The stock of Parkland Fuel Corp (TSE:PKI) gapped down by $0.6 today and has $27.83 target or 6.00% below today’s $29.61 share price. The 7 months technical chart setup indicates high risk for the $2.79B company. The gap down was reported on Nov, 4 by Barchart.com. If the $27.83 price target is reached, the company will be worth $167.40M 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 222,798 shares traded hands or 21.51% up from the average. Parkland Fuel Corp (TSE:PKI) has risen 42.82% since March 31, 2016 and is uptrending. It has outperformed by 41.73% the S&P500.
Parkland Fuel Corp (TSE:PKI) Ratings Coverage
Out of 4 analysts covering Parkland Fuel Corp (TSE:PKI), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. Parkland Fuel Corp has been the topic of 9 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The firm has “Sector Performer” rating by IBC given on Monday, November 9. The company was initiated on Tuesday, January 19 by RBC Capital Markets. The stock of Parkland Fuel Corp (TSE:PKI) has “Sector Outperformer” rating given on Friday, August 21 by IBC. The firm has “Sector Perform” rating by RBC Capital Markets given on Thursday, October 20. The firm has “Hold” rating by TD Securities given on Friday, July 22. On Monday, August 10 the stock rating was maintained by IBC with “Sector Perform”.
More news for Parkland Fuel Corp (TSE:PKI) were recently published by: Businesswire.com, which released: “Parkland Fuel Corporation Reports Q3 Adjusted EBITDA of $60.4 Million” on November 04, 2016. Reuters.com‘s article titled: “Parkland Fuel Corp to buy Canada’s Pioneer Energy” and published on September 17, 2014 is yet another important article.
Parkland Fuel Corporation distributes and markets fuels and lubricants. The company has a market cap of $2.79 billion. The Firm delivers refined fuels and other petroleum products to motorists, businesses, clients and wholesale customers. It has a 47.41 P/E ratio. The Company’s divisions include Retail Fuels, Commercial Fuels, Parkland USA, Supply and Wholesale, and Corporate.
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