The stock of High Arctic Energy Services, Inc. (TSE:HWO) gapped up by $0.05 today and has $5.17 target or 7.00% above today’s $4.83 share price. The 7 months technical chart setup indicates low risk for the $252.58 million company. The gap was reported on Nov, 30 by Barchart.com. If the $5.17 price target is reached, the company will be worth $17.68 million 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 74,550 shares traded hands. High Arctic Energy Services, Inc. (TSE:HWO) has risen 21.76% since April 26, 2016 and is uptrending. It has outperformed by 16.53% the S&P500.
More important recent High Arctic Energy Services, Inc. (TSE:HWO) news were published by: Marketwired.com which released: “High Arctic Energy Services Inc. Announces Acquisition of Tervita Corporation …” on August 29, 2016, also Theglobeandmail.com published article titled: “The Globe and Mail”, Seekingalpha.com published: “High Arctic Energy Services – A Closer Look At The Best O&G Acquisition Of 2016” on September 19, 2016. More interesting news about High Arctic Energy Services, Inc. (TSE:HWO) was released by: Marketwired.com and their article: “High Arctic Energy Services Inc. Announces Closing of Acquisition of Tervita …” with publication date: September 01, 2016.
High Arctic Energy Services Inc. is a Canada company, which focuses on providing contract drilling, completion services, equipment rental and other oilfield services to the gas and oil industry. The company has a market cap of $252.58 million. The Firm operates through providing oilfield services to clients in Canada and Papua New Guinea segment. It has a 5.62 P/E ratio. In PNG, the product line consists of contract drilling services, workover services and equipment rental including rig mats, cranes and oilfield related equipment.
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