PHX Energy Services (TSE:PHX) Shares Down 6.9% – Here’s Why

PHX Energy Services Corp. (TSE:PHX)’s stock price was down 6.9% during mid-day trading on Wednesday . The stock traded as low as C$11.12 and last traded at C$11.68. Approximately 160,365 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 231,073 shares. The stock had previously closed at C$12.54.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PHX. ATB Cormark Capital Markets upgraded PHX Energy Services from a “hold” rating to a “moderate buy” rating and lifted their price target for the company from C$8.00 to C$11.75 in a research report on Wednesday, February 25th. BMO Capital Markets lifted their price target on PHX Energy Services from C$8.50 to C$10.50 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of C$11.13.

PHX Energy Services Price Performance

The company has a debt-to-equity ratio of 29.22, a current ratio of 1.88 and a quick ratio of 1.25. The stock has a 50 day moving average price of C$12.29 and a 200-day moving average price of C$9.35. The stock has a market capitalization of C$540.33 million, a price-to-earnings ratio of 10.54 and a beta of 1.35.

PHX Energy Services (TSE:PHX) last issued its quarterly earnings results on Tuesday, May 5th. The company reported C$0.20 earnings per share (EPS) for the quarter. The firm had revenue of C$183.89 million for the quarter. PHX Energy Services had a return on equity of 24.11% and a net margin of 7.71%. On average, analysts forecast that PHX Energy Services Corp. will post 1.2397516 earnings per share for the current year.

Insider Transactions at PHX Energy Services

In other news, insider Jeffery John Shafer sold 20,000 shares of PHX Energy Services stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of C$13.70, for a total value of C$274,000.00. Following the sale, the insider directly owned 183,793 shares of the company’s stock, valued at C$2,517,964.10. The trade was a 9.81% decrease in their ownership of the stock. Also, insider Craig Brown sold 50,000 shares of PHX Energy Services stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of C$13.75, for a total value of C$687,500.00. Following the completion of the sale, the insider directly owned 129,633 shares in the company, valued at C$1,782,453.75. This represents a 27.83% decrease in their ownership of the stock. Over the last three months, insiders sold 103,633 shares of company stock valued at $1,421,738. Insiders own 11.86% of the company’s stock.

PHX Energy Services Company Profile

PHX Energy Services Corp is a Canadian service provider company. It is principally engaged in providing horizontal and directional drilling services, as well as web-based remote electronic drilling recorder technology and services, to oil and natural gas exploration and development companies in Canada, United States, Albania, and Russia. The services provided by the company includes directional drilling and motor rentals, survey management, gyro surveying and stream services. Geographically, the company operates in Canada, United States, and International.