It Seems Pengrowth Energy Corp Will Go Down. Have Big Gap Down Today

 It Seems Pengrowth Energy Corp Will Go Down. Have Big Gap Down Today

The stock of Pengrowth Energy Corp (TSE:PGF) gapped down by $0.01 today and has $1.96 target or 6.00% below today’s $2.09 share price. The 9 months technical chart setup indicates high risk for the $1.13 billion company. The gap down was reported on Oct, 31 by Barchart.com. If the $1.96 price target is reached, the company will be worth $67.80M 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 895,779 shares traded hands. Pengrowth Energy Corp (TSE:PGF) has risen 57.86% since March 24, 2016 and is uptrending. It has outperformed by 54.38% the S&P500.

Pengrowth Energy Corp (TSE:PGF) Ratings Coverage

Out of 7 analysts covering Pengrowth Energy (TSE:PGF), 0 rate it a “Buy”, 2 “Sell”, while 5 “Hold”. This means 0 are positive. Pengrowth Energy has been the topic of 30 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Pengrowth Energy Corp (TSE:PGF) earned “Buy” rating by Canaccord Genuity on Tuesday, August 11. Raymond James maintained Pengrowth Energy Corp (TSE:PGF) rating on Monday, June 6. Raymond James has “” rating and $2.25 price target. The stock of Pengrowth Energy Corp (TSE:PGF) earned “Underweight” rating by Barclays Capital on Friday, July 22. On Wednesday, September 2 the stock rating was maintained by Scotia Capital with “Outperform”. The rating was initiated by IBC on Wednesday, June 15 with “Underperform”. Scotia Capital maintained the stock with “Sector Perform” rating in Friday, October 7 report. RBC Capital Markets initiated the shares of PGF in a report on Monday, November 30 with “Sector Perform” rating. Desjardins Securities maintained the stock with “” rating in Tuesday, June 28 report. As per Wednesday, October 7, the company rating was maintained by Scotia Capital. The firm earned “Hold” rating on Friday, August 7 by TD Securities.

More notable recent Pengrowth Energy Corp (TSE:PGF) news were published by: Fool.com which released: “Better Buy: Encana Corp or Pengrowth Energy Corp” on October 04, 2016, also Fool.com with their article: “How Pengrowth Energy Corp Added $1 Billion in Value Virtually Overnight” published on October 10, 2016, Fool.com published: “Is Pengrowth Energy Corp.’s Survival Plan Working?” on August 18, 2016. More interesting news about Pengrowth Energy Corp (TSE:PGF) were released by: Fool.com and their article: “How Safe Is Pengrowth Energy Corporation Stock?” published on April 01, 2016 as well as Fool.com‘s news article titled: “Has Pengrowth Energy Corp Done Enough to Survive?” with publication date: May 31, 2016.

Pengrowth Energy Corporation is a resource company, which is engaged in the production, development, exploration and acquisition of oil and natural gas assets. The company has a market cap of $1.13 billion. The Firm owns and operates Lindbergh thermal project, which is located in the Cold Lake area of Alberta and encompasses over 42.5 sections of land. It currently has negative earnings. The Firm is focused on the Western Canadian Sedimentary Basin.

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