Could Western Energy Services Corp See a Reversal After Breaking Its 52-Week Low?

 Could Western Energy Services Corp See a Reversal After Breaking Its 52 Week Low?

The stock of Western Energy Services Corp (TSE:WRG) hit a new 52-week low and has $1.80 target or 12.00% below today’s $2.05 share price. The 7 months bearish chart indicates high risk for the $145.23 million company. The 1-year low was reported on Nov, 4 by Barchart.com. If the $1.80 price target is reached, the company will be worth $17.43 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 90,208 shares traded hands. Western Energy Services Corp (TSE:WRG) has declined 14.74% since March 31, 2016 and is downtrending. It has underperformed by 15.83% the S&P500.

Western Energy Services Corp (TSE:WRG) Ratings Coverage

Out of 3 analysts covering Western Energy Services Corp. (TSE:WRG), 0 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. $7 is the highest target while $2.25 is the lowest. The $3.90 average target is 90.24% above today’s ($2.05) stock price. Western Energy Services Corp. has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Canaccord Genuity downgraded the shares of WRG in a report on Thursday, October 15 to “Hold” rating. Scotia Capital maintained Western Energy Services Corp (TSE:WRG) on Thursday, October 27 with “Underperform” rating. The company was upgraded on Tuesday, November 3 by Raymond James.

Another recent and important Western Energy Services Corp (TSE:WRG) news was published by Marketwired.com which published an article titled: “Western Energy Services Corp. Releases Third Quarter 2016 Financial and …” on October 26, 2016.

Western Energy Services Corp. is a Canada oilfield service company. The company has a market cap of $145.23 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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