The stock of TransAlta Renewables Inc (TSE:RNW) gapped down by $0.14 today and has $12.84 target or 9.00% below today’s $14.11 share price. The 5 months technical chart setup indicates high risk for the $3.14 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $12.84 price target is reached, the company will be worth $282.60M 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 130,643 shares traded hands. TransAlta Renewables Inc (TSE:RNW) has risen 13.26% since April 5, 2016 and is uptrending. It has outperformed by 8.48% the S&P500.
TransAlta Renewables Inc (TSE:RNW) Ratings Coverage
Out of 5 analysts covering TransAlta Renewables (TSE:RNW), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. $16 is the highest target while $12.50 is the lowest. The $14.54 average target is 3.05% above today’s ($14.11) stock price. TransAlta Renewables has been the topic of 15 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of TransAlta Renewables Inc (TSE:RNW) earned “Sector Outperformer” rating by IBC on Thursday, December 3. The stock of TransAlta Renewables Inc (TSE:RNW) earned “Outperform” rating by RBC Capital Markets on Thursday, December 3. The rating was maintained by Scotia Capital on Thursday, August 11 with “Sector Perform”. Desjardins Securities maintained it with “Hold” rating and $13.75 target price in Thursday, August 11 report.
More notable recent TransAlta Renewables Inc (TSE:RNW) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on August 10, 2013, also Fool.ca with their article: “Should Investors Buy TransAlta Corporation or TransAlta Renewables Inc.?” published on October 21, 2016, Fool.ca published: “Why TransAlta Renewables Inc. Is on My Watch List” on May 31, 2016. More interesting news about TransAlta Renewables Inc (TSE:RNW) were released by: Fool.ca and their article: “Boost Your Portfolio With TransAlta Renewables Inc.” published on August 01, 2016 as well as Fool.ca‘s news article titled: “The Case to Buy TransAlta Renewables Inc. Today” with publication date: August 19, 2016.
TransAlta Renewables Inc. is a Canada firm engaged in developing, owning and operating renewable power generation facilities. The company has a market cap of $3.14 billion. The Firm owns and operates over 10 hydro facilities and approximately 20 wind farms in Western and Eastern Canada with a total installed capacity of approximately 1,140 megawatts and holds economic interest in approximately 140 MW Wyoming Wind Farm and approximately 420 MW Australian gas-fired generation assets, as well as over 270 kilometers gas pipeline. It has a 32.4 P/E ratio. The Firm also owns economic interests in Sarnia cogeneration plant, Le Nordais wind farm and Ragged Chute hydro facility totaling approximately 610 MW of contracted power generation assets located in Ontario and Quebec.
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