Gear Energy Ltd (TSE:GXE) rose 4.7% during mid-day trading on Wednesday . The stock traded as high as C$0.89 and last traded at C$0.89. Approximately 1,061,900 shares changed hands during mid-day trading, an increase of 96% from the average daily volume of 541,646 shares. The stock had previously closed at C$0.85.

Separately, National Bank Financial upped their price target on shares of Gear Energy from C$1.00 to C$1.25 and gave the stock an “outperform” rating in a research report on Tuesday, January 9th.

The stock has a market cap of $163.77, a PE ratio of -17.20 and a beta of 4.02.

Gear Energy (TSE:GXE) last announced its quarterly earnings results on Wednesday, November 8th. The company reported C($0.01) earnings per share for the quarter, hitting the consensus estimate of C($0.01). Gear Energy had a negative net margin of 14.08% and a negative return on equity of 7.28%.

In other news, Director John O’connell bought 80,106 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was bought at an average price of C$0.87 per share, with a total value of C$69,692.22. Also, insider Don Gray bought 350,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were purchased at an average cost of C$0.82 per share, with a total value of C$287,000.00. Insiders bought a total of 438,606 shares of company stock valued at $363,492 in the last ninety days.

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Gear Energy Company Profile

Gear Energy Ltd. is an exploration and production company with heavy and light oil production in Central Alberta and West Central Saskatchewan. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. The Company’s properties include Paradise Hill, Wildmere Cummings, Wilson Creek and Hoosier.

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