STEP Energy Services (TSE:STEP) Trading 27% Higher - Here's What Happened

Key Points

• STEP Energy Services shares rose by 27%, trading at C$5.41, significantly up from the previous closing price of C$4.26, with trading volume increasing by 726%.
• The Royal Bank of Canada raised its target price for STEP Energy Services from C$4.25 to C$4.50, maintaining a "sector perform" rating as analysts offer a generally positive outlook.
• The company has a market capitalization of C$394.98 million and operates with a notably high debt-to-equity ratio of 22.04, indicating a significant reliance on debt financing.

STEP Energy Services Ltd. (TSE:STEP - Get Free Report) shares traded up 27% on Thursday . The company traded as high as C$5.48 and last traded at C$5.41. 322,777 shares traded hands during mid-day trading, an increase of 726% from the average session volume of 39,078 shares. The stock had previously closed at C$4.26.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada upped their target price on STEP Energy Services from C$4.25 to C$4.50 and gave the company a "sector perform" rating in a report on Thursday, June 26th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of C$5.04.

STEP Energy Services Stock Performance

The company has a market capitalization of C$394.98 million, a P/E ratio of -20.07 and a beta of 1.93. The company has a quick ratio of 1.11, a current ratio of 1.39 and a debt-to-equity ratio of 22.04. The stock has a fifty day simple moving average of C$4.33 and a 200-day simple moving average of C$4.15.

STEP Energy Services Company Profile

STEP Energy Services is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures.

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