Calfrac Well Services (TSE:CFW) Shares Down 11.6% – Here’s Why

Calfrac Well Services Ltd. (TSE:CFW)’s stock price dropped 11.6% during mid-day trading on Wednesday. The stock traded as low as C$6.30 and last traded at C$6.45. Approximately 301,157 shares traded hands during trading, an increase of 149% from the average session volume of 121,041 shares. The stock had previously closed at C$7.30.

Analysts Set New Price Targets

Separately, ATB Cormark Capital Markets raised Calfrac Well Services from a “hold” rating to a “moderate buy” rating and upped their target price for the company from C$7.50 to C$9.00 in a research note on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$8.50.

Calfrac Well Services Price Performance

The stock has a market capitalization of C$647.04 million, a PE ratio of 10.51, a price-to-earnings-growth ratio of -0.30 and a beta of -0.42. The company has a quick ratio of 1.33, a current ratio of 1.52 and a debt-to-equity ratio of 20.48. The stock’s 50 day moving average price is C$6.99 and its 200-day moving average price is C$6.30.

Calfrac Well Services (TSE:CFW) last posted its quarterly earnings results on Tuesday, November 10th. The company reported C$0.16 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$365.71 million for the quarter. As a group, equities analysts forecast that Calfrac Well Services Ltd. will post 0.38 EPS for the current year.

Insider Transactions at Calfrac Well Services

In other Calfrac Well Services news, Director Charles Pellerin sold 100,000 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of C$7.00, for a total value of C$700,000.00. Following the transaction, the director directly owned 5,814,123 shares in the company, valued at C$40,698,861. This represents a 1.69% decrease in their position. Over the last three months, insiders have sold 408,600 shares of company stock valued at $2,860,286. 46.88% of the stock is 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.