What’s Next for Petrus Resources Ltd After Today’s Gap Up?

 What's Next for Petrus Resources Ltd After Today's Gap Up?

The stock of Petrus Resources Ltd (TSE:PRQ) gapped up by $0.03 today and has $3.94 target or 79.00% above today’s $2.20 share price. The 7 months technical chart setup indicates low risk for the $110.57M company. The gap was reported on Nov, 16 by Barchart.com. If the $3.94 price target is reached, the company will be worth $87.35 million 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 37,425 shares traded hands. Petrus Resources Ltd (TSE:PRQ) has declined 1.38% since April 11, 2016 and is downtrending. It has underperformed by 6.06% the S&P500.

Petrus Resources Ltd (TSE:PRQ) Ratings Coverage

Out of 2 analysts covering Progress Energy Resources Corp. (TSE:PRQ), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $4.50 is the highest target while $2.25 is the lowest. The $3.38 average target is 53.64% above today’s ($2.2) stock price. Progress Energy Resources Corp. has been the topic of 3 analyst reports since February 18, 2016 according to StockzIntelligence Inc. Cormark Securities initiated the stock with “Buy” rating in Thursday, February 18 report. RBC Capital Markets initiated the stock with “Sector Perform” rating in Friday, July 8 report. On Wednesday, February 24 the stock rating was initiated by FirstEnergy Capital with “An Outperform”.

More notable recent Petrus Resources Ltd (TSE:PRQ) news were published by: Marketwired.com which released: “Petrus Resources Announces Third Quarter 2016 Financial & Operating Results” on November 09, 2016, also Marketwired.com with their article: “Petrus Resources Ltd. Announces Major Acquisition and Financing and Provides …” published on September 03, 2014, Marketwired.com published: “Petrus Resources Announces Management Succession” on November 08, 2016. More interesting news about Petrus Resources Ltd (TSE:PRQ) were released by: Marketwired.com and their article: “Phoscan Announces Plan of Arrangement With Petrus Resources Ltd. and Related …” published on November 30, 2015 as well as Marketwired.com‘s news article titled: “Petrus Resources Ltd. Announces Closing of Acquisition and Debt Financing and …” with publication date: October 08, 2014.

Petrus Resources Ltd. is an oil and gas company. The company has a market cap of $110.57 million. The Firm focuses on property exploitation, strategic acquisitions and risk-managed exploration in Alberta. It has a 1.34 P/E ratio. The Firm has production and growth opportunities in approximately three areas within the province of Alberta, including Ferrier, Central Alberta and the central Rocky Mountain foothills region.

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