The stock of TORC OIL AND GAS LTD (TSE:TOG) gapped down by $0.09 today and has $6.76 target or 7.00% below today’s $7.27 share price. The 6 months technical chart setup indicates high risk for the $1.37 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $6.76 price target is reached, the company will be worth $95.90M 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 272,184 shares traded hands. TORC OIL AND GAS LTD (TSE:TOG) has declined 12.72% since April 25, 2016 and is downtrending. It has underperformed by 17.98% the S&P500.
TORC OIL AND GAS LTD (TSE:TOG) Ratings Coverage
Out of 6 analysts covering Torc Oil & Gas (TSE:TOG), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. $12 is the highest target while $5.25 is the lowest. The $8.83 average target is 21.46% above today’s ($7.27) stock price. Torc Oil & Gas has been the topic of 18 analyst reports since August 13, 2015 according to StockzIntelligence Inc. TD Securities maintained the stock with “Buy” rating in Friday, August 19 report. The rating was maintained by RBC Capital Markets on Tuesday, December 15 with “Outperform”. The firm earned “Outperform” rating on Wednesday, November 9 by Scotia Capital.
More news for TORC OIL AND GAS LTD (TSE:TOG) were recently published by: Business.Financialpost.com, which released: “TORC Oil & Gas Ltd leads Canadian energy stock rebound” on April 15, 2015. Marketwired.com‘s article titled: “TORC Oil & Gas Announces Strategic Acquisitions in Southeast Saskatchewan …” and published on July 25, 2016 is yet another important article.
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