The stock of Parkland Fuel Corp (TSE:PKI) gapped down by $0.6 today and has $27.89 target or 6.00% below today’s $29.67 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 $27.89 price target is reached, the company will be worth $167.40 million 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 265,883 shares traded hands or 45.01% 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. $31 is the highest target while $23 is the lowest. The $27.50 average target is -7.31% below today’s ($29.67) stock price. Parkland Fuel Corp has been the topic of 9 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The company was maintained on Friday, July 22 by TD Securities. The stock of Parkland Fuel Corp (TSE:PKI) earned “Sector Performer” rating by IBC on Monday, November 9. IBC maintained Parkland Fuel Corp (TSE:PKI) rating on Monday, August 10. IBC has “Sector Perform” rating and $25 price target. As per Friday, August 21, the company rating was upgraded by IBC. The stock has “Sector Perform” rating given by RBC Capital Markets on Thursday, October 20. RBC Capital Markets initiated the stock with “Sector Perform” rating in Tuesday, January 19 report.
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 47.51 P/E ratio. The Company’s divisions include Retail Fuels, Commercial Fuels, Parkland USA, Supply and Wholesale, and Corporate.
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