The stock of Baytex Energy Corp (TSE:BTE) gapped up by $0.06 today and has $6.78 target or 23.00% above today’s $5.51 share price. The 6 months technical chart setup indicates low risk for the $1.17B company. The gap was reported on Nov, 21 by Barchart.com. If the $6.78 price target is reached, the company will be worth $269.10M 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 5.49M shares traded hands or 9.15% up from the average. Baytex Energy Corp (TSE:BTE) has declined 5.91% since April 15, 2016 and is downtrending. It has underperformed by 9.77% the S&P500.
Baytex Energy Corp (TSE:BTE) Ratings Coverage
Out of 5 analysts covering Baytex Energy Trust (TSE:BTE), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $27.50 is the highest target while $5.50 is the lowest. The $7.40 average target is 34.30% above today’s ($5.51) stock price. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. IBC initiated Baytex Energy Corp (TSE:BTE) rating on Wednesday, June 15. IBC has “Sector Perform” rating and $9.50 price target. The stock of Baytex Energy Corp (TSE:BTE) has “Market Perform” rating given on Monday, August 31 by FirstEnergy Capital. Scotia Capital maintained the stock with “Outperform” rating in Friday, July 29 report. RBC Capital Markets initiated Baytex Energy Corp (TSE:BTE) rating on Monday, December 7. RBC Capital Markets has “Sector Perform” rating and $8 price target. The firm has “” rating by Desjardins Securities given on Tuesday, June 28. The firm has “Hold” rating given on Thursday, November 3 by TD Securities. The firm has “” rating given on Monday, June 6 by Raymond James. The firm has “Sector Perform” rating by RBC Capital Markets given on Friday, December 11. Scotia Capital maintained Baytex Energy Corp (TSE:BTE) on Thursday, November 3 with “Outperform” rating.
More notable recent Baytex Energy Corp (TSE:BTE) news were published by: Fool.ca which released: “Baytex Energy Corp.: Should You Buy the Bounce?” on November 21, 2016, also Fool.com with their article: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” published on November 03, 2016, Fool.ca published: “Baytex Energy Corp.: Next Stop: $10 Per Share!” on November 18, 2016. More interesting news about Baytex Energy Corp (TSE:BTE) were released by: Fool.ca and their article: “Why Baytex Energy Corp. Stands to Gain From a Trump Presidency” published on November 11, 2016 as well as Fool.ca‘s news article titled: “2 Reasons Baytex Energy Corp. Shares Have Bottomed” with publication date: November 09, 2016.
Baytex Energy Corp. is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada and in the United States (Texas). The company has a market cap of $1.17 billion. The Company’s natural gas and crude oil activities are organized into three business units: Lloydminster, Central and United States. It currently has negative earnings. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects.
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