PHX Energy Services (TSE:PHX) Stock Rating Cut to Sector Perform at ATB Cormack

Key Points

• ATB Cormack downgraded PHX Energy Services from “outperform” to “sector perform” and cut its price target to C$13.25 from C$15.50; the new target implies 22.46% upside from the previous close.
• Shares fell C$1.86 to C$10.82 in Wednesday trading, on volume well above the stock’s average.
• PHX reported quarterly earnings of C$0.23 per share and revenue of C$204.18 million. Insiders sold a combined 341,100 shares over the past 90 days.

PHX Energy Services (TSE:PHX - Get Free Report) was downgraded by investment analysts at ATB Cormack from an "outperform" rating to a "sector perform" rating in a research note issued to investors on Wednesday, BayStreet reports. They currently have a C$13.25 price objective on the stock, down from their prior price objective of C$15.50. ATB Cormack's price objective would indicate a potential upside of 22.46% from the stock's previous close.

PHX Energy Services Price Performance

TSE:PHX traded down C$1.86 during mid-day trading on Wednesday, reaching C$10.82. 824,720 shares of the company were exchanged, compared to its average volume of 176,519. PHX Energy Services has a 12 month low of C$6.87 and a 12 month high of C$14.17. The company has a fifty day moving average of C$12.63 and a 200 day moving average of C$11.48. The company has a quick ratio of 1.25, a current ratio of 2.07 and a debt-to-equity ratio of 40.80. The stock has a market cap of C$495.13 million, a PE ratio of 11.39 and a beta of 1.38.

PHX Energy Services (TSE:PHX - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported C$0.23 earnings per share for the quarter. PHX Energy Services had a net margin of 6.46% and a return on equity of 20.25%. The company had revenue of C$204.18 million during the quarter. On average, research analysts anticipate that PHX Energy Services will post 1.24 EPS for the current fiscal year.

Insider Activity at PHX Energy Services

In other news, insider John Michael Hooks sold 128,800 shares of PHX Energy Services stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of C$12.00, for a total value of C$1,545,600.00. Following the completion of the sale, the insider directly owned 2,510,804 shares of the company's stock, valued at approximately C$30,129,648. This trade represents a 4.88% decrease in their position. Also, insider Michael Leslie Buker sold 15,000 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of C$12.47, for a total value of C$187,050.00. Following the sale, the insider owned 332,600 shares of the company's stock, valued at approximately C$4,147,522. The trade was a 4.32% decrease in their position. Insiders sold a total of 341,100 shares of company stock valued at $4,128,300 in the last 90 days. 11.86% of the stock is currently owned by corporate insiders.

PHX Energy Services Company Profile

PHX Energy is a growth oriented, public oil and natural gas services company. The Corporation, through its directional drilling subsidiary entities provides horizontal and directional drilling services to oil and natural gas exploration and development companies principally in Canada and the US. In connection with the services it provides, PHX Energy engineers, develops and manufactures leading-edge technologies. In recent years, PHX Energy has developed various new technologies that have positioned the Corporation as a technology leader in the horizontal and directional drilling services sector in North America.

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