The stock of Birchcliff Energy Ltd. (TSE:BIR) gapped up by $0.15 today and has $12.25 target or 38.00% above today’s $8.88 share price. The 6 months technical chart setup indicates low risk for the $2.43 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $12.25 price target is reached, the company will be worth $923.40M 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 600,017 shares traded hands. Birchcliff Energy Ltd. (TSE:BIR) has risen 97.25% since April 11, 2016 and is uptrending. It has outperformed by 93.32% the S&P500.
Birchcliff Energy Ltd. (TSE:BIR) Ratings Coverage
Out of 7 analysts covering Birchcliff Energy Ltd. (TSE:BIR), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $12.50 is the highest target while $4.85 is the lowest. The $10.13 average target is 14.08% above today’s ($8.88) stock price. Birchcliff Energy Ltd. has been the topic of 23 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock has “” rating given by Raymond James on Monday, June 6. The rating was upgraded by RBC Capital Markets to “Outperform” on Thursday, February 11. The stock of Birchcliff Energy Ltd. (TSE:BIR) has “Sector Perform” rating given on Friday, January 22 by RBC Capital Markets. Scotia Capital maintained Birchcliff Energy Ltd. (TSE:BIR) rating on Monday, August 22. Scotia Capital has “Focus Stock” rating and $12 price target. The firm has “Outperform” rating by BMO Capital Markets given on Friday, February 12. The stock of Birchcliff Energy Ltd. (TSE:BIR) has “Focus Stock” rating given on Friday, August 12 by Scotia Capital.
More notable recent Birchcliff Energy Ltd. (TSE:BIR) news were published by: Marketwired.com which released: “Birchcliff Energy Ltd. Increases Size of Bought Deal Financing” on June 22, 2016, also Fool.ca with their article: “Birchcliff Energy Ltd. Just Went All-In on Rising Oil Prices” published on September 12, 2016, Business.Financialpost.com published: “Seymour Schulich lightens up on Birchcliff Energy ownership, sells for estate …” on August 09, 2016. More interesting news about Birchcliff Energy Ltd. (TSE:BIR) were released by: Marketwired.com and their article: “Birchcliff Energy Ltd. Announces Closing of Strategic Montney/Doig Acquisition …” published on July 28, 2016 as well as Business.Financialpost.com‘s news article titled: “Birchcliff Energy establishes a quarterly dividend despite posting a loss” with publication date: November 09, 2016.
Birchcliff Energy Ltd. is an intermediate oil and natural gas company. The company has a market cap of $2.43 billion. The Firm is engaged in the exploration for and the development, production and acquisition of petroleum and natural gas reserves in Western Canada. It currently has negative earnings. The Company’s activities are concentrated within core area, the Peace River Arch, which is centered over 90 kilometers northwest of Grande Prairie, Alberta, adjacent to the Alberta/British Columbia border.
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