PHX Energy Services (TSE:PHX) Shares Down 15.3% on Analyst Downgrade

Key Points

• PHX Energy shares fell 15.3% after ATB Cormack downgraded the stock from outperform to sector perform and cut its price target from C$15.50 to C$13.25. Trading volume was 257% above average.
• Company insiders sold a combined 341,100 shares worth about C$4.13 million over the last quarter; insiders retain 11.86% ownership.
• In its latest reported quarter, PHX Energy posted earnings of C$0.23 per share and revenue of C$204.18 million.

PHX Energy Services Corp. (TSE:PHX - Get Free Report)'s stock price fell 15.3% during mid-day trading on Wednesday after ATB Cormack downgraded the stock from an outperform rating to a sector perform rating. ATB Cormack now has a C$13.25 price target on the stock, down from their previous price target of C$15.50. PHX Energy Services traded as low as C$10.58 and last traded at C$10.74. 625,098 shares traded hands during mid-day trading, an increase of 257% from the average session volume of 174,856 shares. The stock had previously closed at C$12.68.

Insider Activity

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

PHX Energy Services Price Performance

The company has a debt-to-equity ratio of 40.80, a quick ratio of 1.25 and a current ratio of 2.07. The firm has a market capitalization of C$498.79 million, a price-to-earnings ratio of 11.47 and a beta of 1.38. The business has a fifty day moving average of C$12.63 and a two-hundred day moving average of C$11.48.

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

About PHX Energy Services

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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