Calfrac Well Services (TSE:CFW) Stock Price Up 11.6% – Here’s What Happened

Shares of Calfrac Well Services Ltd. (TSE:CFW) shot up 11.6% during trading on Wednesday . The stock traded as high as C$7.00 and last traded at C$6.91. 205,021 shares were traded during mid-day trading, an increase of 50% from the average session volume of 136,330 shares. The stock had previously closed at C$6.19.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. ATB Cormark Capital Markets boosted their target price on Calfrac Well Services from C$7.25 to C$7.50 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. 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 stock a “sector perform” rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Calfrac Well Services has a consensus rating of “Moderate Buy” and a consensus price target of C$7.75.

Calfrac Well Services Stock Performance

The company has a market cap of C$682.20 million, a PE ratio of 14.76, a price-to-earnings-growth ratio of -0.30 and a beta of -0.44. The company has a quick ratio of 1.33, a current ratio of 1.48 and a debt-to-equity ratio of 25.17. The firm has a fifty day simple moving average of C$5.98 and a 200-day simple moving average of C$5.20.

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

Insider Buying and Selling

In related news, Director Charles Pellerin purchased 11,300 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average price of C$6.20 per share, for a total transaction of C$70,060.00. Following the completion of the purchase, the director directly owned 6,222,723 shares of the company’s stock, valued at C$38,580,882.60. This trade represents a 0.18% increase in their ownership of the stock. Also, insider Alif Husein Noorani sold 7,432 shares of Calfrac Well Services stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of C$5.90, for a total transaction of C$43,848.80. Following the completion of the transaction, the insider owned 145 shares in the company, valued at approximately C$855.50. This trade represents a 98.09% decrease in their ownership of the stock. In the last ninety days, insiders bought 30,997 shares of company stock worth $186,495 and sold 41,132 shares worth $262,631. 46.88% of the stock is currently owned by insiders.

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.