Company News

BUZZ-Enerflex: C-suite exits aren't generally signals of good things to come - Raymond James

** Raymond James says recent CFO & CEO departures of Enerflex Ltd coincides with a well-advertized and heavily-discussed decline in Canadian and U.S. bookings, cuts PT by C$1.50 to C$22.50

** Shares of the oilfield services and equipment provider fall 4.5% to C$16.72; top percentage loser on the Toronto Stock Exchange’s S&P/TSX Composite index

** The decline in bookings could’ve implications for several quarters to come and the current and interim management have substantially big shoes to fill - Raymond James

** Brokerage says succinctly, it’s unlikely Enerflex will be a better investment now that CEO and CFO have moved on

** CEO Blair Goertzen retired earlier this month, while CFO James Harbilas to step down

** Out of 9 brokerages, 8 rate the stock “buy”, 1 “hold”; median PT C$23

** Including Tuesday’s losses, stock up 4.6% YTD (Reporting by Shanti S Nair in Bengaluru)