ).
It held a healthy liquidity position with total cash and cash equivalent of C$ 66.2 million at the end of Q3 2020, up against C$ 51.5 million in Q2 2020.
CSM Outlook
The company expects to be well-positioned for multiple services needed at various operating sites while maintaining efficiencies and lower expenses for its clients in the upcoming quarters. With new contracts, the company expects multiple-year high equity growth.
It also projected a recovery in the energy industry in the second quarter of 2021.
