CES Energy Solutions Corp.

TSX:CEU Stock Report

Market Cap: CA$4.1b

CES Energy Solutions Management

Management criteria checks 3/4

CES Energy Solutions' CEO is Ken Zinger, appointed in Oct 2021, has a tenure of 4.58 years. total yearly compensation is CA$7.89M, comprised of 8.9% salary and 91.1% bonuses, including company stock and options. directly owns 0.86% of the company’s shares, worth CA$34.97M. The average tenure of the management team and the board of directors is 6.5 years and 8 years respectively.

Key information

Ken Zinger

Chief executive officer

CA$7.9m

Total compensation

CEO salary percentage8.87%
CEO tenure4.6yrs
CEO ownership0.9%
Management average tenure6.5yrs
Board average tenure8yrs

Recent management updates

Recent updates

CEU: Higher Dividend And Buybacks Will Support Move Toward CA$20

Analysts have nudged the fair value estimate for CES Energy Solutions higher to CA$20.69, reflecting recent price target increases to a range of CA$18 to CA$20 and updated views on valuation and P/E assumptions. Analyst Commentary Recent Street research on CES Energy Solutions points to a mix of optimism and caution, with multiple firms updating price targets and ratings as the share price has moved closer to their valuation frameworks.

CEU: Higher Dividend And Buybacks Will Support Re Rating Toward CA$20

Analysts have lifted the fair value estimate for CES Energy Solutions by CA$0.50 to CA$20.44, reflecting updated assumptions for revenue growth, profit margins and a higher future P/E multiple that align with recent Street targets in the CA$18 to CA$20 range. Analyst Commentary Bullish Takeaways Bullish analysts have clustered around price targets of CA$18 to CA$20, which is in line with the updated fair value estimate and suggests confidence that recent execution can support valuations in this range.

CEU: Higher Dividend And Buybacks Will Test Sustainability Of Elevated P/E

CES Energy Solutions' updated fair value estimate has moved from CA$15.84 to CA$19.94, as analysts lift price targets toward CA$20. They cite higher assumed revenue growth, slightly stronger profit margins, and a modestly higher future P/E multiple, despite some valuation driven rating downgrades.

Service Intensity And Natural Gas Exposure Will Support Long-Term Strength

Catalysts About CES Energy Solutions CES Energy Solutions provides consumable drilling and production chemicals and related services to oil and gas producers across North America. What are the underlying business or industry changes driving this perspective?

CEU: Mixed Rating Shifts And Index Addition Will Shape Forward P/E

CES Energy Solutions' updated fair value estimate edges up by CA$0.50, reflecting a slightly higher assumed future P/E multiple and incorporating recent analyst moves, including a CA$3.75 price target increase and a valuation driven downgrade to Hold. Analyst Commentary Recent Street research on CES Energy Solutions sends a mixed message, with one firm lifting its price target and another shifting to a Hold stance based on valuation.

CEU: Higher Forward P/E Assumptions And Index Inclusion Will Shape Returns

Analysts have slightly revised their outlook on CES Energy Solutions, with the average target price now framed around a higher forward P/E assumption. This is supported by a CA$3.75 target hike from Scotiabank and more cautious valuation views from TD Securities.

CEU: Higher P/E Assumptions And Buybacks Will Shape Future Return Profile

Analysts have nudged their fair value estimate for CES Energy Solutions higher to $15.34 from $14.13. This change reflects a series of recent price target increases from major banks that highlight a mix of revised P/E assumptions, modest tweaks to revenue growth and margin expectations, and slightly higher discount rates.

Further Upside For CES Energy Solutions Corp. (TSE:CEU) Shares Could Introduce Price Risks After 31% Bounce

Feb 07
Further Upside For CES Energy Solutions Corp. (TSE:CEU) Shares Could Introduce Price Risks After 31% Bounce

CEU: Higher Price Views And Completed Buybacks Will Steady Future Earnings Profile

Analysts have raised their price targets on CES Energy Solutions to around C$12 to C$13. This reflects updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that together point to a modestly higher valuation range than before.

CEU: Rising Street Optimism And Buybacks Will Support Future Earnings Power

Our analyst price target for CES Energy Solutions nudges up to C$14.00 from C$13.75, reflecting a modestly higher fair value as analysts lift their targets into the C$12.00 to C$13.00 range on updated return, margin and P/E assumptions. Analyst Commentary Recent Street research clusters around higher fair value ranges for CES Energy Solutions, with several price targets now in the C$12.00 to C$13.00 band and one earlier move to C$10.25.

CEU: Rising Price Outlook And Buybacks Will Support Future Earnings Power

We raise our CES Energy Solutions price target to C$13.75 from C$13.19, reflecting analysts' upward revisions to revenue growth assumptions and modestly higher future valuation multiples following a series of target increases across the Street, while acknowledging slightly lower projected profit margins. Analyst Commentary Bullish analysts highlight the recent cluster of target increases to the C$12 to C$13 range as evidence of growing confidence in CES Energy Solutions’ strategic execution and earnings durability, even as the sector backdrop remains mixed.

CEU: Higher Price Outlook And Buybacks Will Support Future Earnings Power

The Analyst Price Target for CES Energy Solutions has been raised from approximately C$12.50 to C$13.19 as analysts cite improving revenue growth, slightly stronger profit margins, and a higher expected future earnings multiple to support their more constructive outlook. Analyst Commentary Analysts have become increasingly constructive on CES Energy Solutions, with a series of target price increases reflecting improved confidence in both near term execution and longer term earnings power.

CEU: Rising Confidence and Operational Momentum Will Sustain Outperform Ratings

Analysts have raised their price target for CES Energy Solutions from C$11.16 to C$12.50, citing stronger revenue growth expectations and improved profit margins. Analyst Commentary Bullish Takeaways Bullish analysts have consistently raised their price targets for CES Energy Solutions, highlighting increased market confidence in the company's future performance.

A Piece Of The Puzzle Missing From CES Energy Solutions Corp.'s (TSE:CEU) 30% Share Price Climb

Nov 19
A Piece Of The Puzzle Missing From CES Energy Solutions Corp.'s (TSE:CEU) 30% Share Price Climb

CEU: Sector Strength and Outperform Ratings Will Support Further Upside

The analyst price target for CES Energy Solutions has been modestly increased, as analysts cite continued sector strength and improved valuation metrics to support a new target of C$11.16 per share. Analyst Commentary Recent analyst updates reflect a generally optimistic outlook for CES Energy Solutions, as indicated by increases in price targets and the maintenance of strong ratings.

Operational Efficiency And ESG Initiatives Will Drive Confidence In Global Expansion

Analysts have increased their average price target for CES Energy Solutions from $10.50 to $11.16. They cite expectations of improved revenue growth and a higher future earnings multiple as key drivers of the upward revision.

Advanced Chemical Solutions And ESG Initiatives Will Expand Global Reach

Analysts have raised their price target for CES Energy Solutions from approximately $9.94 to $10.50. This adjustment is based on expectations of improved revenue growth and slightly higher profit margins.

CES Energy Solutions (TSE:CEU) Could Become A Multi-Bagger

Oct 05
CES Energy Solutions (TSE:CEU) Could Become A Multi-Bagger

Advanced Chemical Solutions And ESG Initiatives Will Expand Global Reach

Analysts have raised their price targets for CES Energy Solutions on strong earnings outperformance, expanding margins, improved cash flow, and favorable market dynamics, resulting in a modest increase in the consensus target from CA$9.75 to CA$9.94. Analyst Commentary Bullish analysts are raising price targets in response to consistent quarterly earnings outperformance and ongoing margin expansion.

Earnings Miss: CES Energy Solutions Corp. Missed EPS By 5.0% And Analysts Are Revising Their Forecasts

May 12
Earnings Miss: CES Energy Solutions Corp. Missed EPS By 5.0% And Analysts Are Revising Their Forecasts

CES Energy Solutions Corp. (TSE:CEU) Might Not Be As Mispriced As It Looks

May 10
CES Energy Solutions Corp. (TSE:CEU) Might Not Be As Mispriced As It Looks
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Expansion Into Permian Basin And Haynesville Will Strengthen Future Prospects

Strategic tuck-in acquisitions and market share growth in key areas are set to enhance CES's revenue and market position.

CES Energy Solutions (TSE:CEU) Is Increasing Its Dividend To CA$0.0425

Mar 10
CES Energy Solutions (TSE:CEU) Is Increasing Its Dividend To CA$0.0425

CES Energy Solutions (TSE:CEU) Is Investing Its Capital With Increasing Efficiency

Feb 26
CES Energy Solutions (TSE:CEU) Is Investing Its Capital With Increasing Efficiency

Here's Why We Think CES Energy Solutions (TSE:CEU) Might Deserve Your Attention Today

Jan 28
Here's Why We Think CES Energy Solutions (TSE:CEU) Might Deserve Your Attention Today

CES Energy Solutions (TSE:CEU) Could Become A Multi-Bagger

Nov 22
CES Energy Solutions (TSE:CEU) Could Become A Multi-Bagger

Market Still Lacking Some Conviction On CES Energy Solutions Corp. (TSE:CEU)

Oct 19
Market Still Lacking Some Conviction On CES Energy Solutions Corp. (TSE:CEU)

If EPS Growth Is Important To You, CES Energy Solutions (TSE:CEU) Presents An Opportunity

Sep 25
If EPS Growth Is Important To You, CES Energy Solutions (TSE:CEU) Presents An Opportunity

CES Energy Solutions Corp. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Aug 11
CES Energy Solutions Corp. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

CES Energy Solutions (TSE:CEU) Is Investing Its Capital With Increasing Efficiency

Aug 09
CES Energy Solutions (TSE:CEU) Is Investing Its Capital With Increasing Efficiency

Is There An Opportunity With CES Energy Solutions Corp.'s (TSE:CEU) 33% Undervaluation?

Jul 19
Is There An Opportunity With CES Energy Solutions Corp.'s (TSE:CEU) 33% Undervaluation?

CES Energy Solutions (TSE:CEU) Is Due To Pay A Dividend Of CA$0.03

Jun 16
CES Energy Solutions (TSE:CEU) Is Due To Pay A Dividend Of CA$0.03

CES Energy Solutions (TSE:CEU) Is Paying Out A Dividend Of CA$0.03

May 28
CES Energy Solutions (TSE:CEU) Is Paying Out A Dividend Of CA$0.03

CEO Compensation Analysis

How has Ken Zinger's remuneration changed compared to CES Energy Solutions's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2025n/an/a

CA$205m

Sep 30 2025n/an/a

CA$178m

Jun 30 2025n/an/a

CA$184m

Mar 31 2025n/an/a

CA$181m

Dec 31 2024CA$8mCA$700k

CA$191m

Sep 30 2024n/an/a

CA$198m

Jun 30 2024n/an/a

CA$190m

Mar 31 2024n/an/a

CA$176m

Dec 31 2023CA$7mCA$700k

CA$155m

Sep 30 2023n/an/a

CA$146m

Jun 30 2023n/an/a

CA$132m

Mar 31 2023n/an/a

CA$118m

Dec 31 2022CA$6mCA$700k

CA$95m

Sep 30 2022n/an/a

CA$80m

Jun 30 2022n/an/a

CA$68m

Mar 31 2022n/an/a

CA$55m

Dec 31 2021CA$3mCA$471k

CA$50m

Sep 30 2021n/an/a

CA$66m

Jun 30 2021n/an/a

CA$40m

Mar 31 2021n/an/a

CA$8m

Dec 31 2020CA$2mCA$367k

-CA$223m

Sep 30 2020n/an/a

-CA$251m

Jun 30 2020n/an/a

-CA$231m

Mar 31 2020n/an/a

-CA$198m

Dec 31 2019CA$3mCA$400k

CA$30m

Compensation vs Market: Ken's total compensation ($USD5.81M) is above average for companies of similar size in the Canadian market ($USD2.99M).

Compensation vs Earnings: Ken's compensation has been consistent with company performance over the past year.

CEO

Ken Zinger (57 yo)

4.6yrs
Tenure
CA$7,891,022
Compensation

Mr. Kenneth E. Zinger, also known as Ken, has been President and Chief Executive Officer at CES Energy Solutions Corp. since October 15, 2021 and also has been its Director since October 29, 2021. He serve...

Leadership Team

NamePositionTenureCompensationOwnership
Kenneth Zinger
President4.6yrsCA$7.89m0.86%
CA$ 35.0m
Anthony Aulicino
Executive VP & CFO7.6yrsCA$5.93m0.58%
CA$ 23.5m
Vernon Disney
President of US Production Chemicals7.8yrsCA$5.95m0.57%
CA$ 23.0m
James Strickland
President of US Drilling Fluidsno dataCA$2.96m0.015%
CA$ 625.2k
Matthew Bell
Director of Legal & Corporate Secretary5.3yrsno data0.0081%
CA$ 327.2k
Richard Baxter
President Emeritus & Senior Advisor to AES Drilling Fluids12.3yrsCA$4.96mno data
Mihir Patel
President of Canadian Drilling Fluids2.3yrsCA$891.99k0.0022%
CA$ 88.9k
6.5yrs
Average Tenure

Experienced Management: CEU's management team is seasoned and experienced (6.5 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Kenneth Zinger
President20.4yrsCA$7.89m0.86%
CA$ 35.0m
Spencer Armour
Independent Director7.4yrsCA$282.87k0.17%
CA$ 7.1m
John Hooks
Independent Director20.4yrsCA$257.50k0.49%
CA$ 19.9m
Kyle Kitagawa
Independent Chairman of the Board20.4yrsCA$279.79k0.53%
CA$ 21.7m
Ian Hardacre
Independent Director4.3yrsCA$255.00k0.11%
CA$ 4.3m
Edwin Wright
Independent Director4.3yrsCA$293.83k0.079%
CA$ 3.2m
Theresa Roessel
Directorless than a yearno datano data
Stella Cosby
Independent Director8.7yrsCA$264.00k0.17%
CA$ 7.1m
8.0yrs
Average Tenure
65yo
Average Age

Experienced Board: CEU's board of directors are considered experienced (8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/03 13:30
End of Day Share Price 2026/05/01 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

CES Energy Solutions Corp. is covered by 16 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tim MonachelloATB Cormark
Brent WatsonATB Cormark Historical (Cormark Securities)
John GibsonBMO Capital Markets Equity Research