Could Western Energy Services Corp Lose Strenght? The Stock Just Gapped Up

 Could Western Energy Services Corp Lose Strenght? The Stock Just Gapped Up

The stock of Western Energy Services Corp (TSE:WRG) gapped up by $0.02 today and has $3.90 target or 53.00% above today’s $2.55 share price. The 7 months technical chart setup indicates low risk for the $195.21M company. The gap was reported on Oct, 19 by If the $3.90 price target is reached, the company will be worth $103.46 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 15,115 shares traded hands. Western Energy Services Corp (TSE:WRG) has declined 24.24% since March 14, 2016 and is downtrending. It has underperformed by 29.79% the S&P500.

Western Energy Services Corp (TSE:WRG) Ratings Coverage

Out of 3 analysts covering Western Energy Services Corp. (TSE:WRG), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. Western Energy Services Corp. has been the topic of 12 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm has “Market Perform” rating by Raymond James given on Tuesday, November 3. As per Thursday, October 15, the company rating was downgraded by Canaccord Genuity.

Another recent and important Western Energy Services Corp (TSE:WRG) news was published by which published an article titled: “Western Energy Services Corp. 2016 Third Quarter Financial and Operating …” on October 11, 2016.

Western Energy Services Corp. is a Canada oilfield service company. The company has a market cap of $195.21 million. The Firm is focused on three core business lines: contract drilling, well servicing and oilfield rental equipment services. It currently has negative earnings. It operates in the oilfield service industry through its contract drilling segment in Canada and the United States, and through its production services segment in Canada.

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