Calfrac Well Services (TSE:CFW) Raised to "Outperform" at ATB Cormark Capital Markets

Key Points

• ATB Cormark upgraded Calfrac Well Services from “sector perform” to “outperform” and raised its price target from C$7.50 to C$9.00, implying approximately 23% upside from the reported price. RBC also increased its target to C$8.00 while maintaining a “sector perform” rating.
• Calfrac shares rose 6.0% to C$7.30, near their 52-week high of C$7.35. The company reported quarterly EPS of C$0.32 on revenue of C$426.69 million.
• Insider activity was mixed: one insider bought 9,250 shares, while Sime Armoyan sold more than 15.4 million shares for roughly C$100.3 million. Insiders collectively own 46.88% of the company.

Calfrac Well Services (TSE:CFW - Get Free Report) was upgraded by equities research analysts at ATB Cormark Capital Markets from a "sector perform" rating to an "outperform" rating in a research report issued on Tuesday,BayStreet.CA reports. The firm presently has a C$9.00 target price on the stock, up from their previous target price of C$7.50. ATB Cormark Capital Markets' price target would suggest a potential upside of 23.29% from the stock's current price.

Separately, Royal Bank Of Canada lifted their price objective on shares of Calfrac Well Services from C$7.50 to C$8.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$8.50.

Calfrac Well Services Trading Up 6.0%

TSE:CFW traded up C$0.41 on Tuesday, hitting C$7.30. 242,674 shares of the stock were exchanged, compared to its average volume of 121,244. The stock has a fifty day moving average of C$6.38 and a 200-day moving average of C$5.93. The stock has a market cap of C$733.45 million, a PE ratio of 15.87, a PEG ratio of -0.30 and a beta of -0.45. Calfrac Well Services has a fifty-two week low of C$3.02 and a fifty-two week high of C$7.35. The company has a current ratio of 1.48, a quick ratio of 1.33 and a debt-to-equity ratio of 25.17.

Calfrac Well Services (TSE:CFW - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported C$0.32 EPS for the quarter. Calfrac Well Services had a net margin of 3.29% and a return on equity of 6.49%. The firm had revenue of C$426.69 million for the quarter. As a group, equities analysts expect that Calfrac Well Services will post 0.3798828 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Tyler Dahlseide purchased 9,250 shares of the stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average price of C$5.83 per share, for a total transaction of C$53,927.50. Following the completion of the transaction, the insider owned 79,774 shares of the company's stock, valued at approximately C$465,082.42. The trade was a 13.12% increase in their ownership of the stock. Also, insider Sime Armoyan sold 15,429,212 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of C$6.50, for a total transaction of C$100,289,878.00. Following the completion of the sale, the insider directly owned 20,084,000 shares in the company, valued at approximately C$130,546,000. This trade represents a 43.45% decrease in their position. In the last three months, insiders acquired 30,997 shares of company stock worth $186,495 and sold 20,456,098 shares worth $134,044,544. Corporate insiders own 46.88% of the company's stock.

Calfrac Well Services Company Profile

Calfrac Well Services Ltd provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing, and other well completion services to the oil and natural gas industries in Canada, the United States, Russia, and Argentina. It generates maximum revenue from the United States.

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