The stock of Trican Well Service Ltd (TSE:TCW) gapped up by $0.18 today and has $3.84 target or 6.00% above today’s $3.62 share price. The 5 months technical chart setup indicates low risk for the $689.19 million company. The gap was reported on Nov, 30 by Barchart.com. If the $3.84 price target is reached, the company will be worth $41.35 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 1.49M shares traded hands or 19.20% up from the average. Trican Well Service Ltd (TSE:TCW) has risen 90.64% since April 26, 2016 and is uptrending. It has outperformed by 85.42% the S&P500.
Trican Well Service Ltd (TSE:TCW) Ratings Coverage
Out of 9 analysts covering Trican Well Service Ltd. (TSE:TCW), 5 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 56% are positive. $5.5 is the highest target while $0.55 is the lowest. The $2.55 average target is -29.56% below today’s ($3.62) stock price. Trican Well Service Ltd. has been the topic of 49 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Cowen & Co downgraded it to “Market Perform” rating and $1 target price in Monday, September 28 report. PI Financial downgraded the shares of TCW in a report on Friday, October 7 to “Neutral” rating. The firm earned “Outperform” rating on Thursday, January 14 by Raymond James. The company was downgraded on Wednesday, September 23 by IBC. The stock has “Hold” rating given by TD Securities on Monday, August 17. As per Wednesday, January 27, the company rating was upgraded by PI Financial. On Wednesday, January 27 the stock rating was upgraded by TD Securities to “Buy”. The firm earned “Sector Perform” rating on Monday, October 5 by RBC Capital Markets. BMO Capital Markets downgraded Trican Well Service Ltd (TSE:TCW) on Monday, August 17 to “Underperform” rating. The firm has “Sell” rating by PI Financial given on Thursday, January 14.
More news for Trican Well Service Ltd (TSE:TCW) were recently published by: Marketwired.com, which released: “Trican Well Service Ltd. Reports Second Quarter Results for 2016” on August 12, 2016. Marketwired.com‘s article titled: “Trican Well Service Announces Closing of $69 Million Bought Deal Financing and …” and published on June 21, 2016 is yet another important article.
Trican Well Service Ltd. is a Canada oilfield services company. The company has a market cap of $689.19 million. The Firm provides an array of specialized products, equipment, services and technology for use in the drilling, completion, stimulation and reworking of gas and oil wells in Canada, the United States, Kazakhstan, Russia and Norway, as well as limited activities in Saudi Arabia and Colombia. It currently has negative earnings. The Firm operates through three divisions: Canada, the United States and International.
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