The stock of Baytex Energy Corp (TSE:BTE) gapped down by $0.05 today and has $4.67 target or 9.00% below today’s $5.13 share price. The 5 months technical chart setup indicates high risk for the $1.07 billion company. The gap down was reported on Nov, 11 by Barchart.com. If the $4.67 price target is reached, the company will be worth $96.30 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 2.36 million shares traded hands. Baytex Energy Corp (TSE:BTE) has risen 4.57% since April 7, 2016 and is uptrending. It has underperformed by 1.57% the S&P500.
Baytex Energy Corp (TSE:BTE) Ratings Coverage
Out of 5 analysts covering Baytex Energy Trust (TSE:BTE), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. Scotia Capital maintained the stock with “Outperform” rating in Thursday, November 3 report. As per Thursday, November 3, the company rating was maintained by TD Securities. The company was maintained on Monday, August 31 by FirstEnergy Capital. RBC Capital Markets maintained the stock with “Sector Perform” rating in Friday, December 11 report. The firm earned “” rating on Monday, June 6 by Raymond James. Desjardins Securities maintained Baytex Energy Corp (TSE:BTE) rating on Tuesday, June 28. Desjardins Securities has “” rating and $8 price target. The firm has “Outperform” rating given on Friday, July 29 by Scotia Capital. IBC initiated the shares of BTE in a report on Wednesday, June 15 with “Sector Perform” rating. The firm has “Sector Perform” rating given on Monday, December 7 by RBC Capital Markets.
More notable recent Baytex Energy Corp (TSE:BTE) news were published by: Fool.com which released: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” on November 03, 2016, also Fool.ca with their article: “2 Reasons Baytex Energy Corp. Shares Have Bottomed” published on November 09, 2016, Fool.ca published: “Why Baytex Energy Corp. Stands to Gain From a Trump Presidency” on November 11, 2016. More interesting news about Baytex Energy Corp (TSE:BTE) were released by: Fool.ca and their article: “Baytex Energy Corp.: High Risk, Higher Reward” published on October 31, 2016 as well as Fool.ca‘s news article titled: “3 Reasons to Buy Baytex Energy Corp.” with publication date: October 20, 2016.
Baytex Energy Corp. is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada and in the United States (Texas). The company has a market cap of $1.07 billion. The Company’s natural gas and crude oil activities are organized into three business units: Lloydminster, Central and United States. It currently has negative earnings. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects.
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