GMP FirstEnergy Thinks STEP Energy Services Ltd’s Stock is Going to Recover


In a new note to investors on March 7, an analyst has provided a rating update for STEP Energy Services Ltd (STEP). Analyst Ian Gillies from GMP FirstEnergy rated STEP Energy Services Ltd (STEP) a Buy on March 7, setting a C$5 price target.

According to TipRanks.com, Gillies is ranked 0 out of 5 stars with an average return of -8.2% and a 42.3% success rate. Gillies covers the Basic Materials sector, focusing on stocks such as Precision Drilling, Inter Pipeline Ltd, and Gibson Energy Inc.

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STEP Energy Services Ltd has an analyst consensus of Strong Buy, with a price target consensus of C$4.06, a 125.6% upside from current levels. In a report issued on March 7, Raymond James also maintained a Buy rating on the stock with a C$6 price target.

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Based on STEP Energy Services Ltd’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of C$58.55 million. In comparison, last year the company had a net profit of C$17.55 million.

STEP Energy Services Ltd. explores oil and gas products. The company is a privately owned, technically focused, oilfield service company provides coiled tubing units and associated pumping and support equipment to service the horizontal market in Western Canada.

The company’s shares closed on Monday at C$1.80, close to its 52-week low of C$1.65.

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