Is Parex Resources Inc.’s Fuel Running Low? The Stock Just Gapped Down

 Is Parex Resources Inc.'s Fuel Running Low? The Stock Just Gapped Down

The stock of Parex Resources Inc. (TSE:PXT) gapped down by $0.14 today and has $14.66 target or 9.00% below today’s $16.11 share price. The 6 months technical chart setup indicates high risk for the $2.40B company. The gap down was reported on Nov, 29 by Barchart.com. If the $14.66 price target is reached, the company will be worth $216.00M 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 94,936 shares traded hands. Parex Resources Inc. (TSE:PXT) has risen 38.16% since April 25, 2016 and is uptrending. It has outperformed by 32.90% the S&P500.

Parex Resources Inc. (TSE:PXT) Ratings Coverage

Out of 7 analysts covering Parex Resources Inc. (TSE:PXT), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $20 is the highest target while $10 is the lowest. The $16.58 average target is 2.92% above today’s ($16.11) stock price. Parex Resources Inc. has been the topic of 27 analyst reports since August 5, 2015 according to StockzIntelligence Inc. As per Friday, September 9, the company rating was maintained by FirstEnergy Capital. Scotia Capital maintained the stock with “Outperform” rating in Friday, August 12 report. The rating was maintained by Paradigm Research with “Buy” on Tuesday, August 25. Scotia Capital maintained the shares of PXT in a report on Wednesday, August 5 with “Outperform” rating. TD Securities upgraded it to “Buy” rating and $11.50 target price in Thursday, February 18 report. On Friday, July 8 the stock rating was maintained by Scotia Capital with “Outperform”. TD Securities maintained it with “Hold” rating and $12.50 target price in Friday, August 12 report.

Another recent and important Parex Resources Inc. (TSE:PXT) news was published by Seekingalpha.com which published an article titled: “Parex Resources: Heavily Undervalued Offering 98% Upside” on May 09, 2016.

Parex Resources, Inc. is a Canada-based gas and oil company. The company has a market cap of $2.40 billion. The Firm is engaged in crude oil exploration, development and production in Colombia. It currently has negative earnings. The Company’s divisions include Canada and Colombia.

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