Is Buying Stock Like Petrus Resources Ltd After Such Gap Up a Winning Strategy?

 Is Buying Stock Like Petrus Resources Ltd After Such Gap Up a Winning Strategy?

The stock of Petrus Resources Ltd (TSE:PRQ) gapped up by $0.04 today and has $2.68 target or 3.00% above today’s $2.60 share price. The 5 months technical chart setup indicates low risk for the $115.61 million company. The gap was reported on Nov, 24 by Barchart.com. If the $2.68 price target is reached, the company will be worth $3.47M 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 13,603 shares traded hands. Petrus Resources Ltd (TSE:PRQ) has risen 35.48% since April 19, 2016 and is uptrending. It has outperformed by 30.07% 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. Progress Energy Resources Corp. has been the topic of 3 analyst reports since February 18, 2016 according to StockzIntelligence Inc. FirstEnergy Capital initiated the stock with “An Outperform” rating in Wednesday, February 24 report. The stock of Petrus Resources Ltd (TSE:PRQ) earned “Buy” rating by Cormark Securities on Thursday, February 18. RBC Capital Markets initiated the stock with “Sector Perform” rating in Friday, July 8 report.

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: “Phoscan Announces Plan of Arrangement With Petrus Resources Ltd. and Related …” on November 30, 2015. More interesting news about Petrus Resources Ltd (TSE:PRQ) were released by: Marketwired.com and their article: “Petrus Resources Ltd. Announces Closing of Acquisition and Debt Financing and …” published on October 08, 2014 as well as Theglobeandmail.com‘s news article titled: “Insider buying at Petrus Resources” with publication date: July 22, 2016.

Petrus Resources Ltd. is an oil and gas company. The company has a market cap of $115.61 million. The Firm focuses on property exploitation, strategic acquisitions and risk-managed exploration in Alberta. It has a 1.59 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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