Maxim Group analyst James Jang reiterated a Buy rating on Profire Energy (NASDAQ: PFIE) today and set a price target of $5. The company’s shares closed yesterday at $2.28, close to its 52-week low of $1.72.
Jang observed:
“Although we continue to be bullish on Profire Energy (PFIE), the near-term takeaway capacity constraints within the Permian Basin will likely limit drilling and production activity. Therefore, we are lowering our 2H18 estimates and reducing our price target to $5, from $7.”
According to TipRanks.com, Jang is a 5-star analyst with an average return of 20.3% and a 45.9% success rate. Jang covers the Services sector, focusing on stocks such as Sino-Global Shipping America, Nordic American Tanker, and Eagle Bulk Shipping.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Profire Energy with a $4.88 average price target.
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Based on Profire Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $1.71 million. In comparison, last year the company had a net profit of $1.22 million.
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Profire Energy, Inc. engages in the development of burner-management technologies used on a oilfield natural-draft fire tube vessels in oil and gas industry. It offers line-heaters, dehydrators, separators, treaters, amine reboilers, and free-water knockout systems which facilitate the proper function of the vessel.
