The stock of Freehold Royalties Ltd (TSE:FRU) gapped down by $0.12 today and has $10.94 target or 8.00% below today’s $11.89 share price. The 9 months technical chart setup indicates high risk for the $1.38 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $10.94 price target is reached, the company will be worth $110.40M 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 50,909 shares traded hands. Freehold Royalties Ltd (TSE:FRU) has declined 2.33% since April 25, 2016 and is downtrending. It has underperformed by 7.59% the S&P500.
Freehold Royalties Ltd (TSE:FRU) Ratings Coverage
Out of 8 analysts covering Freehold Royalties (TSE:FRU), 6 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 75% are positive. $18 is the highest target while $11 is the lowest. The $14.63 average target is 23.04% above today’s ($11.89) stock price. Freehold Royalties has been the topic of 24 analyst reports since July 21, 2015 according to StockzIntelligence Inc. TD Securities maintained Freehold Royalties Ltd (TSE:FRU) rating on Monday, August 10. TD Securities has “Buy” rating and $18 price target. The rating was initiated by BMO Capital Markets with “Outperform” on Friday, February 12. Cormark Securities maintained the shares of FRU in a report on Friday, October 28 with “Buy” rating. Scotia Capital maintained the stock with “Sector Perform” rating in Wednesday, November 9 report. The firm has “Outperform” rating by Raymond James given on Monday, September 19. Scotia Capital maintained the shares of FRU in a report on Friday, August 7 with “Sector Perform” rating. The stock of Freehold Royalties Ltd (TSE:FRU) has “” rating given on Tuesday, June 28 by Desjardins Securities. TD Securities maintained the stock with “Buy” rating in Wednesday, November 9 report. The company was maintained on Wednesday, November 9 by RBC Capital Markets. The company was maintained on Wednesday, November 9 by National Bank Canada.
More notable recent Freehold Royalties Ltd (TSE:FRU) news were published by: Marketwired.com which released: “Freehold Royalties Ltd. Enters Into Agreement to Acquire Royalty Production …” on May 02, 2016, also Marketwired.com with their article: “Freehold Royalties Ltd. Announces Closing of Acquisition and Public Offering” published on May 25, 2016, Marketwired.com published: “Freehold Royalties Ltd. Announces 2016 Second Quarter Results and Suspension …” on August 05, 2016. More interesting news about Freehold Royalties Ltd (TSE:FRU) were released by: Marketwired.com and their article: “Freehold Royalties Ltd. Enters Into Agreements to Acquire Royalty Production …” published on April 14, 2015 as well as Marketwired.com‘s news article titled: “Freehold Royalties Ltd. Announces Strategic Royalty Deals and Corporate …” with publication date: December 04, 2014.
Freehold Royalties Ltd. is a Canada firm engaged in the development and production of oil and natural gas, predominantly in western Canada. The company has a market cap of $1.38 billion. The Company’s primary focus is acquiring and managing oil and natural gas royalties. It currently has negative earnings. The Firm manages a non-government portfolio of oil and natural gas royalties in Canada.
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