The stock of Parex Resources Inc. (TSE:PXT) gapped up by $0.14 today and has $27.68 target or 64.00% above today’s $16.88 share price. The 5 months technical chart setup indicates low risk for the $2.62 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $27.68 price target is reached, the company will be worth $1.68 billion 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 80,610 shares traded hands. Parex Resources Inc. (TSE:PXT) has risen 39.96% since April 11, 2016 and is uptrending. It has outperformed by 36.04% the S&P500.
Parex Resources Inc. (TSE:PXT) Ratings Coverage
Out of 7 analysts covering Parex Resources Inc. (TSE:PXT), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $20 is the highest target while $10 is the lowest. The $16.28 average target is -3.55% below today’s ($16.88) stock price. Parex Resources Inc. has been the topic of 26 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating by Scotia Capital given on Friday, August 12. The stock of Parex Resources Inc. (TSE:PXT) earned “Hold” rating by TD Securities on Friday, August 12. The stock has “Buy” rating given by Paradigm Research on Tuesday, August 25. The firm has “Buy” rating by TD Securities given on Thursday, February 18. Scotia Capital maintained it with “Outperform” rating and $14.50 target price in Friday, July 8 report. Scotia Capital maintained Parex Resources Inc. (TSE:PXT) rating on Wednesday, August 5. Scotia Capital has “Outperform” rating and $13.50 price target. The rating was maintained by FirstEnergy Capital on Friday, September 9 with “Outperform”.
Another recent and important Parex Resources Inc. (TSE:PXT) news was published by Seekingalpha.com which published an article titled: “Parex Resources: Heavily Undervalued Offering 98% Upside” on May 09, 2016.
Parex Resources, Inc. is a Canada-based gas and oil company. The company has a market cap of $2.62 billion. The Firm is engaged in crude oil exploration, development and production in Colombia. It currently has negative earnings. The Company’s divisions include Canada and Colombia.
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