Financial Wire

Trican Well Service Downgraded to Sector Perform at RBC

-- Trican Well Service Ltd. (TCW.TO) was downgraded to Sector Perform from Outperform at RBC Capital Markets on Tuesday.

Analyst Keith Mackey maintained a price target of $7.50 on shares of the Calgary-based oilfield services company.

"We continue to see Trican as a leading Canadian service provider, with strong offerings in pressure pumping and cementing," Mackey said in a note to clients. "That said, the fracturing market in Canada looks well supplied at present, which has contributed to pricing pressures."

"Providers are also entering an equipment upgrade cycle to 100% natural gas equipment, lowering the amount of cash available for buybacks," the analyst said.

"These factors combine into a lower relative return proposition than other names under coverage."

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