Upgrades Citing “earlier-than-expected pricing increases in WCSB pressure pumping, coupled with the company’s strong line of sight for work across both its Canadian and U.S. platforms,” BMO Nesbitt Burns analyst John Gibson upgraded Step Energy Services Ltd. to “outperform” from “market perform” with a $4 target, rising from $2.50. Elsewhere, Raymond James; Andrew Bradford raised his target to $8.50 from $8.25 with a “strong buy” rating. The average on the Street is $4.07.
“STEP should no longer be overlooked when it comes to leverage to rising North American activity levels,” said Mr. Gibson.