Calfrac Well Services Ltd Draws Bullish Attention After Its Gap Up Today

 Calfrac Well Services Ltd Draws Bullish Attention After Its Gap Up Today

The stock of Calfrac Well Services Ltd (TSE:CFW) gapped up by $0.06 today and has $3.61 target or 3.00% above today’s $3.50 share price. The 8 months technical chart setup indicates low risk for the $469.82 million company. The gap was reported on Dec, 1 by Barchart.com. If the $3.61 price target is reached, the company will be worth $14.09 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 437,413 shares traded hands. 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. $10 is the highest target while $1.25 is the lowest. The $3.63 average target is 3.71% above today’s ($3.5) 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 “Underperform” rating by Scotia Capital on Friday, October 28. The firm has “Sector Perform” rating given on Tuesday, July 21 by Scotia Capital. The stock of Calfrac Well Services Ltd (TSE:CFW) has “Sector Perform” rating given on Friday, April 29 by RBC Capital Markets. As per Tuesday, February 9, the company rating was downgraded by IBC. JP Morgan maintained the shares of CFW in a report on Wednesday, August 26 with “Neutral” rating. The firm earned “Outperform” rating on Tuesday, August 25 by IBC. The rating was maintained by Scotia Capital with “Underperform” on Friday, July 29. The firm earned “Neutral” rating on Tuesday, January 12 by Simmons & Co. The firm has “Sell” rating by Paradigm Research given on Thursday, February 25. The firm earned “Sector Perform” rating on Monday, October 5 by RBC Capital Markets.

Calfrac Well Services Ltd. is a provider of specialized oilfield services. The company has a market cap of $469.82 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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