The stock of Calfrac Well Services Ltd (TSE:CFW) gapped up by $0.05 today and has $5.29 target or 93.00% above today’s $2.74 share price. The 8 months technical chart setup indicates low risk for the $331.71 million company. The gap was reported on Nov, 15 by Barchart.com. If the $5.29 price target is reached, the company will be worth $308.49 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 1.04M shares traded hands or 60.94% up from the average. Calfrac Well Services Ltd (TSE:CFW) has risen 94.85% since April 11, 2016 and is uptrending. It has outperformed by 90.93% the S&P500.
Calfrac Well Services Ltd (TSE:CFW) Ratings Coverage
Out of 10 analysts covering Calfrac Well Services Ltd. (TSE:CFW), 1 rate it a “Buy”, 2 “Sell”, while 7 “Hold”. This means 10% are positive. $10 is the highest target while $1.25 is the lowest. The $3.55 average target is 29.56% above today’s ($2.74) stock price. Calfrac Well Services Ltd. has been the topic of 53 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock has “Sector Perform” rating given by RBC Capital Markets on Friday, April 29. Scotia Capital maintained Calfrac Well Services Ltd (TSE:CFW) rating on Friday, October 28. Scotia Capital has “Underperform” rating and $3 price target. The firm has “Neutral” rating by Simmons & Co given on Tuesday, January 12. The stock of Calfrac Well Services Ltd (TSE:CFW) earned “Neutral” rating by JP Morgan on Wednesday, August 26. Cowen & Co downgraded the shares of CFW in a report on Thursday, October 15 to “Market Perform” rating. The firm has “Sell” rating by Paradigm Research given on Thursday, February 25. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, October 5. The firm has “Hold” rating given on Wednesday, January 6 by TD Securities. Scotia Capital maintained the shares of CFW in a report on Friday, July 29 with “Underperform” rating. IBC maintained it with “Outperform” rating and $8 target price in Tuesday, August 25 report.
Another recent and important Calfrac Well Services Ltd (TSE:CFW) news was published by Business.Financialpost.com which published an article titled: “Why tough times for frackers could be the best time for Calgary’s Calfrac Well …” on July 29, 2015.
Calfrac Well Services Ltd. is a provider of specialized oilfield services. The company has a market cap of $331.71 million. The Firm operates through four geographical divisions: Canada, the United States, Russia and Latin America. It currently has negative earnings. The Company’s services include hydraulic fracturing, coiled tubing, cementing and other well stimulation services.
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