Canyon Services Group Inc Just Recorded A Sigfniciant Gap Up

 Canyon Services Group Inc Just Recorded A Sigfniciant Gap Up

The stock of Canyon Services Group Inc (TSE:FRC) gapped up by $0.17 today and has $5.98 target or 9.00% above today’s $5.49 share price. The 7 months technical chart setup indicates low risk for the $454.04M company. The gap was reported on Nov, 30 by Barchart.com. If the $5.98 price target is reached, the company will be worth $40.86 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 999,974 shares traded hands or 294.06% up from the average. Canyon Services Group Inc (TSE:FRC) has risen 12.66% since April 26, 2016 and is uptrending. It has outperformed by 7.44% 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 33.88% above today’s ($5.49) stock price. Canyon Services Group Inc. has been the topic of 22 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Tuesday, August 4, the company rating was upgraded by Canaccord Genuity. IBC maintained the shares of FRC in a report on Tuesday, August 25 with “Outperform” rating. TD Securities maintained it with “Buy” rating and $6.50 target price in Friday, September 9 report. On Tuesday, September 8 the stock rating was upgraded by Raymond James to “Outperform”. TD Securities maintained Canyon Services Group Inc (TSE:FRC) rating on Tuesday, August 4. TD Securities has “Buy” rating and $8 price target. Scotia Capital maintained the stock with “Sector Perform” rating in Friday, May 6 report. The rating was upgraded by Scotia Capital on Tuesday, July 21 to “Sector Perform”.

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 $454.04 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.

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