The stock of Cardinal Energy Ltd (TSE:CJ) gapped up by $0.02 today and has $13.59 target or 44.00% above today’s $9.44 share price. The 5 months technical chart setup indicates low risk for the $691.81 million company. The gap was reported on Nov, 21 by Barchart.com. If the $13.59 price target is reached, the company will be worth $304.40 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 449,510 shares traded hands or 7.79% up from the average. Cardinal Energy Ltd (TSE:CJ) has risen 0.35% since April 15, 2016 and is uptrending. It has underperformed by 3.52% the S&P500.
Cardinal Energy Ltd (TSE:CJ) Ratings Coverage
Out of 4 analysts covering Cardinal Energy (TSE:CJ), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $17 is the highest target while $7 is the lowest. The $12.36 average target is 30.93% above today’s ($9.44) stock price. Cardinal Energy has been the topic of 11 analyst reports since July 28, 2015 according to StockzIntelligence Inc. As per Tuesday, November 8, the company rating was maintained by Scotia Capital. The stock has “Neutral” rating given by Dundee Securities on Tuesday, January 12. The firm earned “Outperform” rating on Tuesday, November 8 by RBC Capital Markets. The stock has “Buy” rating given by TD Securities on Wednesday, November 9.
More recent Cardinal Energy Ltd (TSE:CJ) news were published by: Marketwired.com which released: “Cardinal Energy Ltd. Confirms Monthly Dividend for November” on November 10, 2016. Also Marketwired.com published the news titled: “Cardinal Energy Ltd. Announces $50 Million Bought Deal Financing” on May 25, 2016. Marketwired.com‘s news article titled: “Cardinal Energy Ltd. Announces Second Quarter Results” with publication date: August 02, 2016 was also an interesting one.
Cardinal Energy Ltd. is a Canada-based oil-focused company. The company has a market cap of $691.81 million. The Firm is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan. It currently has negative earnings. The Company’s Wainwright properties are located approximately 200 kilometers southeast of Edmonton, Alberta.
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