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Gear Energy (GXE) was Downgraded to a Hold Rating at GMP FirstEnergy


In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Gear Energy (GXE). Robert Fitzmartyn, an analyst with GMP FirstEnergy, has downgraded their rating on GXE to Hold , with a C$1.15 price target.

According to TipRanks.com, Fitzmartyn is ranked #4864 out of 4912 analysts.

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Gear Energy has an analyst consensus of Moderate Buy, with a price target consensus of C$1.43.

Based on Gear Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$706K. In comparison, last year the company had a GAAP net loss of C$2.71 million.

Gear Energy Ltd. is a exploration and production company, which engages in the acquisition, exploration, and production of oil and gas properties. Its properties are located in Alberta, British Columbia, and Saskatchewan. The company was founded on June 25, 2007 and is headquartered in Calgary, Canada.

The company’s shares closed on Friday at C$0.72, close to its 52-week low of C$0.67.