ACT Energy Technologies (TSE:ACX) Shares Down 3.2% – Here’s Why

ACT Energy Technologies Ltd. (TSE:ACX) shares traded down 3.2% during mid-day trading on Monday . The company traded as low as C$6.88 and last traded at C$7.00. Approximately 174,534 shares changed hands during trading, an increase of 72% from the average daily volume of 101,558 shares. The stock had previously closed at C$7.23.

Wall Street Analysts Forecast Growth

Separately, ATB Cormark Capital Markets upped their target price on ACT Energy Technologies from C$9.25 to C$9.50 and gave the company an “outperform” rating in a research note on Friday, July 10th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of C$9.67.

ACT Energy Technologies Price Performance

The firm has a market cap of C$269.29 million, a P/E ratio of 9.96 and a beta of 0.09. The stock’s 50 day moving average is C$6.20 and its two-hundred day moving average is C$6.51.

ACT Energy Technologies (TSE:ACX) last announced its quarterly earnings results on Friday, August 7th. The company reported C$0.06 EPS for the quarter. The business had revenue of C$178.47 million for the quarter.

ACT Energy Technologies Company Profile

ACT Energy Technologies Ltd., headquartered in Calgary, Alberta, operates in Canada under the brand ‘Altitude Energy Partners’, and in the United States under the brands ‘Altitude Energy Partners’, ‘Discovery Downhole Services’, ‘Rime Downhole Technologies’ and ‘Stryker Directional’. ACT’s common shares trade on the Toronto Stock Exchange under the symbol ‘ACX’. ACT provides high-performance directional drilling services and downhole technologies to North American energy companies, delivering tailored solutions that improve drilling efficiency and reduce project costs.