The stock of Canacol Energy Ltd (TSE:CNE) gapped down by $0.02 today and has $3.99 target or 9.00% below today’s $4.39 share price. The 8 months technical chart setup indicates high risk for the $749.40M company. The gap down was reported on Nov, 29 by Barchart.com. If the $3.99 price target is reached, the company will be worth $67.45M 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 114,376 shares traded hands. Canacol Energy Ltd (TSE:CNE) has risen 21.12% since April 25, 2016 and is uptrending. It has outperformed by 15.86% the S&P500.
Canacol Energy Ltd (TSE:CNE) Ratings Coverage
Out of 5 analysts covering Canacol Energy (TSE:CNE), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $6.90 is the highest target while $2.10 is the lowest. The $5.67 average target is 29.16% above today’s ($4.39) stock price. Canacol Energy has been the topic of 17 analyst reports since September 2, 2015 according to StockzIntelligence Inc. The rating was maintained by TD Securities on Friday, November 11 with “Buy”. The firm has “Outperform” rating given on Thursday, September 22 by Scotia Capital. The firm has “Outperform” rating by Scotia Capital given on Wednesday, August 24. The firm has “Outperform” rating given on Tuesday, June 7 by Scotia Capital.
More important recent Canacol Energy Ltd (TSE:CNE) news were published by: Finance.Yahoo.com which released: “Canacol Energy Ltd. Tests Nelson 6 Gas Discovery at 23 MMSCFPD (4035 BOEPD)” on November 14, 2016, also Marketwired.com published article titled: “Canacol Energy Ltd. Tests Nispero 1 Exploration Well at 28 MMSCFPD, Expands …”, Marketwired.com published: “Canacol Energy Ltd. Announces Closing of Private Placement” on August 02, 2016. More interesting news about Canacol Energy Ltd (TSE:CNE) was released by: Marketwired.com and their article: “Canacol Energy Ltd. Tests 26 MMSCFPD (4561 BOEPD) from First of Three Planned …” with publication date: February 24, 2016.
Canacol Energy Ltd. is a Canada-based gas and oil exploration and production company. The company has a market cap of $749.40 million. The Firm is engaged in petroleum and natural gas exploration and development activities in Colombia and Ecuador. It currently has negative earnings. It owns approximately 0.5% interest in Oleoducto Bicentenario de Colombia , which owns a pipeline system that focuses on linking Llanos basin oil production to the Cano Limon oil pipeline system.
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