STEP Energy Services Ltd (TSE:STEP) shares dropped 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. Approximately 255,268 shares were traded during mid-day trading, an increase of 50% from the average daily volume of 169,769 shares. The stock had previously closed at C$3.91.
STEP has been the subject of a number of other research reports. Raymond James cut shares of STEP Energy Services from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from C$18.00 to C$15.00 in a research note on Friday, September 21st. Industrial Alliance Securities cut their target price on shares of STEP Energy Services from C$16.25 to C$11.00 in a research note on Tuesday, October 9th. National Bank Financial cut their target price on shares of STEP Energy Services from C$15.50 to C$12.00 and set an “outperform” rating for the company in a research note on Wednesday, September 26th. CIBC cut their target price on shares of STEP Energy Services from C$24.00 to C$22.00 in a research note on Friday, August 3rd. Finally, Royal Bank of Canada cut their target price on shares of 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 analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of C$9.28.
In related news, insider David Todd Johnson purchased 3,800 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was acquired at an average price 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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