Could Painted Pony Petroleum Ltd Lose Strenght? The Stock Just Gapped Up

 Could Painted Pony Petroleum Ltd Lose Strenght? The Stock Just Gapped Up

The stock of Painted Pony Petroleum Ltd (TSE:PPY) gapped up by $0.05 today and has $12.49 target or 52.00% above today’s $8.22 share price. The 8 months technical chart setup indicates low risk for the $863.16 million company. The gap was reported on Nov, 10 by Barchart.com. If the $12.49 price target is reached, the company will be worth $448.84 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 403,224 shares traded hands. Painted Pony Petroleum Ltd (TSE:PPY) has risen 96.93% since April 6, 2016 and is uptrending. It has outperformed by 91.28% the S&P500.

Painted Pony Petroleum Ltd (TSE:PPY) Ratings Coverage

Out of 5 analysts covering Painted Pony Petroleum (TSE:PPY), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $13 is the highest target while $4.75 is the lowest. The $9.10 average target is 10.71% above today’s ($8.22) stock price. Painted Pony Petroleum has been the topic of 16 analyst reports since October 28, 2015 according to StockzIntelligence Inc. The rating was downgraded by Raymond James to “Outperform” on Tuesday, January 12. On Monday, June 6 the stock rating was maintained by Raymond James with “”. As per Friday, August 12, the company rating was maintained by Scotia Capital. The stock has “Action List Buy” rating given by TD Securities on Friday, August 12. The stock of Painted Pony Petroleum Ltd (TSE:PPY) earned “Market Perform” rating by BMO Capital Markets on Friday, February 12.

Painted Pony Petroleum Ltd. is a natural gas firm in Western Canada. The company has a market cap of $863.16 million. The Company’s principal business activity is the exploration, development and production of petroleum and natural gas resources in western Canada. It currently has negative earnings. It is focused on the development of natural gas and natural gas liquids from the Montney formation in Northeast British Columbia.

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