The stock of High Arctic Energy Services, Inc. (TSE:HWO) gapped up by $0.03 today and has $8.72 target or 86.00% above today’s $4.69 share price. The 7 months technical chart setup indicates low risk for the $249.49 million company. The gap was reported on Oct, 19 by Barchart.com. If the $8.72 price target is reached, the company will be worth $214.56 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 57,043 shares traded hands. High Arctic Energy Services, Inc. (TSE:HWO) has risen 40.18% since March 14, 2016 and is uptrending. It has outperformed by 34.64% the S&P500.
More notable recent High Arctic Energy Services, Inc. (TSE:HWO) news were published by: Marketwired.com which released: “High Arctic Energy Services Inc. Announces Acquisition of Tervita Corporation …” on August 29, 2016, also Marketwired.com with their article: “High Arctic Energy Services Inc. Announces Closing of Acquisition of Tervita …” published on September 01, 2016, Theglobeandmail.com published: “The Globe and Mail” on August 10, 2009. More interesting news about High Arctic Energy Services, Inc. (TSE:HWO) were released by: Seekingalpha.com and their article: “High Arctic Energy Services Is The Best Value In The Canadian Oil Patch – Sort …” published on June 25, 2015 as well as Seekingalpha.com‘s news article titled: “Avoiding The Freeze – High Arctic Energy Services” with publication date: January 25, 2016.
High Arctic Energy Services Inc. is a Canada company, which focuses on providing contract drilling, completion services, equipment rental and other oilfield services to the gas and oil industry. The company has a market cap of $249.49 million. The Firm operates through providing oilfield services to clients in Canada and Papua New Guinea segment. It has a 7.9 P/E ratio. In PNG, the product line consists of contract drilling services, workover services and equipment rental including rig mats, cranes and oilfield related equipment.
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