The stock of Canyon Services Group Inc (TSE:FRC) gapped down by $0.03 today and has $5.04 target or 3.00% below today’s $5.20 share price. The 9 months technical chart setup indicates high risk for the $441.78 million company. The gap down was reported on Nov, 29 by Barchart.com. If the $5.04 price target is reached, the company will be worth $13.25M 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 85,431 shares traded hands. Canyon Services Group Inc (TSE:FRC) has risen 13.80% since April 25, 2016 and is uptrending. It has outperformed by 8.54% the S&P500.
Canyon Services Group Inc (TSE:FRC) Ratings Coverage
Out of 7 analysts covering Canyon Services Group Inc. (TSE:FRC), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $10.5 is the highest target while $4.50 is the lowest. The $7.35 average target is 41.35% above today’s ($5.2) stock price. Canyon Services Group Inc. has been the topic of 22 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital upgraded the shares of FRC in a report on Tuesday, July 21 to “Sector Perform” rating. The firm has “Sector Perform” rating by Scotia Capital given on Friday, May 6. The firm earned “Buy” rating on Tuesday, August 4 by Canaccord Genuity. The company was maintained on Friday, September 9 by TD Securities. The stock has “Buy” rating given by TD Securities on Tuesday, August 4. IBC maintained Canyon Services Group Inc (TSE:FRC) on Tuesday, August 25 with “Outperform” rating. The stock of Canyon Services Group Inc (TSE:FRC) earned “Outperform” rating by Raymond James on Tuesday, September 8.
Canyon Services Group Inc. provides stimulation and fluid management services to gas and oil exploration and production companies operating in the Western Canadian Sedimentary Basin. The company has a market cap of $441.78 million. The Company’s divisions include Pressure Pumping Services and Fluid Management Services. It currently has negative earnings. Pressure pumping services include hydraulic fracturing, nitrogen fracturing, coiled tubing, chemical stimulation and cementing.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.