PHX Energy Services (TSE:PHX) Cut to Hold at ATB Cormark Capital Markets

ATB Cormark Capital Markets downgraded shares of PHX Energy Services (TSE:PHX) from a moderate buy rating to a hold rating in a report published on Wednesday, MarketBeat Ratings reports. The firm currently has C$13.25 price target on the stock, down from their previous price target of C$15.50.

PHX Energy Services Stock Performance

Shares of PHX stock traded up C$0.19 during trading on Wednesday, reaching C$10.46. The company had a trading volume of 357,207 shares, compared to its average volume of 180,999. The firm’s 50 day simple moving average is C$12.51 and its two-hundred day simple moving average is C$11.52. PHX Energy Services has a one year low of C$6.87 and a one year high of C$14.17. The company has a debt-to-equity ratio of 37.62, a current ratio of 1.88 and a quick ratio of 1.25. The company has a market capitalization of C$478.66 million, a PE ratio of 11.01 and a beta of 1.40.

PHX Energy Services (TSE:PHX) last announced its earnings results on Tuesday, November 3rd. The company reported C$0.23 earnings per share (EPS) for the quarter. PHX Energy Services had a return on equity of 20.96% and a net margin of 6.39%. The firm had revenue of C$204.18 million during the quarter. Sell-side analysts forecast that PHX Energy Services will post 1.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider John Michael Hooks sold 128,800 shares of PHX Energy Services stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of C$12.00, for a total value of C$1,545,600.00. Following the transaction, the insider directly owned 2,510,804 shares in the company, valued at approximately C$30,129,648. The trade was a 4.88% decrease in their ownership of the stock. Also, insider Michael Leslie Buker sold 15,000 shares of PHX Energy Services stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of C$12.47, for a total value of C$187,050.00. Following the completion of the transaction, the insider owned 332,600 shares in the company, valued at C$4,147,522. The trade was a 4.32% decrease in their ownership of the stock. In the last three months, insiders have sold 341,100 shares of company stock valued at $4,128,300. Company insiders own 11.86% of the company’s stock.

PHX Energy Services Company Profile

PHX Energy is a growth oriented, public oil and natural gas services company. The Corporation, through its directional drilling subsidiary entities provides horizontal and directional drilling services to oil and natural gas exploration and development companies principally in Canada and the US. In connection with the services it provides, PHX Energy engineers, develops and manufactures leading-edge technologies. In recent years, PHX Energy has developed various new technologies that have positioned the Corporation as a technology leader in the horizontal and directional drilling services sector in North America.