BMO Capital Bumps Up STEP Energy's Price Target By ~67%

May 12, 2022 3:46 PM | 1 min read | Make a Comment

BMO Capital analyst John Gibson raised the price target for STEP Energy Services Ltd STEP SNVVF to C$7.50 from C$4.50 while maintaining the Outperform rating on the shares.
Gibson now views STEP as the top pick of the Canadian pressure pumpers.
The analyst mentions that STEP's 1Q22 results were very strong, led by a significant jump in Canadian operations, while its U.S. platform continues to trend upwards.
Recently STEP was upgraded to Outperform, driven by the analyst firm's improving sector outlook along with the company's inexpensive valuation, noted Gibson.
The analyst believes the shares are worthy of a higher multiple closer to its peer group.
Price Action: STEP shares are trading lower by 4.21% at C$3.87 on TSX, and SNVVF is lower by 4.52% at $2.96 on the last check Thursday.