The stock of Whitecap Resources Inc. (TSE:WCP) gapped up by $0.04 today and has $17.77 target or 56.00% above today’s $11.39 share price. The 9 months technical chart setup indicates low risk for the $4.21B company. The gap was reported on Nov, 15 by Barchart.com. If the $17.77 price target is reached, the company will be worth $2.36B 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 751,412 shares traded hands. Whitecap Resources Inc. (TSE:WCP) has risen 24.35% since April 11, 2016 and is uptrending. It has outperformed by 20.42% the S&P500.
Whitecap Resources Inc. (TSE:WCP) Ratings Coverage
Out of 7 analysts covering Whitecap Resources Inc. (TSE:WCP), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $18 is the highest target while $7.50 is the lowest. The $13.77 average target is 20.90% above today’s ($11.39) stock price. Whitecap Resources Inc. has been the topic of 22 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was initiated on Friday, July 8 by IBC. Raymond James maintained it with “” rating and $13 target price in Monday, June 6 report. Scotia Capital maintained it with “Outperform” rating and $14.50 target price in Thursday, November 3 report. TD Securities maintained the shares of WCP in a report on Thursday, November 3 with “Buy” rating. The rating was initiated by BMO Capital Markets with “Outperform” on Thursday, January 14. The company was downgraded on Wednesday, January 20 by Barclays Capital.
More news for Whitecap Resources Inc. (TSE:WCP) were recently published by: Reuters.com, which released: “BRIEF-Whitecap Resources Inc. announces $300 mln capital budget for 2017” on November 14, 2016. Seekingalpha.com‘s article titled: “Whitecap Resources: Emerging Strong From Oil’s Downturn” and published on May 17, 2016 is yet another important article.
Whitecap Resources Inc. is engaged in the acquisition, development, optimization and production of natural gas and crude oil in western Canada. The company has a market cap of $4.21 billion. The Firm is focused on providing sustainable monthly dividends and per share growth through a combination of accretive oil acquisitions and organic growth on existing and acquired assets. It currently has negative earnings. It has activities in Alberta, Saskatchewan and British Columbia.
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