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

SCL has been the subject of several analyst reports. BMO Capital Markets reduced their price objective on Shawcor from C$42.00 to C$36.00 in a research report on Monday, August 14th. National Bank Financial downgraded Shawcor from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$40.00 to C$27.00 in a research report on Monday, June 26th. Finally, TD Securities set a C$33.00 price objective on Shawcor and gave the stock a “buy” rating in a research report on Saturday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of C$36.60.

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Shawcor Company Profile

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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