Is Western Energy Services Corp a Buy? The Stock Gapped Up Today

 Is Western Energy Services Corp a Buy? The Stock Gapped Up Today

The stock of Western Energy Services Corp (TSE:WRG) gapped up by $0.04 today and has $4.58 target or 111.00% above today’s $2.17 share price. The 6 months technical chart setup indicates low risk for the $162.53M company. The gap was reported on Nov, 21 by Barchart.com. If the $4.58 price target is reached, the company will be worth $180.41M 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 191,155 shares traded hands or 7.13% up from the average. Western Energy Services Corp (TSE:WRG) has declined 23.88% since April 15, 2016 and is downtrending. It has underperformed by 27.74% 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 79.72% above today’s ($2.17) stock price. Western Energy Services Corp. has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Western Energy Services Corp (TSE:WRG) on Thursday, October 27 with “Underperform” rating. Raymond James upgraded the stock to “Market Perform” rating in Tuesday, November 3 report. Canaccord Genuity downgraded the stock to “Hold” rating in Thursday, October 15 report.

Western Energy Services Corp. is a Canada oilfield service company. The company has a market cap of $162.53 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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