Calfrac Well Services Ltd (TSE:CFW) rose 4.2% on Tuesday following insider buying activity. The company traded as high as C$4.03 and last traded at C$3.99. Approximately 1,050,458 shares were traded during trading, an increase of 67% from the average daily volume of 629,905 shares. The stock had previously closed at C$3.83.
Specifically, insider Wilks Brothers, Llc bought 754,300 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were acquired at an average cost of C$3.37 per share, with a total value of C$2,541,991.00. Also, insider Dan Wilks bought 2,094,577 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average cost of C$3.42 per share, for a total transaction of C$7,163,453.34. Insiders purchased a total of 3,987,477 shares of company stock worth $13,856,425 over the last ninety days.
CFW has been the topic of several research reports. Canaccord Genuity cut their target price on Calfrac Well Services from C$4.00 to C$3.00 in a research report on Tuesday, July 11th. CIBC cut their target price on Calfrac Well Services from C$5.75 to C$4.00 in a research report on Thursday, July 20th. National Bank Financial increased their target price on Calfrac Well Services from C$4.25 to C$5.75 and gave the stock an “outperform” rating in a research report on Wednesday, July 26th. BMO Capital Markets cut their target price on Calfrac Well Services from C$5.50 to C$4.50 and set a “market perform” rating on the stock in a research report on Thursday, July 27th. Finally, GMP Securities increased their price target on Calfrac Well Services from C$3.00 to C$4.00 in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of C$4.90.
The company’s market capitalization is $556.66 million. The stock’s 50 day moving average is $3.47 and its 200 day moving average is $3.33.
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About Calfrac Well Services
Calfrac Well Services Ltd. is a provider of specialized oilfield services. The Company operates through four geographical segments: Canada, the United States, Russia and Latin America. Its services include hydraulic fracturing, coiled tubing, cementing and other well stimulation services. The Canadian segment provides fracturing and coiled tubing services to oil and natural gas exploration and production companies in Alberta, northeast British Columbia, Saskatchewan and southwest Manitoba.
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