The Globe and Mail reports in its Tuesday, Feb. 4, edition that TD Cowen analyst Aaron MacNeil has lowered his recommendation for Ensign Energy Services to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacNeil gave his share target a 25-cent trim to $3. Analysts on average target the shares at $3.88. Mr. MacNeil says in a note: "In our view, a potential 10-per-cent tariff is likely to negatively impact Canadian D&C activity across a range of plays that Ensign has exposure to. We also note that Ensign's share price has increased 34 per cent in the past six months. ... To align with our peers covering the U.S. energy services sector, we have changed our definition of EBITDA, which previously added back stock-based compensation from earnings. Our FCF yield calculation also changes. Finally, we have made some modest changes to our DCF methodology. These changes have been applied consistently across our sector coverage. In this context, our EBITDA estimate revisions (2025E: down 10 per cent, 2026E: down 8 per cent) for Precision are more pronounced than they otherwise would be." The Globe reported on Oct. 9 that Mr. MacNeil rated Ensign "buy" when it could be had for $2.57.