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STEP Energy Services ( (TSE:STEP) ) just unveiled an announcement.
STEP Energy Services Ltd., a company listed on the Toronto Stock Exchange, has been acquired by ARC Energy Fund 8, a private equity fund advised by ARC Financial Corp. The acquisition, completed through a plan of arrangement, results in STEP being taken private and its shares delisted from the TSX. This strategic move consolidates ARC’s control over STEP, with ARC Energy Fund 8 now owning a significant majority of the shares, potentially impacting the company’s future operations and market strategy.
The most recent analyst rating on (TSE:STEP) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on STEP Energy Services stock, see the TSE:STEP Stock Forecast page.
Spark’s Take on TSE:STEP Stock
According to Spark, TipRanks’ AI Analyst, TSE:STEP is a Neutral.
The overall stock score is primarily influenced by financial performance challenges, including declining revenues and profitability pressures. While technical analysis shows positive momentum, the valuation is negatively impacted by the company’s unprofitability. The absence of earnings call data and corporate events limits additional insights.
To see Spark’s full report on TSE:STEP stock, click here.
More about STEP Energy Services
Average Trading Volume: 26,656
Technical Sentiment Signal: Buy
Current Market Cap: C$400.1M
Find detailed analytics on STEP stock on TipRanks’ Stock Analysis page.