After Today’s Gap Up, Is Calfrac Well Services Ltd’s Near-Term Analysis Positive

 After Today's Gap Up, Is Calfrac Well Services Ltd's Near Term Analysis Positive

The stock of Calfrac Well Services Ltd (TSE:CFW) gapped up by $0.03 today and has $3.53 target or 5.00% above today’s $3.36 share price. The 7 months technical chart setup indicates low risk for the $451.03M company. The gap was reported on Dec, 1 by If the $3.53 price target is reached, the company will be worth $22.55 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 729,510 shares traded hands or 14.98% up from the average. Calfrac Well Services Ltd (TSE:CFW) has risen 77.01% since April 27, 2016 and is uptrending. It has outperformed by 71.08% 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. Calfrac Well Services Ltd. has been the topic of 55 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by IBC with “Outperform” on Tuesday, August 25. Cowen & Co downgraded Calfrac Well Services Ltd (TSE:CFW) rating on Thursday, October 15. Cowen & Co has “Market Perform” rating and $4 price target. The company was downgraded on Thursday, February 25 by Paradigm Research. The stock has “Neutral” rating given by Simmons & Co on Tuesday, January 12. The rating was maintained by TD Securities on Thursday, November 24 with “Hold”. The stock of Calfrac Well Services Ltd (TSE:CFW) earned “Sector Perform” rating by Scotia Capital on Tuesday, July 21. The stock of Calfrac Well Services Ltd (TSE:CFW) earned “Hold” rating by TD Securities on Wednesday, January 6. Scotia Capital maintained the shares of CFW in a report on Friday, July 29 with “Underperform” rating. Scotia Capital maintained the shares of CFW in a report on Friday, October 28 with “Underperform” rating. The firm has “Sector Perform” rating by RBC Capital Markets given on Friday, April 29.

Calfrac Well Services Ltd. is a provider of specialized oilfield services. The company has a market cap of $451.03 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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