The stock of Calfrac Well Services Ltd (TSE:CFW) gapped down by $0.02 today and has $2.77 target or 3.00% below today’s $2.86 share price. The 5 months technical chart setup indicates high risk for the $326.19 million company. The gap down was reported on Nov, 29 by Barchart.com. If the $2.77 price target is reached, the company will be worth $9.79 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 134,609 shares traded hands. Calfrac Well Services Ltd (TSE:CFW) has risen 68.93% since April 25, 2016 and is uptrending. It has outperformed by 63.67% 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 26.92% above today’s ($2.86) stock price. Calfrac Well Services Ltd. has been the topic of 55 analyst reports since July 21, 2015 according to StockzIntelligence Inc. IBC downgraded the stock to “Sector Performer” rating in Tuesday, February 9 report. IBC maintained the shares of CFW in a report on Tuesday, August 25 with “Outperform” rating. On Wednesday, August 26 the stock rating was maintained by JP Morgan with “Neutral”. The firm has “Sell” rating given on Thursday, February 25 by Paradigm Research. The firm has “Hold” rating by TD Securities given on Thursday, November 24. The firm has “Sector Perform” rating given on Tuesday, July 21 by Scotia Capital. The firm earned “Sector Perform” rating on Friday, April 29 by RBC Capital Markets. TD Securities maintained Calfrac Well Services Ltd (TSE:CFW) rating on Friday, October 28. TD Securities has “Hold” rating and $3 price target. The rating was downgraded by Simmons & Co to “Neutral” on Tuesday, January 12. The rating was downgraded by TD Securities on Wednesday, January 6 to “Hold”.
Calfrac Well Services Ltd. is a provider of specialized oilfield services. The company has a market cap of $326.19 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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