Western Energy Services Corp Can’t Be More Safe. Trades Significantly Higher After A Gap Up

 Western Energy Services Corp Can't Be More Safe. Trades Significantly Higher After A Gap Up

The stock of Western Energy Services Corp (TSE:WRG) gapped up by $0.04 today and has $2.73 target or 6.00% above today’s $2.58 share price. The 6 months technical chart setup indicates low risk for the $209.52 million company. The gap was reported on Dec, 1 by Barchart.com. If the $2.73 price target is reached, the company will be worth $12.57M 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 333,342 shares traded hands or 71.02% up from the average. Western Energy Services Corp (TSE:WRG) has declined 19.01% since April 27, 2016 and is downtrending. It has underperformed by 24.94% 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. Western Energy Services Corp. has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The company was downgraded on Thursday, October 15 by Canaccord Genuity. Scotia Capital maintained the shares of WRG in a report on Thursday, October 27 with “Underperform” rating. The firm earned “Market Perform” rating on Tuesday, November 3 by Raymond James.

Western Energy Services Corp. is a Canada oilfield service company. The company has a market cap of $209.52 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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