Calfrac Well Services (TSE:CFW) Stock Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Calfrac Well Services shares crossed above their 200-day moving average, reaching C$6.59 before closing at C$6.46, compared with the C$6.33 average.
• ATB Cormark upgraded the stock from “hold” to “moderate buy” and raised its price target to C$9.00. Analysts have a consensus “Moderate Buy” rating and an average target of C$8.50.
• The company reported quarterly revenue of C$426.69 million and EPS of C$0.32, while insiders sold 705,600 shares worth approximately C$5.02 million over the past quarter.

Calfrac Well Services Ltd. (TSE:CFW - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of C$6.33 and traded as high as C$6.59. Calfrac Well Services shares last traded at C$6.46, with a volume of 50,074 shares traded.

Wall Street Analyst Weigh In

Separately, ATB Cormark Capital Markets upgraded shares of Calfrac Well Services from a "hold" rating to a "moderate buy" rating and upped their target price for the stock 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 given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of C$8.50.

Calfrac Well Services Trading Down 1.4%

The business's 50 day simple moving average is C$6.78 and its 200-day simple moving average is C$6.33. The company has a debt-to-equity ratio of 20.48, a current ratio of 1.52 and a quick ratio of 1.33. The stock has a market capitalization of C$652.09 million, a P/E ratio of 10.59, a PEG ratio of -0.30 and a beta of -0.26.

Calfrac Well Services (TSE:CFW - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported C$0.32 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. As a group, analysts forecast that Calfrac Well Services Ltd. will post 0.3798828 EPS for the current year.

Insider Buying and Selling at Calfrac Well Services

In other Calfrac Well Services news, insider Sime Armoyan sold 284,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of C$7.30, for a total value of C$2,073,200.00. Following the transaction, the insider owned 14,800,000 shares of the company's stock, valued at approximately C$108,040,000. This represents a 1.88% decrease in their ownership of the stock. Also, insider Jeffrey Irwin Ellis sold 13,000 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of C$6.75, for a total value of C$87,750.00. Following the transaction, the insider owned 15,489 shares of the company's stock, valued at C$104,550.75. The trade was a 45.63% decrease in their ownership of the stock. Over the last quarter, insiders have sold 705,600 shares of company stock valued at $5,021,236. 46.88% of the stock is currently owned by company insiders.

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.

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