Gear Energy (GXE) Sets New 12-Month High After Insider Buying Activity

Shares of Gear Energy (TSE:GXE) hit a new 52-week high during trading on Wednesday following insider buying activity. The stock 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 John O’connell sold 34,570 shares of Gear Energy stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of C$0.73, for a total value of C$25,236.10. Also, Director Kevin Olson sold 1,500,000 shares of Gear Energy 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. Insiders sold 1,691,229 shares of company stock valued at $1,802,439 in the last 90 days.

A number of research analysts recently issued reports on GXE shares. GMP Securities decreased their price target on shares of Gear Energy from C$1.25 to C$1.20 in a research note on Friday, February 23rd. National Bank Financial decreased their price target on shares of Gear Energy from C$1.25 to C$1.00 and set an “outperform” rating for the company in a research note on Friday, March 23rd.

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

About Gear Energy

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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