The stock of Baytex Energy Corp (TSE:BTE) gapped up by $0.09 today and has $7.39 target or 33.00% above today’s $5.56 share price. The 5 months technical chart setup indicates low risk for the $1.20B company. The gap was reported on Nov, 15 by Barchart.com. If the $7.39 price target is reached, the company will be worth $396.00M 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 2.69M shares traded hands. Baytex Energy Corp (TSE:BTE) has declined 6.49% since April 11, 2016 and is downtrending. It has underperformed by 10.41% 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. $27.50 is the highest target while $5.50 is the lowest. The $7.40 average target is 33.09% above today’s ($5.56) stock price. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The stock of Baytex Energy Corp (TSE:BTE) earned “Outperform” rating by Scotia Capital on Friday, July 29. As per Friday, December 11, the company rating was maintained by RBC Capital Markets. The firm has “Sector Perform” rating given on Wednesday, June 15 by IBC. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, December 7. Scotia Capital maintained the shares of BTE in a report on Thursday, November 3 with “Outperform” rating. As per Monday, August 31, the company rating was maintained by FirstEnergy Capital. Desjardins Securities maintained Baytex Energy Corp (TSE:BTE) rating on Tuesday, June 28. Desjardins Securities has “” rating and $8 price target. The stock has “Hold” rating given by TD Securities on Thursday, November 3. Raymond James maintained it with “” rating and $7.50 target price in Monday, June 6 report.
More notable recent Baytex Energy Corp (TSE:BTE) news were published by: Fool.ca which released: “Baytex Energy Corp. Is Still Cautious on 2017” on November 14, 2016, also Fool.com with their article: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” published on November 03, 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: “2 Reasons Baytex Energy Corp. Shares Have Bottomed” published on November 09, 2016 as well as Fool.ca‘s news article titled: “Baytex Energy Corp.: Should You Buy the Bounce?” with publication date: October 06, 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 $1.20 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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