Calfrac Well Services (TSE:CFW) Stock Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Calfrac Well Services shares crossed above their 200-day moving average, reaching C$7.15 and closing at C$7.06, up 1.6% on the day.
• ATB Cormark upgraded the stock from “hold” to “moderate buy” and raised its price target to C$9.00. Analysts’ consensus rating is “Moderate Buy,” with an average target price of C$8.50.
• The company reported quarterly EPS of C$0.32 on revenue of C$426.69 million, while insiders sold 705,600 shares worth approximately C$5.02 million over the past three months.

Calfrac Well Services Ltd. (TSE:CFW - Get Free Report) shares passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$6.42 and traded as high as C$7.15. Calfrac Well Services shares last traded at C$7.06, with a volume of 83,860 shares traded.

Wall Street Analyst Weigh In

Separately, ATB Cormark Capital Markets raised shares of Calfrac Well Services from a "hold" rating to a "moderate buy" rating and boosted their price objective for the company from C$7.50 to C$9.00 in a research report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of C$8.50.

Calfrac Well Services Trading Up 1.6%

The stock has a 50 day moving average of C$6.92 and a 200-day moving average of C$6.42. The company has a market capitalization of C$712.66 million, a P/E ratio of 11.57, a P/E/G ratio of -0.30 and a beta of -0.32. The company has a current ratio of 1.52, a quick ratio of 1.33 and a debt-to-equity ratio of 20.48.

Calfrac Well Services (TSE:CFW - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported C$0.32 earnings per share (EPS) for the quarter. Calfrac Well Services had a net margin of 4.49% and a return on equity of 8.75%. The company had revenue of C$426.69 million during the quarter. On average, research analysts predict that Calfrac Well Services Ltd. will post 0.38 EPS for the current year.

Insider Transactions at Calfrac Well Services

In other news, insider Sime Armoyan sold 284,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of C$7.30, for a total transaction of C$2,073,200.00. Following the sale, the insider directly owned 14,800,000 shares in the company, valued at C$108,040,000. This trade represents a 1.88% decrease in their position. Also, insider Jeffrey Irwin Ellis sold 13,000 shares of Calfrac Well Services stock in a transaction on Monday, August 10th. The shares were sold at an average price of C$6.75, for a total transaction of C$87,750.00. Following the transaction, the insider owned 15,489 shares in the company, valued at approximately C$104,550.75. This trade represents a 45.63% decrease in their position. Insiders sold a total of 705,600 shares of company stock valued at $5,021,236 over the last three months. 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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