The stock of Cardinal Energy Ltd (TSE:CJ) gapped down by $0.21 today and has $7.87 target or 9.00% below today’s $8.65 share price. The 8 months technical chart setup indicates high risk for the $622.16 million company. The gap down was reported on Nov, 29 by Barchart.com. If the $7.87 price target is reached, the company will be worth $55.99 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 115,663 shares traded hands. Cardinal Energy Ltd (TSE:CJ) has declined 1.43% since April 25, 2016 and is downtrending. It has underperformed by 6.69% the S&P500.
Cardinal Energy Ltd (TSE:CJ) Ratings Coverage
Out of 4 analysts covering Cardinal Energy (TSE:CJ), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $17 is the highest target while $7 is the lowest. The $12.36 average target is 42.89% above today’s ($8.65) stock price. Cardinal Energy has been the topic of 11 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Tuesday, November 8 by Scotia Capital. The firm has “Outperform” rating given on Tuesday, November 8 by RBC Capital Markets. TD Securities maintained Cardinal Energy Ltd (TSE:CJ) on Wednesday, November 9 with “Buy” rating. Dundee Securities downgraded the stock to “Neutral” rating in Tuesday, January 12 report.
More important recent Cardinal Energy Ltd (TSE:CJ) news were published by: Marketwired.com which released: “Cardinal Energy Ltd. Confirms Monthly Dividend for November” on November 10, 2016, also Marketwired.com published article titled: “Cardinal Energy Ltd. Announces Second Quarter Results”, Marketwired.com published: “Cardinal Energy Ltd. Announces $50 Million Bought Deal Financing” on May 25, 2016. More interesting news about Cardinal Energy Ltd (TSE:CJ) was released by: Marketwired.com and their article: “Cardinal Energy Ltd. Announces Closing of Light Oil Acquisition” with publication date: October 30, 2015.
Cardinal Energy Ltd. is a Canada-based oil-focused company. The company has a market cap of $622.16 million. The Firm is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan. It currently has negative earnings. The Company’s Wainwright properties are located approximately 200 kilometers southeast of Edmonton, Alberta.
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