The stock of Suncor Energy Inc. (TSE:SU) gapped down by $0.05 today and has $38.62 target or 5.00% below today’s $40.65 share price. The 9 months technical chart setup indicates high risk for the $67.14 billion company. The gap down was reported on Oct, 31 by Barchart.com. If the $38.62 price target is reached, the company will be worth $3.36B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 2.37M shares traded hands. Suncor Energy Inc. (TSE:SU) has risen 15.14% since March 24, 2016 and is uptrending. It has outperformed by 11.67% the S&P500.
Suncor Energy Inc. (TSE:SU) Ratings Coverage
Out of 6 analysts covering Suncor Energy Inc. (TSE:SU), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. Suncor Energy Inc. has been the topic of 26 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The stock of Suncor Energy Inc. (TSE:SU) has “Outperform” rating given on Friday, July 29 by Scotia Capital. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, April 29. The rating was upgraded by Citigroup on Friday, February 12 to “Buy”. The firm has “Sector Perform” rating given on Friday, October 28 by RBC Capital Markets. The rating was maintained by Raymond James with “” on Monday, June 6.
More notable recent Suncor Energy Inc. (TSE:SU) news were published by: Business.Financialpost.com which released: “Suncor Energy Inc sells lubricants unit to HollyFrontier Corp for $1.13 billion” on October 31, 2016, also Wsj.com with their article: “Canada’s Suncor Energy Swings to Profit” published on October 27, 2016, Fool.ca published: “Contrarian Investors: Suncor Energy Inc. and the Value of Patience” on October 29, 2016. More interesting news about Suncor Energy Inc. (TSE:SU) were released by: Fool.ca and their article: “Suncor Energy Inc. Is Going Through Radical Change: Here’s Why” published on October 26, 2016 as well as Theglobeandmail.com‘s news article titled: “At the open: Suncor-led energy stocks lead TSX higher” with publication date: October 27, 2016.
Suncor Energy Inc. is an integrated energy company. The company has a market cap of $67.14 billion. The Firm is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. It currently has negative earnings. The Firm operates in three business divisions: Oil Sands, Exploration and Production (E&P), and Refining and Marketing.
SU.TO Company Profile
Suncor Energy Inc. (Suncor), incorporated on August 1, 2009, is an integrated energy company. The Firm is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Firm operates in three business divisions: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. In addition, it explores for, acquires, develops, produces and markets natural gas and crude oil in Canada and internationally. It transports and refines crude oil, and markets petroleum and petrochemical products primarily in Canada. It also markets third-party petroleum products. Suncor conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, power and byproducts.
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