The stock of Calfrac Well Services Ltd (TSE:CFW) gapped up by $0.08 today and has $8.24 target or 170.00% above today’s $3.05 share price. The 5 months technical chart setup indicates low risk for the $361.43 million company. The gap was reported on Nov, 21 by Barchart.com. If the $8.24 price target is reached, the company will be worth $614.43M 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 768,176 shares traded hands or 28.38% up from the average. Calfrac Well Services Ltd (TSE:CFW) has risen 72.12% since April 15, 2016 and is uptrending. It has outperformed by 68.26% 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 $3.63 average target is 19.02% above today’s ($3.05) stock price. Calfrac Well Services Ltd. has been the topic of 54 analyst reports since July 21, 2015 according to StockzIntelligence Inc. JP Morgan maintained it with “Neutral” rating and $6 target price in Wednesday, August 26 report. The stock has “Hold” rating given by TD Securities on Friday, October 28. The stock has “Neutral” rating given by Simmons & Co on Tuesday, January 12. The firm has “Sector Perform” rating by RBC Capital Markets given on Friday, April 29. The stock of Calfrac Well Services Ltd (TSE:CFW) earned “Underperform” rating by Scotia Capital on Friday, October 28. The rating was downgraded by Paradigm Research to “Sell” on Thursday, February 25. The rating was downgraded by RBC Capital Markets on Monday, October 5 to “Sector Perform”. The rating was downgraded by Cowen & Co to “Market Perform” on Thursday, October 15. The rating was downgraded by TD Securities on Wednesday, January 6 to “Hold”. Scotia Capital maintained Calfrac Well Services Ltd (TSE:CFW) on Friday, July 29 with “Underperform” rating.
More news for Calfrac Well Services Ltd (TSE:CFW) were recently published by: Bloomberg.com, which released: “Calfrac Weighs Entering Oil Regions Such as Saudi, Permian” on September 14, 2016. Business.Financialpost.com‘s article titled: “Why tough times for frackers could be the best time for Calgary’s Calfrac Well …” and published on July 29, 2015 is yet another important article.
Calfrac Well Services Ltd. is a provider of specialized oilfield services. The company has a market cap of $361.43 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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