PHX Energy Services (TSE:PHX) Downgraded to "Hold" Rating by Atb Cap Markets

Key Points

• PHX Energy Services was downgraded from a "strong-buy" to a "hold" rating by Atb Cap Markets, with the stock's price objective reduced from C$9.50 to C$8.50.
• The company currently has an average rating of "Hold" and a market capitalization of C$333.41 million, with a share price of C$7.38.
• Insider Craig Brown sold 75,000 shares of PHX Energy Services for a total of C$584,250, representing a significant decrease in ownership by 36.65%.

PHX Energy Services (TSE:PHX - Get Free Report) was downgraded by research analysts at Atb Cap Markets from a "strong-buy" rating to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Separately, ATB Capital cut shares of PHX Energy Services from an "outperform" rating to a "sector perform" rating and decreased their price objective for the company from C$9.50 to C$8.50 in a report on Thursday. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of C$8.50.

PHX Energy Services Trading Up 2.4%

PHX opened at C$7.38 on Wednesday. The company has a market cap of C$333.41 million, a price-to-earnings ratio of 6.47 and a beta of 1.20. The firm has a 50 day simple moving average of C$7.65 and a 200 day simple moving average of C$7.92. The company has a debt-to-equity ratio of 25.99, a current ratio of 1.67 and a quick ratio of 1.25. PHX Energy Services has a fifty-two week low of C$6.64 and a fifty-two week high of C$10.10.

Insider Transactions at PHX Energy Services

In related news, insider Craig Brown sold 75,000 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of C$7.79, for a total transaction of C$584,250.00. Following the completion of the transaction, the insider owned 129,633 shares in the company, valued at approximately C$1,009,841.07. The trade was a 36.65% decrease in their ownership of the stock. Corporate insiders own 11.86% of the company's stock.

About PHX Energy Services

PHX Energy Services Corp is a Canadian service provider company. It is principally engaged in providing horizontal and directional drilling services, as well as web-based remote electronic drilling recorder technology and services, to oil and natural gas exploration and development companies in Canada, United States, Albania, and Russia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.