Is Buying Western Energy Services Corp Here a Winning Strategy? The Stock Just Gapped Up

 Is Buying Western Energy Services Corp Here a Winning Strategy? The Stock Just Gapped Up

The stock of Western Energy Services Corp (TSE:WRG) gapped up by $0.05 today and has $2.41 target or 6.00% above today’s $2.27 share price. The 7 months technical chart setup indicates low risk for the $166.72M company. The gap was reported on Nov, 30 by Barchart.com. If the $2.41 price target is reached, the company will be worth $10.00M 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 62,109 shares traded hands. Western Energy Services Corp (TSE:WRG) has declined 18.68% since April 26, 2016 and is downtrending. It has underperformed by 23.90% the S&P500.

Western Energy Services Corp (TSE:WRG) Ratings Coverage

Out of 3 analysts covering Western Energy Services Corp. (TSE:WRG), 0 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. $7 is the highest target while $2.25 is the lowest. The $3.90 average target is 71.81% above today’s ($2.27) stock price. Western Energy Services Corp. has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm has “Market Perform” rating by Raymond James given on Tuesday, November 3. The stock of Western Energy Services Corp (TSE:WRG) earned “Hold” rating by Canaccord Genuity on Thursday, October 15. Scotia Capital maintained the stock with “Underperform” rating in Thursday, October 27 report.

Western Energy Services Corp. is a Canada oilfield service company. The company has a market cap of $166.72 million. The Firm is focused on three core business lines: contract drilling, well servicing and oilfield rental equipment services. It currently has negative earnings. It operates in the oilfield service industry through its contract drilling segment in Canada and the United States, and through its production services segment in Canada.

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