The stock of PHX Energy Services Corp (TSE:PHX) gapped down by $0.01 today and has $3.18 target or 14.00% below today’s $3.70 share price. The 7 months technical chart setup indicates high risk for the $190.62M company. The gap down was reported on Nov, 4 by Barchart.com. If the $3.18 price target is reached, the company will be worth $26.69 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 37,400 shares traded hands. PHX Energy Services Corp (TSE:PHX) has risen 82.04% since March 31, 2016 and is uptrending. It has outperformed by 80.95% the S&P500.
PHX Energy Services Corp (TSE:PHX) Ratings Coverage
Out of 3 analysts covering Phoenix Energy Services Corp (TSE:PHX), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Phoenix Energy Services Corp has been the topic of 7 analyst reports since October 9, 2015 according to StockzIntelligence Inc. Scotia Capital downgraded the stock to “Sector Underperform” rating in Friday, October 9 report. Scotia Capital maintained PHX Energy Services Corp (TSE:PHX) on Tuesday, August 30 with “Outperform” rating.
Another recent and important PHX Energy Services Corp (TSE:PHX) news was published by Marketwired.com which published an article titled: “PHX Energy Services Corp. Enters Into Bought Deal Financing” on June 08, 2016.
PHX Energy Services Corp. is a Canada company, which provides horizontal and directional drilling technology and services. The company has a market cap of $190.62 million. The Firm offers its services to oil and natural gas producing companies in the Canadian provinces of Alberta, Saskatchewan, British Columbia and Manitoba; across the Gulf Coast, Northeast and Rocky Mountain regions of the United States, and internationally, primarily in Albania and Russia. It currently has negative earnings. The Company’s divisions include Canada, United States and International.
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