CES Energy Solutions (CEU) continues to outperform the industry, jumping 16% on a Q3 that beat on revenue despite a falling rig count - thanks to continued market share gains in North America.

The EBITDA print came in above expectations too, partly due to product mix - but also driven by more enduring factors like cost discipline and accretive M&A…

… that should support healthy free cash flow generation into the future. With leverage sitting well within management’s target range, the company will keep hitting the buyback…

… despite meaningful multiple expansion from April lows, with management highlighting the room between current trading and the 9x forward EBITDA multiple ChampionX was taken out at.

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