Is Baytex Energy Corp a Sell? The Stock Gapped Down Today

 Is Baytex Energy Corp a Sell? The Stock Gapped Down Today

The stock of Baytex Energy Corp (TSE:BTE) gapped down by $0.13 today and has $4.89 target or 7.00% below today’s $5.26 share price. The 9 months technical chart setup indicates high risk for the $1.11B company. The gap down was reported on Nov, 23 by Barchart.com. If the $4.89 price target is reached, the company will be worth $77.70 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 4.28M shares traded hands. Baytex Energy Corp (TSE:BTE) has declined 6.62% since April 19, 2016 and is downtrending. It has underperformed by 11.95% 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 40.68% above today’s ($5.26) stock price. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The stock of Baytex Energy Corp (TSE:BTE) has “Hold” rating given on Thursday, November 3 by TD Securities. The firm has “Outperform” rating given on Thursday, November 3 by Scotia Capital. The rating was maintained by Scotia Capital on Friday, July 29 with “Outperform”. As per Friday, December 11, the company rating was maintained by RBC Capital Markets. The rating was maintained by Raymond James on Monday, June 6 with “”. The stock of Baytex Energy Corp (TSE:BTE) has “” rating given on Tuesday, June 28 by Desjardins Securities. IBC initiated the stock with “Sector Perform” rating in Wednesday, June 15 report. As per Monday, December 7, the company rating was initiated by RBC Capital Markets. FirstEnergy Capital maintained the stock with “Market Perform” rating in Monday, August 31 report.

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 Reuters.com with their article: “Baytex buying northern Alberta heavy oil assets for C$65 million” published on November 22, 2016, Fool.com published: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” on November 03, 2016. More interesting news about Baytex Energy Corp (TSE:BTE) were released by: Fool.ca and their article: “Baytex Energy Corp. Is Still Cautious on 2017” published on November 14, 2016 as well as Fool.ca‘s news article titled: “Baytex Energy Corp.: Next Stop: $10 Per Share!” with publication date: November 18, 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 $1.11 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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