Is Major Move Coming For Baytex Energy Corp After This Gap Down?

 Is Major Move Coming For Baytex Energy Corp After This Gap Down?

The stock of Baytex Energy Corp (TSE:BTE) gapped down by $0.1 today and has $4.77 target or 3.00% below today’s $4.92 share price. The 8 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 $4.77 price target is reached, the company will be worth $30.60M 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 2.18 million shares traded hands. Baytex Energy Corp (TSE:BTE) has declined 18.06% since April 25, 2016 and is downtrending. It has underperformed by 23.32% the S&P500.

Baytex Energy Corp (TSE:BTE) Ratings Coverage

Out of 5 analysts covering Baytex Energy Trust (TSE:BTE), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $27.50 is the highest target while $5.50 is the lowest. The $7.40 average target is 50.41% above today’s ($4.92) stock price. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. TD Securities maintained Baytex Energy Corp (TSE:BTE) rating on Thursday, November 3. TD Securities has “Hold” rating and $6.50 price target. The firm earned “Sector Perform” rating on Wednesday, June 15 by IBC. The stock has “Outperform” rating given by Scotia Capital on Friday, July 29. The rating was maintained by RBC Capital Markets with “Sector Perform” on Friday, December 11. The stock has “Market Perform” rating given by FirstEnergy Capital on Monday, August 31. Scotia Capital maintained it with “Outperform” rating and $8.25 target price in Thursday, November 3 report. The rating was initiated by RBC Capital Markets with “Sector Perform” on Monday, December 7. The stock of Baytex Energy Corp (TSE:BTE) has “” rating given on Monday, June 6 by Raymond James. The firm has “” rating by Desjardins Securities given on Tuesday, June 28.

More notable recent Baytex Energy Corp (TSE:BTE) news were published by: Foxbusiness.com which released: “Baytex Energy Corp. Goes Shopping” on November 23, 2016, also Fool.com with their article: “3 Things Baytex Energy Corp.’s CEO Wants You to Know About Its Q3 Results” published on November 22, 2016, Fool.ca published: “Baytex Energy Corp.: Should You Buy the Bounce?” on November 21, 2016. More interesting news about Baytex Energy Corp (TSE:BTE) were released by: Fool.com and their article: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” published on November 03, 2016 as well as Fool.ca‘s news article titled: “2 Reasons Baytex Energy Corp. Shares Have Bottomed” with publication date: November 09, 2016.

Baytex Energy Corp. is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada and in the United States (Texas). The company has a market cap of $1.02 billion. The Company’s natural gas and crude oil activities are organized into three business units: Lloydminster, Central and United States. It currently has negative earnings. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects.

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