Source Energy Services (SHLE) Stock Price Down 10.1% After Analyst Downgrade

Source Energy Services Ltd (TSE:SHLE) shares traded down 10.1% during trading on Thursday after TD Securities lowered their price target on the stock from C$3.50 to C$2.50. TD Securities currently has a hold rating on the stock. Source Energy Services traded as low as C$2.07 and last traded at C$2.13. 222,614 shares were traded during trading, an increase of 186% from the average session volume of 77,790 shares. The stock had previously closed at C$2.37.

A number of other research analysts have also recently issued reports on SHLE. CIBC cut shares of Source Energy Services from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from C$4.50 to C$2.25 in a research note on Friday. BMO Capital Markets decreased their price objective on shares of Source Energy Services from C$9.00 to C$3.00 in a research note on Friday. Canaccord Genuity decreased their price objective on shares of Source Energy Services from C$4.50 to C$4.00 in a research note on Thursday. Industrial Alliance Securities decreased their price objective on shares of Source Energy Services from C$8.50 to C$5.75 in a research note on Tuesday, October 9th. Finally, Morgan Stanley decreased their price objective on shares of Source Energy Services from C$7.50 to C$6.50 in a research note on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of C$6.20.

About Source Energy Services (TSE:SHLE)

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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