After Today’s Gap Down, Is Suncor Energy Inc.’s Near-Term Analysis Negative?

 After Today's Gap Down, Is Suncor Energy Inc.'s Near Term Analysis Negative?

The stock of Suncor Energy Inc. (TSE:SU) gapped down by $0.4 today and has $39.06 target or 3.00% below today’s $40.27 share price. The 8 months technical chart setup indicates high risk for the $65.94 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $39.06 price target is reached, the company will be worth $1.98 billion 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 739,155 shares traded hands. Suncor Energy Inc. (TSE:SU) has risen 14.07% since April 25, 2016 and is uptrending. It has outperformed by 8.81% the S&P500.

Suncor Energy Inc. (TSE:SU) Ratings Coverage

Out of 7 analysts covering Suncor Energy Inc. (TSE:SU), 7 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $52 is the highest target while $12.50 is the lowest. The $44.20 average target is 9.76% above today’s ($40.27) stock price. Suncor Energy Inc. has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of SU in a report on Friday, October 28 with “Sector Perform” rating. On Friday, July 29 the stock rating was maintained by Scotia Capital with “Outperform”. RBC Capital Markets maintained it with “Outperform” rating and $41 target price in Friday, April 29 report. BMO Capital Markets maintained it with “Outperform” rating and $50 target price in Friday, November 18 report. The firm has “Buy” rating by Citigroup given on Friday, February 12. The firm has “Overweight” rating given on Wednesday, November 2 by Morgan Stanley. The stock has “” rating given by Raymond James on Monday, June 6.

More notable recent Suncor Energy Inc. (TSE:SU) news were published by: Forbes.com which released: “Suncor Energy About To Put More Money In Your Pocket (SU)” on November 28, 2016, also Business.Financialpost.com with their article: “Suncor Energy Inc plans to spend $1 billion less next year, cutting costs to …” published on November 17, 2016, Fool.ca published: “Is Suncor Energy Inc. Going to Hit $50 Before the Year Ends?” on November 24, 2016. More interesting news about Suncor Energy Inc. (TSE:SU) were released by: Fool.com and their article: “Better Buy: Suncor Energy Inc. vs. Phillips 66” published on November 01, 2016 as well as Business.Financialpost.com‘s news article titled: “Suncor Energy Inc sells lubricants unit to HollyFrontier Corp for $1.13 billion” with publication date: October 31, 2016.

Suncor Energy Inc. is an integrated energy company. The company has a market cap of $65.94 billion. The Firm is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. It currently has negative earnings. The Firm operates in three business divisions: Oil Sands, Exploration and Production (E&P), and Refining and Marketing.

SU.TO Company Profile

Suncor Energy Inc. (Suncor), incorporated on August 1, 2009, is an integrated energy company. The Firm is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Firm operates in three business divisions: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. In addition, it explores for, acquires, develops, produces and markets natural gas and crude oil in Canada and internationally. It transports and refines crude oil, and markets petroleum and petrochemical products primarily in Canada. It also markets third-party petroleum products. Suncor conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, power and byproducts.

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