Shawcor Ltd’s Big Gap Up Today Points to Less Stock Risks

 Shawcor Ltd's Big Gap Up Today Points to Less Stock Risks

The stock of Shawcor Ltd (TSE:SCL) gapped up by $0.03 today and has $49.76 target or 56.00% above today’s $31.90 share price. The 6 months technical chart setup indicates low risk for the $2.05B company. The gap was reported on Nov, 21 by Barchart.com. If the $49.76 price target is reached, the company will be worth $1.15B 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 61,231 shares traded hands. Shawcor Ltd (TSE:SCL) has risen 0.94% since April 15, 2016 and is uptrending. It has underperformed by 2.93% the S&P500.

Shawcor Ltd (TSE:SCL) Ratings Coverage

Out of 2 analysts covering Shawcor Ltd (TSE:SCL), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $42 is the highest target while $32 is the lowest. The $35.50 average target is 11.29% above today’s ($31.9) stock price. Shawcor Ltd has been the topic of 5 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Monday, August 10 by BMO Capital Markets. The firm earned “Sector Perform” rating on Friday, August 7 by RBC Capital Markets. TD Securities maintained Shawcor Ltd (TSE:SCL) on Friday, August 7 with “Buy” rating.

More important recent Shawcor Ltd (TSE:SCL) news were published by: Globenewswire.com which released: “Shawcor Ltd. Acquires Lake Superior Consulting” on January 05, 2016, also Prnewswire.com published article titled: “ShawCor Ltd. To Acquire Desert NDT LLC”, Globenewswire.com published: “Shawcor Ltd. Acquires Flint Field Services’ Tubular Inspection & Management …” on November 26, 2015. More interesting news about Shawcor Ltd (TSE:SCL) was released by: Fool.ca and their article: “ShawCor Ltd.’s Global Approach Suggests a Long-Term Buying Opportunity” with publication date: March 09, 2015.

Shawcor Ltd is a Canada-based energy services company. The company has a market cap of $2.05 billion. The Firm is engaged in designing, engineering, marketing and selling services and products, such as pipe coating services; flexible composite pipe; onshore and offshore pipeline corrosion and thermal protection; ultrasonic and radiographic inspection services; tubular management services; heat-shrinkable polymer tubing, and control and instrumentation wire and cable. It has a 59.58 P/E ratio. The Firm operates through the following divisions: Pipeline and Pipe Services, and Petrochemical and Industrial.

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