STEP Energy Services Ltd (TSE:STEP) reached a new 52-week low during mid-day trading on Friday 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$2.81 and last traded at C$2.88, with a volume of 887582 shares traded. The stock had previously closed at C$3.33.
Other equities research analysts have also recently issued research reports about the company. CIBC cut their target price on STEP Energy Services from C$22.00 to C$12.00 in a research note on Tuesday, October 16th. Industrial Alliance Securities dropped their price objective on STEP Energy Services from C$16.25 to C$11.00 in a research note on Tuesday, October 9th. GMP Securities dropped their price objective on STEP Energy Services from C$11.00 to C$8.50 in a research note on Friday. BMO Capital Markets cut STEP Energy Services from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from C$12.00 to C$4.25 in a research note on Friday. Finally, National Bank Financial dropped their price objective on STEP Energy Services from C$12.00 to C$11.00 and set an “outperform” rating for the company in a research note on Thursday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of C$9.28.
In other news, insider David Todd Johnson acquired 3,800 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was acquired at an average cost of C$7.78 per share, with a total value of C$29,564.00.
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STEP Energy Services Company Profile (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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