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    Luke Lemoine

    Managing Director and Senior Research Analyst at Piper Sandler & Co.

    Luke Lemoine is a Managing Director and Senior Research Analyst at Piper Sandler & Co., specializing in oilfield services and the wider energy equipment sector. He consistently covers prominent companies such as Weatherford International, Solaris Energy Infrastructure, and numerous U.S. and Canadian oilfield service stocks, maintaining a track record that includes a 45.75% success rate and an average return of 14.2% per rating, with several highly profitable calls in recent years. Lemoine started his research career in investment banking roles focused on energy, served as a director and senior analyst at Capital One Securities from 2005 to 2022, and transitioned to Piper Sandler in August 2022. He holds a bachelor's degree in finance from Louisiana State University and is a CFA Charterholder, reflecting both deep sector expertise and strong professional credentials.

    Luke Lemoine's questions to PRECISION DRILLING (PDS) leadership

    Luke Lemoine's questions to PRECISION DRILLING (PDS) leadership • Q2 2024

    Question

    Luke Lemoine asked for more detail on the troughing of U.S. land activity and whether Precision's projected rig count increase is company-specific or indicative of a broader market trend. He also inquired about specific opportunities for lowering costs.

    Answer

    CEO Kevin Neveu clarified that a 3-4 rig increase for Precision is not a major market indicator, but he expects larger drillers to gain rigs from smaller players as E&P consolidation concludes. CFO Carey Ford added that cost-saving efforts are focused on optimizing repair and maintenance expenses, centralized purchasing, and third-party labor, with positive results already showing in Q2.

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    Luke Lemoine's questions to Smart Sand (SND) leadership

    Luke Lemoine's questions to Smart Sand (SND) leadership • Q4 2023

    Question

    Inquired about the long-term strategy for the industrial sand business, the stability of contribution margin throughout 2024, and a breakdown of the planned capital expenditures.

    Answer

    The industrial business is a valuable, high-margin segment, but its long-term volume percentage is uncertain. Contribution margin is expected to average in the mid-teens for the year but will fluctuate quarterly due to inventory accounting. CapEx is directed towards new terminals ($1M), plant maintenance and efficiency, and mining support, with a small amount for SmartSystems.

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