Gear Energy (GXE) Downgraded to “Hold” at GMP Securities
GMP Securities lowered shares of Gear Energy (TSE:GXE) from a buy rating to a hold rating in a research report released on Friday morning. The brokerage currently has C$1.15 target price on the stock, down from their prior target price of C$1.65.
Several other equities research analysts also recently issued reports on GXE. National Bank Financial reduced their price objective on Gear Energy from C$2.00 to C$1.75 and set an outperform rating for the company in a research note on Thursday. Canaccord Genuity increased their price objective on Gear Energy from C$1.50 to C$1.75 in a research note on Tuesday, July 24th.
Gear Energy stock traded down C$0.01 during mid-day trading on Friday, hitting C$0.72. The company’s stock had a trading volume of 856,200 shares, compared to its average volume of 376,755. The company has a debt-to-equity ratio of 30.56, a current ratio of 0.83 and a quick ratio of 0.46. Gear Energy has a 52-week low of C$0.63 and a 52-week high of C$1.47.
In other news, Director John O’connell purchased 25,300 shares of the business’s stock in a transaction dated Friday, October 5th. The stock was bought at an average cost of C$1.14 per share, with a total value of C$28,842.00. Over the last three months, insiders purchased 60,090 shares of company stock valued at $68,127.
About Gear Energy
Gear Energy Ltd. engages in acquiring, exploring, developing, and holding interests in petroleum and natural gas properties and assets in Canada. Its core heavy oil producing areas are located in East Central Alberta and West Central Saskatchewan; and light oil producing areas are located Central Alberta.
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