Western Energy Serv (TSE:WRG)
TSX:WRG
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Western Energy Services
(TSX:WRG)
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Rating:59Neutral
Price Target:
C$3.50
▲(67.46% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by mixed financial performance: strong and improving cash generation and manageable leverage are offset by continued net losses and softening revenue. Technicals are supportive with price above key moving averages and positive MACD, while valuation is weaker because earnings are negative and no dividend yield is available.
Positive Factors
Strong cash generation
Sustained positive operating and free cash flow provides durable internal funding for maintenance capex, working capital and debt servicing in a cyclical drilling market. Persistent FCF growth improves flexibility to reinvest, reduce leverage or withstand downturns without urgent external financing.
Negative Factors
Continued net losses and negative returns
Ongoing net losses and negative margins indicate below-the-line costs, financing or non-operating items are still outweighing operating progress. Persistent losses constrain retained earnings, slow equity rebuilding, and limit long-term ability to fund growth organically or deliver shareholder returns until profitability is restored.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating and free cash flow provides durable internal funding for maintenance capex, working capital and debt servicing in a cyclical drilling market. Persistent FCF growth improves flexibility to reinvest, reduce leverage or withstand downturns without urgent external financing.
Read all positive factors
Western Energy Services (WRG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$99.50M
Dividend YieldN/A
Average Volume (3M)989.00
Price to Earnings (P/E)―
Beta (1Y)-0.47
Revenue Growth-11.45%
EPS Growth-314.67%
CountryCA
Employees615
SectorEnergy
Sector Strength52
IndustryOil & Gas Drilling
Share Statistics
EPS (TTM)0.05
Shares Outstanding33,843,020
10 Day Avg. Volume1,388
30 Day Avg. Volume989
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.27
Price to Sales (P/S)0.33
P/FCF Ratio6.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)C$218.00M
Western Energy Services Business Overview & Revenue Model
Company Description
Western Energy Services Corp. operates as an oilfield service company in Canada and the United States. It operates through Contract Drilling and Production Services segments. The Contract Drilling segment provides contract drilling services using ...
How the Company Makes Money
Western Energy Services makes money primarily by contracting out its drilling rigs and crews to exploration and production companies. Revenue is generated through (1) contract drilling fees under day-rate or term-style drilling contracts, where cu...
Western Energy Services Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
62
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 203.75M | 217.50M | 223.08M | 233.45M | 200.34M | 131.68M |
| Gross Profit | 90.67M | 23.33M | 182.03M | 21.82M | 160.25M | 89.65M |
| EBITDA | 45.70M | 49.27M | 42.65M | 45.34M | 37.94M | 22.43M |
| Net Income | -26.50M | -26.00M | -7.16M | -7.21M | 29.00M | -35.81M |
Balance Sheet | ||||||
| Total Assets | 374.09M | 378.65M | 430.98M | 442.93M | 475.71M | 456.00M |
| Cash, Cash Equivalents and Short-Term Investments | 3.31M | 2.66M | 3.79M | 6.25M | 8.88M | 7.48M |
| Total Debt | 85.73M | 95.02M | 98.75M | 115.22M | 131.69M | 240.42M |
| Total Liabilities | 106.06M | 113.20M | 135.13M | 147.27M | 173.18M | 269.50M |
| Stockholders Equity | 265.88M | 263.19M | 293.62M | 293.37M | 300.59M | 184.51M |
Cash Flow | ||||||
| Free Cash Flow | 20.50M | 10.32M | 25.19M | 28.73M | -5.69M | 9.77M |
| Operating Cash Flow | 41.33M | 32.00M | 46.80M | 51.35M | 28.54M | 16.63M |
| Investing Cash Flow | -16.84M | -19.25M | -21.91M | -25.45M | -28.95M | -5.69M |
| Financing Cash Flow | -24.94M | -13.88M | -27.03M | -28.85M | 1.44M | -22.79M |
Western Energy Services Technical Analysis
Positive
2.09
Price Trends
2.86
Positive
2.50
Positive
2.31
Positive
Market Momentum
0.03
Positive
52.46
Neutral
67.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WRG, the sentiment is Positive. The current price of 2.09 is below the 20-day moving average (MA) of 3.06, below the 50-day MA of 2.86, and below the 200-day MA of 2.31, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 52.46 is Neutral, neither overbought nor oversold. The STOCH value of 67.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:WRG.
Western Energy Services Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$1.52B | 9.85 | 19.03% | 3.57% | 11.76% | 5.84% | |
71 Outperform | C$534.31M | 12.37 | 4.57% | ― | -11.45% | 184.51% | |
69 Neutral | C$558.52M | 6.22 | 24.11% | 10.44% | 7.57% | 2.75% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | C$1.64B | 712.96 | 0.11% | ― | -3.08% | -100.09% | |
59 Neutral | C$99.50M | -2.72 | -2.38% | ― | -11.45% | -314.67% | |
56 Neutral | C$705.65M | -12.07 | -2.94% | ― | -2.69% | -87.05% |
* Energy Sector Average
TSE:WRG
Western Energy Services
2.94
0.79
36.74%
TSE:PD
Precision Drilling
126.70
67.23
113.05%
TSE:CFW
Calfrac Well Services
5.35
2.10
64.46%
TSE:ESI
Ensign Energy Services
3.83
1.98
107.03%
TSE:PHX
PHX Energy Services
12.31
5.51
81.03%
TSE:TCW
Trican Well Service
7.21
3.36
87.18%
Western Energy Services Corporate Events
Business Operations and StrategyFinancial Disclosures
Western Energy Services Swings to Larger Loss on Rig Decommissioning Despite EBITDA Gain
Negative
Feb 26, 2026
Western Energy Services reported fourth-quarter 2025 revenue of $58.4 million, down 2% year over year, but boosted Adjusted EBITDA by 50% to $15.4 million, aided by lower one-time reorganization costs and stronger Canadian drilling activity. The c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.