Royal Bank of Canada Issues Pessimistic Forecast for STEP Energy Services (TSE:STEP) Stock Price

STEP Energy Services (TSE:STEP) had its target price reduced by research analysts at Royal Bank of Canada from C$5.00 to C$4.25 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 8.97% from the company’s current price.

A number of other brokerages have also commented on STEP. Cormark raised shares of STEP Energy Services from a “tender” rating to a “buy” rating and boosted their price objective for the stock from C$5.00 to C$5.50 in a research report on Monday, January 6th. ATB Capital decreased their target price on shares of STEP Energy Services from C$5.50 to C$5.00 and set an “outperform” rating on the stock in a research report on Monday, December 23rd. Finally, Raymond James downgraded shares of STEP Energy Services from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from C$5.50 to C$5.00 in a research note on Wednesday, April 9th.

STEP Energy Services Price Performance

TSE STEP traded up C$0.08 on Thursday, hitting C$3.90. 19,000 shares of the company were exchanged, compared to its average volume of 66,574. The company has a market cap of C$279.06 million, a P/E ratio of 6.75 and a beta of 2.07. STEP Energy Services has a 1-year low of C$3.35 and a 1-year high of C$5.26. The company has a current ratio of 1.39, a quick ratio of 1.11 and a debt-to-equity ratio of 22.04. The firm has a 50 day moving average of C$4.22 and a two-hundred day moving average of C$4.36.

About STEP Energy Services

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.