Gear Energy (TSE:GXE) Rating Lowered to Hold at Atb Cap Markets

Atb Cap Markets downgraded shares of Gear Energy (TSE:GXE) from a strong-buy rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

Gear Energy Stock Performance

Shares of GXE stock opened at C$0.58 on Tuesday. Gear Energy has a 12 month low of C$0.57 and a 12 month high of C$0.85. The company’s fifty day simple moving average is C$0.63 and its 200-day simple moving average is C$0.68. The firm has a market cap of C$152.88 million, a PE ratio of 11.60 and a beta of 3.52. The company has a quick ratio of 0.56, a current ratio of 0.95 and a debt-to-equity ratio of 6.26.

Gear Energy (TSE:GXE) last issued its quarterly earnings results on Wednesday, July 31st. The company reported C$0.04 EPS for the quarter, hitting the consensus estimate of C$0.04. The firm had revenue of C$40.76 million for the quarter, compared to analysts’ expectations of C$40.20 million. Gear Energy had a net margin of 9.65% and a return on equity of 5.36%. Equities research analysts expect that Gear Energy will post 0.1399549 EPS for the current fiscal year.

Gear Energy Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be paid a $0.005 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.06 dividend on an annualized basis and a yield of 10.34%. Gear Energy’s dividend payout ratio is 120.00%.

Insider Transactions at Gear Energy

In other news, Director Scott Robinson bought 74,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was acquired at an average cost of C$0.59 per share, with a total value of C$43,978.20. Company insiders own 7.62% of the company’s stock.

About Gear Energy

Gear Energy Ltd., an exploration and production company, engages in the acquiring, developing, and holding of interests in petroleum and natural gas properties and assets in Canada. The company's oil properties are located in Central Alberta, West Central Saskatchewan, and Southeast Saskatchewan.