Gear Energy (TSE:GXE) Stock Passes Below Fifty Day Moving Average of $0.52

Gear Energy Ltd (TSE:GXE)’s stock price passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $0.52 and traded as low as $0.42. Gear Energy shares last traded at $0.44, with a volume of 69,700 shares trading hands.

A number of brokerages have commented on GXE. GMP Securities cut their price objective on shares of Gear Energy from C$0.95 to C$0.70 in a report on Friday, June 28th. National Bank Financial cut their price objective on shares of Gear Energy from C$1.00 to C$0.95 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Cormark boosted their price objective on shares of Gear Energy from C$0.90 to C$1.15 in a report on Tuesday, April 23rd.

The company has a debt-to-equity ratio of 42.08, a quick ratio of 0.70 and a current ratio of 1.38. The stock has a market cap of $92.00 million and a price-to-earnings ratio of 6.54. The business’s fifty day simple moving average is C$0.52 and its 200 day simple moving average is C$0.61.

In other news, Director Don Gray acquired 107,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of C$0.61 per share, for a total transaction of C$65,270.00. Following the acquisition, the director now directly owns 4,650,234 shares of the company’s stock, valued at approximately C$2,836,642.74.

Gear Energy Company Profile (TSE:GXE)

Gear Energy Ltd. acquires, develops, and holds interests in petroleum and natural gas properties and assets in Canada. Its oil-focused operations are located in three core areas, including Lloydminster heavy oil, Central Alberta light/medium oil, and Southeast Saskatchewan light oil. The company is headquartered in Calgary, Canada.

Further Reading: Short Selling

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