Shares of STEP Energy Services Ltd (TSE:STEP) traded down 11.8% during mid-day trading on Thursday after TD Securities downgraded the stock from a buy rating to a hold rating. TD Securities now has a C$4.00 price target on the stock, down from their previous price target of C$5.50. STEP Energy Services traded as low as C$3.40 and last traded at C$3.45. 255,268 shares were traded during trading, an increase of 50% from the average session volume of 169,769 shares. The stock had previously closed at C$3.91.
Several other analysts also recently weighed in on STEP. National Bank Financial downgraded STEP Energy Services from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from C$11.00 to C$6.50 in a research note on Friday. BMO Capital Markets downgraded STEP Energy Services from an “outperform” rating to a “market perform” rating and decreased their target price for the company from C$12.00 to C$4.25 in a research note on Friday. CIBC decreased their target price on STEP Energy Services from C$12.00 to C$10.00 in a research note on Friday. GMP Securities decreased their target price on STEP Energy Services from C$11.00 to C$8.50 in a research note on Friday. Finally, Royal Bank of Canada decreased their target price on STEP Energy Services from C$17.00 to C$15.00 and set an “outperform” rating for the company in a research note on Friday, August 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of C$9.28.
In other STEP Energy Services news, insider David Todd Johnson bought 3,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The stock was purchased at an average price of C$7.78 per share, for a total transaction of C$29,564.00.
About STEP Energy Services (TSE:STEP)
STEP Energy Services Ltd. operates as an oilfield service company that provides fracturing and coiled tubing solutions in Canada and the United States. It applies fit-for-purpose coiled tubing, pumping, and hydraulic fracturing technology to enhance reservoir performance in well stimulation and intervention projects for clients operating in unconventional oil, gas, and liquids rich plays.
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