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.

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Analyst Recommendations for STEP Energy Services (TSE:STEP)

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