The stock of Whitecap Resources Inc. (TSE:WCP) gapped up by $0.02 today and has $18.02 target or 57.00% above today’s $11.48 share price. The 7 months technical chart setup indicates low risk for the $4.22 billion company. The gap was reported on Oct, 18 by Barchart.com. If the $18.02 price target is reached, the company will be worth $2.41B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 628,964 shares traded hands. Whitecap Resources Inc. (TSE:WCP) has risen 40.62% since March 11, 2016 and is uptrending. It has outperformed by 35.13% the S&P500.
Whitecap Resources Inc. (TSE:WCP) Ratings Coverage
Out of 5 analysts covering Whitecap Resources Inc. (TSE:WCP), 5 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $18 is the highest target while $7.50 is the lowest. The $13.89 average target is 20.99% above today’s ($11.48) stock price. Whitecap Resources Inc. has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Friday, July 8 the stock rating was initiated by IBC with “Outperform”. BMO Capital Markets initiated the shares of WCP in a report on Thursday, January 14 with “Outperform” rating. The rating was downgraded by Barclays Capital on Wednesday, January 20 to “Equal Weight”. The rating was maintained by Raymond James with “” on Monday, June 6.
More recent Whitecap Resources Inc. (TSE:WCP) news were published by: Seekingalpha.com which released: “Whitecap Resources: Emerging Strong From Oil’s Downturn” on May 17, 2016. Also Seekingalpha.com published the news titled: “Whitecap Resources’ Latest Acquisition Boosts Production” on March 21, 2016. Seekingalpha.com‘s news article titled: “Whitecap Resources Reduces Dividend, Cuts And Covers Capex” with publication date: January 26, 2016 was also an interesting one.
Whitecap Resources Inc. is engaged in the acquisition, development, optimization and production of natural gas and crude oil in western Canada. The company has a market cap of $4.22 billion. The Firm is focused on providing sustainable monthly dividends and per share growth through a combination of accretive oil acquisitions and organic growth on existing and acquired assets. It currently has negative earnings. It has activities in Alberta, Saskatchewan and British Columbia.
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