The stock of Torex Gold Resources Inc (TSE:TXG) gapped up by $0.16 today and has $30.20 target or 32.00% above today’s $22.88 share price. The 9 months technical chart setup indicates low risk for the $1.81 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $30.20 price target is reached, the company will be worth $579.20 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.10 million shares traded hands or 129.32% up from the average. Torex Gold Resources Inc (TSE:TXG) has risen 23.45% since April 5, 2016 and is uptrending. It has outperformed by 18.66% the S&P500.
Torex Gold Resources Inc (TSE:TXG) Ratings Coverage
Out of 4 analysts covering Torex Gold Resources (TSE:TXG), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $40 is the highest target while $1.50 is the lowest. The $29.70 average target is 29.81% above today’s ($22.88) stock price. Torex Gold Resources has been the topic of 10 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Torex Gold Resources Inc (TSE:TXG) has “Buy” rating given on Friday, April 29 by Cormark Securities. On Tuesday, July 21 the stock rating was upgraded by Scotia Capital to “Sector Outperform”. The firm has “Outperform” rating by RBC Capital Markets given on Monday, August 24.
Another recent and important Torex Gold Resources Inc (TSE:TXG) news was published by Juniorminingnetwork.com which published an article titled: “Torex Gold Resources Announces Q2 2016 Financial and Operational Results” on August 11, 2016.
Torex Gold Resources Inc. is a Canada resource company. The company has a market cap of $1.81 billion. The Firm operates through the segment of exploration and development of mineral properties in Mexico. It currently has negative earnings. It is engaged in the exploration, development and operation of the Morelos Gold Property.
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