STEP Energy Services (TSE:STEP) Given New C$12.00 Price Target at CIBC

STEP Energy Services (TSE:STEP) had its price target cut by equities research analysts at CIBC from C$22.00 to C$12.00 in a report released on Tuesday, October 16th. CIBC’s price objective points to a potential upside of 321.05% from the stock’s previous close.

STEP has been the subject of several other research reports. Raymond James downgraded shares of STEP Energy Services from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from C$18.00 to C$15.00 in a research note on Friday, September 21st. National Bank Financial reduced their price target on shares of STEP Energy Services from C$15.50 to C$12.00 and set an “outperform” rating for the company in a report on Wednesday, September 26th. Industrial Alliance Securities reduced their price objective on shares of STEP Energy Services from C$16.25 to C$11.00 in a report on Tuesday, October 9th. TD Securities dropped their price target on shares of STEP Energy Services from C$14.50 to C$13.50 and set a “buy” rating on the stock in a research report on Friday, August 3rd. Finally, Royal Bank of Canada dropped their price target on shares of 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. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of C$9.28.

Shares of TSE STEP traded down C$0.48 during trading hours on Tuesday, hitting C$2.85. 1,217,400 shares of the stock were exchanged, compared to its average volume of 176,242. 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 1-year low of C$2.80 and a 1-year high of C$13.65.

In other news, insider David Todd Johnson acquired 3,800 shares of STEP Energy Services stock in a transaction that occurred on Wednesday, August 15th. The stock was bought at an average price of C$7.78 per share, with a total value of C$29,564.00.

STEP Energy Services Company Profile

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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