What Next for Western Energy Services Corp After Today’s Gap Up?

 What Next for Western Energy Services Corp After Today's Gap Up?

The stock of Western Energy Services Corp (TSE:WRG) gapped up by $0.04 today and has $2.68 target or 6.00% above today’s $2.53 share price. The 6 months technical chart setup indicates low risk for the $205.46M company. The gap was reported on Dec, 1 by Barchart.com. If the $2.68 price target is reached, the company will be worth $12.33 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 259,491 shares traded hands or 33.13% 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. $7 is the highest target while $2.25 is the lowest. The $3.90 average target is 54.15% above today’s ($2.53) stock price. Western Energy Services Corp. has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Western Energy Services Corp (TSE:WRG) has “Hold” rating given on Thursday, October 15 by Canaccord Genuity. As per Thursday, October 27, the company rating was maintained by Scotia Capital. The firm has “Market Perform” rating by Raymond James given on Tuesday, November 3.

Western Energy Services Corp. is a Canada oilfield service company. The company has a market cap of $205.46 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.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment