Gear Energy Ltd (TSE:GXE) rose 10.5% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as C$0.63 and last traded at C$0.63. Approximately 102,500 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 375,379 shares. The stock had previously closed at C$0.57.
Specifically, Director John O’connell bought 30,500 shares of Gear Energy stock in a transaction dated Tuesday, August 21st. The stock was bought at an average cost of C$1.14 per share, for a total transaction of C$34,770.00. Also, Director Ingram Gillmore bought 53,340 shares of Gear Energy stock in a transaction dated Tuesday, November 13th. The stock was purchased at an average price of C$0.60 per share, with a total value of C$32,004.00. Over the last 90 days, insiders bought 109,220 shares of company stock valued at $95,710.
GXE has been the subject of a number of analyst reports. Canaccord Genuity lifted their price target on Gear Energy from C$1.50 to C$1.75 in a research note on Tuesday, July 24th. GMP Securities downgraded Gear Energy from a “buy” rating to a “hold” rating and cut their price target for the company from C$1.65 to C$1.15 in a research note on Friday, November 9th. Finally, National Bank Financial reiterated an “outperform” rating and set a C$2.00 price target on shares of Gear Energy in a research note on Thursday, August 9th.
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About Gear Energy (TSE:GXE)
Gear Energy Ltd. engages in acquiring, exploring, developing, and holding interests in petroleum and natural gas properties and assets in Canada. Its core heavy oil producing areas are located in East Central Alberta and West Central Saskatchewan; and light oil producing areas are located Central Alberta.
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