Calfrac Well Services (TSE:CFW) Share Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Calfrac Well Services shares rose above their 200-day moving average of C$5.81, reaching C$6.37 before closing at C$6.19 on volume of 47,113 shares.
• Analyst sentiment remains cautious: the consensus rating is “Hold” with a C$7.75 target price. ATB Cormark downgraded the stock to Hold, while RBC raised its target to C$8.00.
• Insiders were significant net sellers, led by Sime Armoyan’s sale of 15.4 million shares for approximately C$100.3 million; insiders still own 46.88% of the company.

Calfrac Well Services Ltd. (TSE:CFW - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$5.81 and traded as high as C$6.37. Calfrac Well Services shares last traded at C$6.19, with a volume of 47,113 shares.

Wall Street Analysts Forecast Growth

CFW has been the topic of several recent research reports. ATB Cormark Capital Markets cut shares of Calfrac Well Services from a "moderate buy" rating to a "hold" rating and set a C$7.50 price target on the stock. in a research report on Friday, July 10th. Royal Bank Of Canada raised their price objective on shares of Calfrac Well Services from C$7.50 to C$8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Calfrac Well Services currently has a consensus rating of "Hold" and a consensus target price of C$7.75.

Calfrac Well Services Trading Down 2.7%

The stock has a market cap of C$621.92 million, a PE ratio of 13.46, a price-to-earnings-growth ratio of -0.30 and a beta of -0.37. The company has a debt-to-equity ratio of 25.17, a quick ratio of 1.33 and a current ratio of 1.48. The company's 50-day moving average price is C$6.34 and its 200 day moving average price is C$5.81.

Calfrac Well Services (TSE:CFW - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported C$0.19 earnings per share for the quarter. The company had revenue of C$305.37 million during the quarter. Calfrac Well Services had a return on equity of 6.49% and a net margin of 3.29%. On average, sell-side analysts forecast that Calfrac Well Services Ltd. will post 0.3798828 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alif Husein Noorani sold 7,432 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of C$5.90, for a total value of C$43,848.80. Following the transaction, the insider owned 145 shares of the company's stock, valued at C$855.50. This represents a 98.09% decrease in their position. Also, insider Sime Armoyan sold 15,429,212 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of C$6.50, for a total value of C$100,289,878.00. Following the transaction, the insider owned 20,084,000 shares of the company's stock, valued at approximately C$130,546,000. This represents a 43.45% decrease in their ownership of the stock. Over the last quarter, insiders have acquired 30,997 shares of company stock worth $186,495 and have sold 20,456,098 shares worth $134,044,544. Company insiders own 46.88% of the company's stock.

About Calfrac Well Services

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.