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

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

Wall Street Analyst Weigh In

Separately, BMO Capital Markets restated 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, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Source Energy Services Stock Performance

The company’s 50-day moving average price is $8.00 and its 200 day moving average price is $9.60.

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.