- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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