Gear Energy (GXE) Reaches New 52-Week High After Insider Buying Activity

Gear Energy (TSE:GXE) reached a new 52-week high during trading on Wednesday following insider buying activity. The company traded as high as C$1.12 and last traded at C$1.11, with a volume of 336157 shares trading hands. The stock had previously closed at C$1.10.

Specifically, Director Kevin Olson sold 1,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of C$1.10, for a total transaction of C$1,650,000.00. Also, Director John O’connell sold 140,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of C$0.78, for a total transaction of C$109,590.00. Insiders sold 1,691,229 shares of company stock valued at $1,802,439 in the last quarter.

Several analysts have recently weighed in on the stock. GMP Securities reduced their price objective on shares of Gear Energy from C$1.25 to C$1.20 in a research report on Friday, February 23rd. National Bank Financial boosted their price objective on shares of Gear Energy from C$1.00 to C$1.25 and gave the stock an “outperform” rating in a research report on Thursday, April 12th.

Gear Energy (TSE:GXE) last issued its quarterly earnings data on Wednesday, February 21st. The company reported C$0.03 earnings per share for the quarter, topping the consensus estimate of C$0.01 by C$0.02. The business had revenue of C$30.05 million during the quarter, compared to the consensus estimate of C$28.30 million. Gear Energy had a net margin of 32.15% and a return on equity of 18.30%.

Gear Energy Company Profile

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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