The stock of Cardinal Energy Ltd (TSE:CJ) gapped up by $0.06 today and has $14.31 target or 45.00% above today’s $9.87 share price. The 6 months technical chart setup indicates low risk for the $735.09M company. The gap was reported on Oct, 19 by Barchart.com. If the $14.31 price target is reached, the company will be worth $330.79M 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 448,053 shares traded hands. Cardinal Energy Ltd (TSE:CJ) has risen 13.70% since March 14, 2016 and is uptrending. It has outperformed by 8.16% the S&P500.
Cardinal Energy Ltd (TSE:CJ) Ratings Coverage
Out of 2 analysts covering Cardinal Energy (TSE:CJ), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Cardinal Energy has been the topic of 8 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The company was downgraded on Tuesday, January 12 by Dundee Securities.
More notable recent Cardinal Energy Ltd (TSE:CJ) news were published by: Marketwired.com which released: “Cardinal Energy Ltd. Announces Second Quarter Results” on August 02, 2016, also Marketwired.com with their article: “Cardinal Energy Ltd. Announces Closing of Light Oil Acquisition” published on October 30, 2015, Marketwired.com published: “Cardinal Energy Ltd. Confirms Monthly Dividend for September” on July 11, 2016. More interesting news about Cardinal Energy Ltd (TSE:CJ) were released by: Seekingalpha.com and their article: “Cardinal Energy: Technology To The Rescue” published on August 15, 2016 as well as Marketwired.com‘s news article titled: “Cardinal Energy Ltd. Announces Light Oil Acquisition” with publication date: February 17, 2015.
Cardinal Energy Ltd. is a Canada-based oil-focused company. The company has a market cap of $735.09 million. The Firm is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan. It currently has negative earnings. The Company’s Wainwright properties are located approximately 200 kilometers southeast of Edmonton, Alberta.
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