The stock of Bonavista Energy Corp (TSE:BNP) gapped up by $0.12 today and has $5.85 target or 32.00% above today’s $4.43 share price. The 5 months technical chart setup indicates low risk for the $1.16 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $5.85 price target is reached, the company will be worth $371.20M 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 594,171 shares traded hands. Bonavista Energy Corp (TSE:BNP) has risen 61.18% since April 11, 2016 and is uptrending. It has outperformed by 57.25% the S&P500.
Bonavista Energy Corp (TSE:BNP) Ratings Coverage
Out of 4 analysts covering Bonavista Energy (TSE:BNP), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. $9.25 is the highest target while $2.25 is the lowest. The $4.90 average target is 10.61% above today’s ($4.43) stock price. Bonavista Energy has been the topic of 25 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Friday, November 4 the stock rating was maintained by Scotia Capital with “Sector Perform”. Raymond James downgraded it to “Market Perform” rating and $2.50 target price in Tuesday, January 12 report. As per Tuesday, June 28, the company rating was maintained by Desjardins Securities. RBC Capital Markets maintained Bonavista Energy Corp (TSE:BNP) on Friday, January 29 with “Sector Perform” rating. The firm has “Outperform” rating by National Bank Canada given on Friday, November 4. The rating was maintained by RBC Capital Markets with “Sector Perform” on Friday, October 28. TD Securities maintained the stock with “Buy” rating in Friday, November 4 report. The rating was maintained by Scotia Capital on Friday, June 17 with “Sector Perform”.
More recent Bonavista Energy Corp (TSE:BNP) news were published by: Reuters.com which released: “BRIEF-Bonavista Energy Corp announces 2016 third quarter results” on November 03, 2016. Also Business.Financialpost.com published the news titled: “Bonavista Energy Corp upgraded as new assets ‘fit like a glove'” on September 07, 2016. Marketwired.com‘s news article titled: “Bonavista Energy Corporation Announces 2016 Second Quarter Results” with publication date: July 26, 2016 was also an interesting one.
Bonavista Energy Corporation is a resource firm engaged in the acquisition, exploration, development and production of oil and natural gas assets. The company has a market cap of $1.16 billion. The Company’s West Central Core Area is characterized by natural gas and light oil resources. It currently has negative earnings. West Central Core Area is located within the Western Canadian Sedimentary Basin between Calgary and Drayton Valley, Alberta.
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