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Buyers Accumulating Shares of Lufkin Industries on 1.2x Above-Average Volume (LUFK)

Published on Fri, 03/15/2013 - 13:15
By Peter Chu

Lufkin Industries shares are trading on heavy volume today, having risen 1.6% to $65.93. About 711,000 shares have been traded today, as compared to the 30-day average volume of 571,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

Lufkin Industries (NASDAQ:LUFK) has potential upside of 12.4% based on a current price of $65.93 and analysts' consensus price target of $74.14. The stock should discover initial support at its 50-day moving average (MA) of $61.50 and subsequent support at its 200-day MA of $55.89.

Lufkin Industries, Inc. designs, manufactures, sells, and services oil field pumping units, power transmission products, foundry castings, and highway trailers. The Company sells its products around the world.

Lufkin Industries share prices have moved between a 52-week high of $82.82 and a 52-week low of $45.11 and are now trading 46% above that low price at $65.93 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has risen 0.2%.

By Peter Chu
pchu@fnno.com