PHX Energy Services (TSE:PHX) Shares Down 6.9% - Here's Why

Key Points

• Shares fell 6.9% on Wednesday to C$11.68 (intraday low C$11.12) on a 31% lower-than-average volume of 160,365 shares, after closing at C$12.54 the previous session.
• Insiders sold 103,633 shares worth about $1.42M in the last three months (including large sales by Craig Brown and Jeffery Shafer), reducing their holdings and potentially weighing on sentiment.
• PHX reported quarterly EPS of C$0.20 on C$183.89M revenue and trades at a P/E of 10.54 with a C$540M market cap, while analysts have recently raised ratings/targets (consensus "Buy" and target C$11.13, ATB Cormark to C$11.75, BMO to C$10.50).

Shares of PHX Energy Services Corp. (TSE:PHX - Get Free Report) fell 6.9% on Wednesday . The company traded as low as C$11.12 and last traded at C$11.68. 160,365 shares traded hands during trading, a decline of 31% from the average session volume of 231,073 shares. The stock had previously closed at C$12.54.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PHX. ATB Cormark Capital Markets raised PHX Energy Services from a "hold" rating to a "moderate buy" rating and raised their price objective for the company from C$8.00 to C$11.75 in a research report on Wednesday, February 25th. BMO Capital Markets raised their price objective on PHX Energy Services from C$8.50 to C$10.50 and gave the company an "outperform" rating in a research report on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of C$11.13.

PHX Energy Services Stock Performance

The company has a debt-to-equity ratio of 29.22, a current ratio of 1.88 and a quick ratio of 1.25. The firm has a market cap of C$540.33 million, a price-to-earnings ratio of 10.54 and a beta of 1.35. The firm has a fifty day simple moving average of C$12.29 and a two-hundred day simple moving average of C$9.35.

PHX Energy Services (TSE:PHX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported C$0.20 earnings per share for the quarter. The business had revenue of C$183.89 million during the quarter. PHX Energy Services had a return on equity of 24.11% and a net margin of 7.71%. On average, analysts expect that PHX Energy Services Corp. will post 1.2397516 EPS for the current year.

Insiders Place Their Bets

In other PHX Energy Services news, insider Craig Brown sold 50,000 shares of the firm's stock in a transaction dated Monday, March 30th. The stock was sold at an average price of C$13.75, for a total value of C$687,500.00. Following the completion of the sale, the insider owned 129,633 shares of the company's stock, valued at approximately C$1,782,453.75. This trade represents a 27.83% decrease in their ownership of the stock. Also, insider Jeffery John Shafer sold 20,000 shares of the firm's stock in a transaction dated Monday, March 30th. The stock was sold at an average price of C$13.70, for a total value of C$274,000.00. Following the completion of the sale, the insider directly owned 183,793 shares of the company's stock, valued at approximately C$2,517,964.10. This represents a 9.81% decrease in their position. Insiders sold a total of 103,633 shares of company stock worth $1,421,738 in the last three months. 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. The services provided by the company includes directional drilling and motor rentals, survey management, gyro surveying and stream services. Geographically, the company operates in Canada, United States, and International.

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