Some Traders Are Very Bullish on Painted Pony Petroleum Ltd After Today’s Gap Up

 Some Traders Are Very Bullish on Painted Pony Petroleum Ltd After Today's Gap Up

The stock of Painted Pony Petroleum Ltd (TSE:PPY) gapped up by $0.1 today and has $15.48 target or 69.00% above today’s $9.16 share price. The 7 months technical chart setup indicates low risk for the $1.01 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $15.48 price target is reached, the company will be worth $696.90M 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 322,593 shares traded hands. Painted Pony Petroleum Ltd (TSE:PPY) has risen 102.93% since April 11, 2016 and is uptrending. It has outperformed by 99.00% 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 $9.50 average target is 3.71% above today’s ($9.16) stock price. Painted Pony Petroleum has been the topic of 18 analyst reports since October 28, 2015 according to StockzIntelligence Inc. The rating was downgraded by Raymond James to “Outperform” on Tuesday, January 12. TD Securities maintained it with “Action List Buy” rating and $12.50 target price in Friday, August 12 report. The rating was initiated by BMO Capital Markets on Friday, February 12 with “Market Perform”. Scotia Capital maintained Painted Pony Petroleum Ltd (TSE:PPY) rating on Friday, August 12. Scotia Capital has “Outperform” rating and $9.50 price target. As per Monday, June 6, the company rating was maintained by Raymond James. On Friday, November 11 the stock rating was maintained by TD Securities with “Buy”.

Painted Pony Petroleum Ltd. is a natural gas firm in Western Canada. The company has a market cap of $1.01 billion. 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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