Calfrac Well Services (TSE:CFW) Reaches New 12-Month High Following Analyst Upgrade

Calfrac Well Services Ltd. (TSE:CFW) reached a new 52-week high during trading on Tuesday after ATB Cormark Capital Markets upgraded the stock from a hold rating to a moderate buy rating. ATB Cormark Capital Markets now has a C$9.00 price target on the stock, up from their previous price target of C$7.50. Calfrac Well Services traded as high as C$7.29 and last traded at C$7.29, with a volume of 107013 shares traded. The stock had previously closed at C$6.89.

Separately, Royal Bank Of Canada increased their target price on shares of Calfrac Well Services from C$7.50 to C$8.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Calfrac Well Services presently has a consensus rating of “Moderate Buy” and an average target price of C$8.50.

Insiders Place Their Bets

In other news, insider Alif Husein Noorani sold 7,432 shares of the business’s stock in a transaction dated 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 directly owned 145 shares in the company, valued at C$855.50. The trade was a 98.09% 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 shares were sold at an average price of C$6.75, for a total value of C$87,750.00. Following the completion of the transaction, the insider owned 15,489 shares in the company, 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 acquired 19,400 shares of company stock worth $119,526 and have sold 20,469,098 shares worth $134,132,294. Corporate insiders own 46.88% of the company’s stock.

Calfrac Well Services Stock Down 1.1%

The company has a current ratio of 1.48, a quick ratio of 1.33 and a debt-to-equity ratio of 25.17. The firm has a market capitalization of C$724.40 million, a P/E ratio of 11.82, a P/E/G ratio of -0.30 and a beta of -0.45. The company has a 50 day simple moving average of C$6.40 and a two-hundred day simple moving average of C$5.96.

Calfrac Well Services (TSE:CFW) last announced its quarterly earnings data on Thursday, August 6th. The company reported C$0.32 earnings per share (EPS) for the quarter. The business had revenue of C$426.69 million during the quarter. Calfrac Well Services had a net margin of 3.29% and a return on equity of 6.49%. On average, equities analysts predict that Calfrac Well Services Ltd. will post 0.3798828 EPS for the current fiscal year.

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.