Calfrac Well Services (TSE:CFW) Shares Down 11.6% – Time to Sell?

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

Analysts Set New Price Targets

Separately, ATB Cormark Capital Markets upgraded shares of Calfrac Well Services from a “hold” rating to a “moderate buy” rating and upped their price objective for the stock from C$7.50 to C$9.00 in a report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Calfrac Well Services presently has a consensus rating of “Moderate Buy” and an average price target of C$8.50.

Calfrac Well Services Stock Down 10.8%

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 company has a fifty day simple moving average of C$7.01 and a 200 day simple moving average of C$6.28. The firm has a market capitalization of C$657.14 million, a P/E ratio of 10.67, a P/E/G ratio of -0.30 and a beta of -0.42.

Insider Transactions at Calfrac Well Services

In other news, Director Charles Pellerin sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of C$7.00, for a total value of C$1,400,000.00. Following the transaction, the director owned 6,022,723 shares in the company, valued at approximately C$42,159,061. This represents a 3.21% decrease in their ownership of the stock. Insiders have sold 408,600 shares of company stock valued at $2,860,286 over the last three months. 46.88% of the stock is currently owned by insiders.

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.