The stock of Calfrac Well Services Ltd (TSE:CFW) gapped up by $0.23 today and has $3.52 target or 9.00% above today’s $3.23 share price. The 6 months technical chart setup indicates low risk for the $355.84M company. The gap was reported on Nov, 30 by Barchart.com. If the $3.52 price target is reached, the company will be worth $32.03M 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 412,397 shares traded hands. Calfrac Well Services Ltd (TSE:CFW) has risen 53.23% since April 26, 2016 and is uptrending. It has outperformed by 48.00% 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 12.38% above today’s ($3.23) stock price. Calfrac Well Services Ltd. has been the topic of 55 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Calfrac Well Services Ltd (TSE:CFW) earned “Outperform” rating by IBC on Tuesday, August 25. The firm earned “Sector Perform” rating on Tuesday, July 21 by Scotia Capital. Scotia Capital maintained the shares of CFW in a report on Friday, July 29 with “Underperform” rating. IBC downgraded the shares of CFW in a report on Tuesday, February 9 to “Sector Performer” rating. RBC Capital Markets maintained Calfrac Well Services Ltd (TSE:CFW) on Friday, April 29 with “Sector Perform” rating. As per Tuesday, January 12, the company rating was downgraded by Simmons & Co. The firm has “Sell” rating given on Thursday, February 25 by Paradigm Research. The company was downgraded on Wednesday, January 6 by TD Securities. TD Securities maintained it with “Hold” rating and $3 target price in Thursday, November 24 report. The company was maintained on Friday, October 28 by Scotia Capital.
Calfrac Well Services Ltd. is a provider of specialized oilfield services. The company has a market cap of $355.84 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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