Gear Energy (GXE) Reaches New 1-Year Low at $0.80

Gear Energy Ltd (TSE:GXE)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as C$0.80 and last traded at C$0.81, with a volume of 45900 shares traded. The stock had previously closed at C$0.82.

A number of equities analysts have issued reports on GXE shares. Canaccord Genuity increased their price target on Gear Energy from C$1.25 to C$1.50 in a report on Tuesday, July 10th. National Bank Financial restated an “outperform” rating and set a C$2.00 price target on shares of Gear Energy in a report on Thursday, August 9th.

Gear Energy (TSE:GXE) last posted its quarterly earnings results on Wednesday, August 8th. The company reported C($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.02 by C($0.03). The business had revenue of C$33.67 million during the quarter, compared to analysts’ expectations of C$33.75 million.

In other Gear Energy news, Director John O’connell purchased 25,300 shares of the business’s stock in a transaction on Friday, October 5th. The shares were purchased at an average cost of C$1.14 per share, for a total transaction of C$28,842.00. Insiders have acquired a total of 60,090 shares of company stock worth $68,127 over the last 90 days.

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About Gear Energy (TSE:GXE)

Gear Energy Ltd. engages in acquiring, exploring, developing, and holding interests in petroleum and natural gas properties and assets in Canada. Its core heavy oil producing areas are located in East Central Alberta and West Central Saskatchewan; and light oil producing areas are located Central Alberta.

Further Reading: How can you know how many shares are floating?

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