Gear Energy (GXE) Upgraded by Canaccord Genuity to “Buy”

Canaccord Genuity upgraded shares of Gear Energy (TSE:GXE) from a speculative buy rating to a buy rating in a research report sent to investors on Thursday morning. They currently have C$1.50 price objective on the stock, down from their prior price objective of C$1.75.

Several other analysts also recently weighed in on the company. National Bank Financial reissued an outperform rating and issued a C$2.00 target price on shares of Gear Energy in a report on Thursday, August 9th. GMP Securities downgraded Gear Energy from a buy rating to a hold rating and reduced their target price for the company from C$1.65 to C$1.15 in a report on Friday, November 9th.

Gear Energy stock opened at C$0.60 on Thursday. Gear Energy has a fifty-two week low of C$0.52 and a fifty-two week high of C$1.47. The company has a current ratio of 0.65, a quick ratio of 0.36 and a debt-to-equity ratio of 44.23.

In other news, Director Ingram Gillmore bought 53,340 shares of Gear Energy stock in a transaction dated Tuesday, November 13th. The stock was acquired at an average cost of C$0.60 per share, with a total value of C$32,004.00. Also, Director John O’connell bought 25,300 shares of Gear Energy stock in a transaction dated Friday, October 5th. The stock was purchased at an average cost of C$1.14 per share, with a total value of C$28,842.00. Insiders bought a total of 78,720 shares of company stock valued at $60,940 over the last three months.

About Gear Energy

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.

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