Calfrac Well Services (TSE:CFW) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Calfrac Well Services Ltd. (TSE:CFW)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$3.84 and traded as high as C$3.84. Calfrac Well Services shares last traded at C$3.84, with a volume of 137 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CFW. ATB Capital upgraded Calfrac Well Services from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from C$4.50 to C$5.50 in a research note on Tuesday, December 10th. Royal Bank of Canada cut their price target on shares of Calfrac Well Services from C$5.00 to C$4.50 and set a “sector perform” rating for the company in a research report on Friday, March 14th. Finally, Atb Cap Markets upgraded shares of Calfrac Well Services from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th.

Calfrac Well Services Stock Down 5.1 %

The company’s fifty day simple moving average is C$3.78 and its 200 day simple moving average is C$3.84. The company has a current ratio of 2.23, a quick ratio of 1.33 and a debt-to-equity ratio of 57.80. The firm has a market capitalization of C$301.56 million, a P/E ratio of 10.75, a price-to-earnings-growth ratio of -0.30 and a beta of 1.65.

Insider Buying and Selling

In other news, Director Charles Pellerin purchased 530,400 shares of Calfrac Well Services stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average cost of C$3.60 per share, with a total value of C$1,909,440.00. Insiders purchased a total of 1,193,600 shares of company stock valued at $4,496,821 over the last three months. Corporate 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.