Secure Energy Services moves into the crude-by-rail business
Secure Energy Services reported better than expected second quarter earnings last week, increasing revenues by 40% over last year. Share price targets were raised across the board and the stock was upgraded by several investment firms.
Secure Energy is an oil-field services company primarily in the drilling, reclamation and water recycling business. The company has been recently been increasing its focus in the crude-by-rail midstream space by building rail-loading facilities in Western Canada and North Dakota.
The Calgary-based company has an aggressive 5-year plan to increase revenue by 30% year-over-year. For the past 4 years, the stock has returned about 550% excluding dividends.