Canaccord Genuity Cuts Source Energy Services (SHLE) Price Target to C$2.75

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Source Energy Services (TSE:SHLE) had its price target decreased by equities researchers at Canaccord Genuity from C$3.00 to C$2.75 in a research report issued on Thursday. Canaccord Genuity’s price target would suggest a potential upside of 114.84% from the company’s current price.

A number of other brokerages have also commented on SHLE. Industrial Alliance Securities decreased their price objective on shares of Source Energy Services from C$8.50 to C$5.75 in a report on Tuesday, October 9th. Morgan Stanley reduced their target price on shares of Source Energy Services from C$4.50 to C$2.00 in a research note on Thursday, December 13th. CIBC lowered shares of Source Energy Services from a “neutral” rating to an “underperform” rating and reduced their target price for the company from C$4.50 to C$2.25 in a research note on Friday, November 2nd. GMP Securities lowered shares of Source Energy Services from a “buy” rating to a “hold” rating and reduced their target price for the company from C$7.00 to C$5.00 in a research note on Tuesday, October 9th. Finally, BMO Capital Markets cut their price target on shares of Source Energy Services from C$9.00 to C$3.00 in a research report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Source Energy Services presently has an average rating of “Hold” and a consensus target price of C$5.63.

TSE:SHLE traded down C$0.07 during mid-day trading on Thursday, reaching C$1.28. 44,600 shares of the company were exchanged, compared to its average volume of 46,985. Source Energy Services has a 12 month low of C$1.04 and a 12 month high of C$9.55. The company has a debt-to-equity ratio of 48.68, a current ratio of 2.46 and a quick ratio of 1.34.

In related news, Director Alan Stewart Hanlon bought 100,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The shares were purchased at an average cost of C$1.91 per share, for a total transaction of C$191,000.00. Insiders have acquired a total of 109,475 shares of company stock worth $205,588 over the last 90 days.

About Source Energy Services

Source Energy Services Ltd. produces, supplies, and distributes Northern White frac sand primarily to the Western Canadian Sedimentary Basin. The company was founded in 2017 and is headquartered in Calgary, Canada.

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