In short: His named service-sector bargain: "Trican is very cheap" — high for the year C$8.40, now C$6.30, low C$5.19, "so it's closer to the low than the high." The service sector "is where the bargains are today" for money to put to work now.
Trican is an oilfield-service company: it doesn't own oil or gas, it gets paid to pump water, sand and chemicals into wells to fracture the rock and cement them. Its business rises and falls with how much drilling producers do. Schachter says service stocks are where the bargains are right now — they haven't kept up with oil's jump — and Trican is his example: about C$6.30, much closer to this year's low of C$5.19 than its high of C$8.40. If high prices lead producers to drill more, service companies should get busier.
33:00that are very cheap. And I would think the natural gas and natural gas liquid stocks are very very cheap relative to historic and many of the service sector stocks are very cheap like Trican is very cheap. Trican, the high for the year was 8.40, it's now 6.30. The low for the year was 5.19.
In short: Second pro pick. Canada's market-leading pressure pumper — an oil-field-services proxy on the energy trade that "screens very well" vs US peers. A direct LNG-Canada derivative; as completion work ramps, OFS becomes "the price maker not the price taker" and pricing power drops straight to the bottom line.
Trican is Canada's biggest "pressure pumper" — the company that pumps high-pressure fluid into oil and gas wells to crack the rock and get production flowing (the "completion" work after a well is drilled). It's an oil-field-services (OFS) business, which is a leveraged way to bet on the energy cycle: when drilling booms, "no one makes more money than oil-field services," but when it busts it can be brutal — Larson notes the same business has minted fortunes and caused bankruptcies.
His angle: as Canada's LNG-Canada export terminal ramps up, demand for completion work rises, and because the pumpers are running near full capacity ("utilization"), they finally get to "raise prices" — becoming the "price maker, not the price taker." Extra pricing flows almost entirely to profit. He sees Trican screening cheaper than its larger US peers.
43:29Why do you like it here? — I like OFS, the oil field services setup. Again, how do we continue to play? When energy works, no one makes more money than oil field services. But listen, when the sector turns, it gets real ugly. Some of the wealthiest people I know come from and some of the most bankrupted people I've known have come from both the same place.
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