Shawcor Ltd (SCL) Trading 9.4% Higher

Shawcor Ltd (TSE:SCL)’s share price traded up 9.4% on Wednesday . The stock traded as high as C$30.10 and last traded at C$29.82. 281,564 shares changed hands during trading, an increase of 132% from the average session volume of 121,556 shares. The stock had previously closed at C$27.25.

Several equities analysts recently weighed in on the stock. National Bank Financial raised shares of Shawcor from a “sector perform” rating to an “outperform” rating and raised their target price for the company from C$27.00 to C$35.00 in a research note on Wednesday. TD Securities set a C$33.00 target price on shares of Shawcor and gave the company a “buy” rating in a research note on Saturday, September 23rd. Finally, BMO Capital Markets cut their target price on shares of Shawcor from C$42.00 to C$36.00 in a research note on Monday, August 14th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of C$36.60.

The firm’s market capitalization is $2.07 billion. The company has a 50-day moving average price of $26.16 and a 200 day moving average price of $29.72.

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About Shawcor

Shawcor Ltd is a Canada-based energy services company. The Company is engaged in designing, engineering, marketing and selling products and services, such as pipe coating services; flexible composite pipe; onshore and offshore pipeline corrosion and thermal protection; ultrasonic and radiographic inspection services; tubular management services; heat-shrinkable polymer tubing, and control and instrumentation wire and cable.

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