Investment Thesis
CES Energy Solutions (OTCPK:CESDF) ((CEU.TO)) has pulled back by 50% in the past year due to takeaway pipeline capacity constraints and the recent decline in energy prices. We believe investors’ fears are overdone as the company actually grew its top and bottom lines by double-digits in the first 9 months of 2018. In addition, the company’s competitive position allows it to gain market shares in 2018 and even during the energy downturn in 2015/2016. Looking forward, we believe there are several catalysts that should help move its share price higher. These