The stock of Bonavista Energy Corp (TSE:BNP) gapped down by $0.07 today and has $3.88 target or 5.00% below today’s $4.08 share price. The 9 months technical chart setup indicates high risk for the $1.02 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $3.88 price target is reached, the company will be worth $51.00M 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 241,875 shares traded hands. Bonavista Energy Corp (TSE:BNP) has risen 45.39% since April 25, 2016 and is uptrending. It has outperformed by 40.13% the S&P500.
Bonavista Energy Corp (TSE:BNP) Ratings Coverage
Out of 4 analysts covering Bonavista Energy (TSE:BNP), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. $9.25 is the highest target while $2.25 is the lowest. The $4.90 average target is 20.10% above today’s ($4.08) stock price. Bonavista Energy has been the topic of 25 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained it with “Sector Perform” rating and $4.75 target price in Friday, November 4 report. As per Friday, January 29, the company rating was maintained by RBC Capital Markets. RBC Capital Markets maintained the shares of BNP in a report on Friday, October 28 with “Sector Perform” rating. Desjardins Securities maintained Bonavista Energy Corp (TSE:BNP) on Tuesday, June 28 with “” rating. The company was downgraded on Tuesday, January 12 by Raymond James. The firm has “Buy” rating by TD Securities given on Friday, November 4. The stock of Bonavista Energy Corp (TSE:BNP) has “Outperform” rating given on Friday, November 4 by National Bank Canada. The firm has “Sector Perform” rating by Scotia Capital given on Friday, June 17.
More recent Bonavista Energy Corp (TSE:BNP) news were published by: Business.Financialpost.com which released: “Bonavista Energy Corp upgraded as new assets ‘fit like a glove'” on September 07, 2016. Also Marketwired.com published the news titled: “Bonavista Energy Corporation Announces 2016 Second Quarter Results” on July 26, 2016. Reuters.com‘s news article titled: “BRIEF-Bonavista Energy Corp announces 2016 third quarter results” with publication date: November 03, 2016 was also an interesting one.
Bonavista Energy Corporation is a resource firm engaged in the acquisition, exploration, development and production of oil and natural gas assets. The company has a market cap of $1.02 billion. The Company’s West Central Core Area is characterized by natural gas and light oil resources. It currently has negative earnings. West Central Core Area is located within the Western Canadian Sedimentary Basin between Calgary and Drayton Valley, Alberta.
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