STEP Energy Services (STEP) Downgraded by BMO Capital Markets to Market Perform

BMO Capital Markets lowered shares of STEP Energy Services (TSE:STEP) from an outperform rating to a market perform rating in a research note issued to investors on Friday. BMO Capital Markets currently has C$4.25 target price on the stock, down from their previous target price of C$12.00.

A number of other research analysts have also recently weighed in on STEP. National Bank Financial cut STEP Energy Services from an outperform rating to a sector perform rating and reduced their target price for the company from C$11.00 to C$6.50 in a report on Friday. CIBC cut their price objective on STEP Energy Services from C$12.00 to C$10.00 in a research report on Friday. GMP Securities cut their price objective on STEP Energy Services from C$11.00 to C$8.50 in a research report on Friday. Royal Bank of Canada cut their price objective on STEP Energy Services from C$17.00 to C$15.00 and set an outperform rating on the stock in a research report on Friday, August 3rd. Finally, Industrial Alliance Securities cut their price objective on STEP Energy Services from C$17.25 to C$16.25 in a research report on Friday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of C$9.28.

STEP Energy Services stock traded down C$0.48 during midday trading on Friday, reaching C$2.85. The stock had a trading volume of 1,217,400 shares, compared to its average volume of 176,242. STEP Energy Services has a twelve month low of C$2.80 and a twelve month high of C$13.65. The company has a current ratio of 1.77, a quick ratio of 1.47 and a debt-to-equity ratio of 57.81.

In related news, insider David Todd Johnson acquired 3,800 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were bought at an average cost 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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