Ensign Energy Services returned to quarterly profitability as revenue rose 17%. But its latest earnings beat follows three straight quarters below estimates.
Ensign Energy Services Inc. (TSX: ESI) reported third-quarter 2026 results before markets opened on November 6. The earnings calendar listed EPS of C$0.05, compared with an estimate of C$0.01—a 400% surprise. Ensign reported diluted EPS of C$0.06 in its release. The figures can differ because they use different calculation methods. Revenue rose to C$481.7 million from C$411.2 million a year earlier, and adjusted EBITDA increased 17% to C$115.0 million. The quarter was stronger, but the recent record is mixed: ESI beat estimates in only one of its last four reported quarters.
Recent earnings trend
Ensign Energy Services Inc
ESI.TO
ESI.TO
Ensign Energy Services Inc
WealthAwesomeMarket cap
$724.41M
52W high
$4.97
52W low
$2.30
1W change
-13.05%
Beta
1.94
Analyst Price Targets
Based on analyst covering ESI · as of Nov 6, 2026
Wall Street analysts forecast ESI stock price to rise 13.4% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$4.46
+13.4% Upside
Previously C$4.42 on Oct 29, 2026
Current Price
C$3.93
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on ESI's historical volatility
30-Day Vol
57.3%
Annualized
90-Day Vol
50.4%
Annualized
Trend (90d)
+35.7%
Annualized drift
90d Mean
C$4.46
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$4.10 | C$3.36 – C$5.00 |
| 60 trading days | C$4.28 | C$3.23 – C$5.66 |
| 90 trading days | C$4.46 | C$3.17 – C$6.29 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-05 | — | 0.0200 | — |
| 2026-09-30 | 2026-11-06 | 0.0500 | 0.0100 | +400.0% |
| 2026-06-30 | 2026-08-07 | -0.1000 | -0.0400 | -150.0% |
| 2026-03-31 | 2026-05-07 | -0.0600 | -0.0100 | -500.0% |
| 2025-12-31 | 2026-03-06 | -0.0600 | -0.0100 | -500.0% |
| 2025-09-30 | 2025-11-07 | -0.0100 | -0.0300 | +66.7% |
Investor takeaway: The quarter showed stronger activity and a return to net income, led by U.S. and international drilling. But investors should also consider net debt of C$971.0 million, negative trailing EPS and profit margin, and recent estimate misses. Ensign acquired Citadel Drilling in August, adding six fully contracted, high-spec rigs in the U.S. Permian and a managed-pressure-drilling business. The company is targeting about C$50 million in net debt reduction for the rest of 2026, depending on industry conditions.
C$481.7 million in quarterly revenue
Third-quarter revenue rose 17% from a year earlier. The United States accounted for 55% of revenue, Canada 28%, and international markets 17%. Adjusted EBITDA also rose 17%, and Ensign returned to net income of C$10.8 million attributable to common shareholders, compared with a C$3.3 million loss in the same quarter last year.
Bull case
Revenue and adjusted EBITDA both grew 17% year over year, while funds flow from operations rose 39% to C$122.5 million. Drilling operating days increased 13%, led by growth in the United States and international markets. Citadel adds contracted capacity in the Permian. Ensign’s debt-reduction target could also help lower leverage if cash flow holds up.
Bear case
The 400% earnings surprise is based on a small C$0.01 estimate, not a large EPS result. ESI missed estimates in each of the previous three quarters. Trailing EPS remains negative at C$0.21, and its profit margin is negative 2.44%. Net debt rose 5% year over year to C$971.0 million. Well-servicing hours fell 4% overall, including a 7% decline in the United States. Drilling activity and cash flow remain tied to oilfield spending and operating conditions.
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