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Source Energy Services Ltd ( (TSE:SHLE) ) has shared an announcement.
Source Energy Services Ltd. has received approval from the Toronto Stock Exchange to amend its Normal Course Issuer Bid, allowing the company to purchase up to 1,189,458 of its common shares for cancellation. This move is intended to enhance shareholder value by reducing the number of outstanding shares, as the company believes the current market price does not reflect the shares’ underlying value. The amended plan includes provisions for repurchasing shares during blackout periods through an automatic securities purchase plan. The company’s board and management will determine the timing and size of purchases based on various factors, including financial performance and market conditions.
The most recent analyst rating on (TSE:SHLE) stock is a Hold with a C$15.00 price target. To see the full list of analyst forecasts on Source Energy Services Ltd stock, see the TSE:SHLE Stock Forecast page.
Spark’s Take on TSE:SHLE Stock
According to Spark, TipRanks’ AI Analyst, TSE:SHLE is a Outperform.
Source Energy Services Ltd shows strong financial performance and strategic expansions, indicating a positive outlook. However, bearish technical indicators and the need for profitability enhancement moderate the overall score. The valuation appears fair, supporting the stock’s medium-term potential.
To see Spark’s full report on TSE:SHLE stock, click here.
More about Source Energy Services Ltd
Source Energy Services is a company that specializes in the integrated production and distribution of frac sand, along with the distribution of other bulk completion materials. The company provides an end-to-end solution for frac sand, supported by its mines and processing facilities in Wisconsin and Peace River, its terminal network in Western Canada, and its logistics capabilities, including trucking operations and a proprietary well site mobile sand storage and handling system called Sahara.
Average Trading Volume: 30,805
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$176.1M
For an in-depth examination of SHLE stock, go to TipRanks’ Overview page.