STEP Energy Services (STEP) Cut to “Sector Perform” at National Bank Financial

STEP Energy Services (TSE:STEP) was downgraded by equities research analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating in a research note issued on Friday. They currently have a C$6.50 price target on the stock, down from their prior price target of C$11.00. National Bank Financial’s price target would indicate a potential upside of 127.27% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. CIBC reduced their price objective on STEP Energy Services from C$12.00 to C$10.00 in a research note on Friday. Royal Bank of Canada reduced their price objective 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. TD Securities reduced their price objective on STEP Energy Services from C$14.50 to C$13.50 and set a “buy” rating for the company in a research note on Friday, August 3rd. Industrial Alliance Securities dropped their target price on STEP Energy Services from C$17.25 to C$16.25 in a report on Friday, August 3rd. Finally, Raymond James lowered STEP Energy Services from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from C$18.00 to C$15.00 in a report on Friday, September 21st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of C$9.28.

TSE STEP traded down C$0.47 on Friday, reaching C$2.86. The stock had a trading volume of 952,021 shares, compared to its average volume of 175,021. The company has a current ratio of 1.77, a quick ratio of 1.47 and a debt-to-equity ratio of 57.81. STEP Energy Services has a 12-month low of C$2.81 and a 12-month high of C$13.65.

In related news, insider David Todd Johnson bought 3,800 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were acquired at an average price of C$7.78 per share, with a total value of C$29,564.00.

About STEP Energy Services

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.

Further Reading: How does a reverse stock split work?

Analyst Recommendations for STEP Energy Services (TSE:STEP)

Receive News & Ratings for STEP Energy Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for STEP Energy Services and related companies with's FREE daily email newsletter.

Leave a Reply