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

PHX Energy Services Corp. (TSE:PHX) shares dropped 15.3% during 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 changed 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 Buying and Selling

In other news, insider Michael Leslie Buker sold 15,000 shares of the 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 transaction of C$187,050.00. Following the transaction, the insider owned 332,600 shares in the company, valued at approximately C$4,147,522. This trade represents a 4.32% decrease in their ownership of the stock. Also, insider John Michael Hooks sold 128,800 shares of the 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 value of C$1,545,600.00. Following the transaction, the insider owned 2,510,804 shares in the company, valued at approximately C$30,129,648. This trade represents a 4.88% decrease in their position. In the last 90 days, insiders have sold 341,100 shares of company stock valued at $4,128,300. Corporate insiders own 11.86% of the company’s stock.

PHX Energy Services Trading Down 14.0%

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 business has a fifty day simple moving average of C$12.63 and a 200 day simple moving average of C$11.48. The stock has a market capitalization of C$498.79 million, a price-to-earnings ratio of 11.47 and a beta of 1.38.

PHX Energy Services (TSE:PHX) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported C$0.23 earnings per share for the quarter. PHX Energy Services had a return on equity of 20.25% and a net margin of 6.46%. The firm had revenue of C$204.18 million for the quarter. As a group, research analysts expect that PHX Energy Services Corp. will post 1.24 EPS for the current 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.