The stock of Nuvista Energy Ltd (TSE:NVA) gapped down by $0.02 today and has $6.62 target or 3.00% below today’s $6.82 share price. The 7 months technical chart setup indicates high risk for the $1.17B company. The gap down was reported on Nov, 25 by Barchart.com. If the $6.62 price target is reached, the company will be worth $35.10 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 192,914 shares traded hands. Nuvista Energy Ltd (TSE:NVA) has risen 31.40% since April 21, 2016 and is uptrending. It has outperformed by 25.99% the S&P500.
Nuvista Energy Ltd (TSE:NVA) Ratings Coverage
Out of 8 analysts covering Nuvista Energy Ltd. (TSE:NVA), 7 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 88% are positive. Nuvista Energy Ltd. has been the topic of 28 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital with “Outperform” on Thursday, August 11. The rating was maintained by Desjardins Securities with “” on Tuesday, June 28. BMO Capital Markets initiated the shares of NVA in a report on Friday, February 12 with “Market Perform” rating. The company was maintained on Friday, August 12 by TD Securities. TD Securities maintained Nuvista Energy Ltd (TSE:NVA) rating on Wednesday, August 12. TD Securities has “Buy” rating and $9.50 price target. Raymond James maintained the shares of NVA in a report on Monday, June 6 with “” rating. The stock has “Buy” rating given by Desjardins Securities on Thursday, August 11. As per Monday, October 31, the company rating was maintained by RBC Capital Markets.
More news for Nuvista Energy Ltd (TSE:NVA) were recently published by: Marketwired.com, which released: “NuVista Energy Ltd. Provides 5-Year Plan to 60000+ Boe/d, Announces New Gas …” on October 11, 2016. Marketwired.com‘s article titled: “NuVista Energy Ltd. Announces Closing of Equity Financing” and published on October 28, 2016 is yet another important article.
NuVista Energy Ltd. is an exploration and production company, which is engaged in exploration, development and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin. The company has a market cap of $1.17 billion. The Company’s primary focus is on Montney formation in the Alberta Deep Basin (Wapiti Montney). It currently has negative earnings. The Company’s products include natural gas, and condensate and oil.
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