Source Energy Services (OTCMKTS:SCEYF) Stock Price Down 2.1% – Here’s Why

Source Energy Services Ltd. (OTCMKTS:SCEYF)’s share price fell 2.1% during mid-day trading on Wednesday. The stock traded as low as $6.66 and last traded at $6.66. 100 shares traded hands during trading, a decline of 93% from the average daily volume of 1,392 shares. The stock had previously closed at $6.80.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets reaffirmed a “market perform” rating on shares of Source Energy Services in a report on Thursday, July 30th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Source Energy Services Stock Performance

The company has a 50 day moving average price of $7.96 and a 200 day moving average price of $9.56.

About Source Energy Services

Source Energy Services Ltd. is a Canadian provider of frac sand and related services to the oil and natural gas industry. The company supplies proppant, a specialized sand used in hydraulic fracturing to keep fractures open and improve the recovery of hydrocarbons from wells.

Its business has included the sourcing, processing, storage and distribution of frac sand, along with logistics and last-mile delivery services. Source Energy has focused on serving exploration and production companies operating in the Western Canadian Sedimentary Basin, including oil and gas plays in Alberta and Saskatchewan.

The company has developed an integrated supply chain that connects sand production and processing facilities with transload terminals and well sites.