Painted Pony Petroleum Ltd’s Big Gap Down Today Points to More Stock Risks

 Painted Pony Petroleum Ltd's Big Gap Down Today Points to More Stock Risks

The stock of Painted Pony Petroleum Ltd (TSE:PPY) gapped down by $0.13 today and has $8.82 target or 4.00% below today’s $9.19 share price. The 7 months technical chart setup indicates high risk for the $880.07 million company. The gap down was reported on Nov, 29 by Barchart.com. If the $8.82 price target is reached, the company will be worth $35.20 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 160,825 shares traded hands. Painted Pony Petroleum Ltd (TSE:PPY) has risen 72.81% since April 25, 2016 and is uptrending. It has outperformed by 67.55% the S&P500.

Painted Pony Petroleum Ltd (TSE:PPY) Ratings Coverage

Out of 5 analysts covering Painted Pony Petroleum (TSE:PPY), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $13 is the highest target while $4.75 is the lowest. The $9.50 average target is 3.37% above today’s ($9.19) stock price. Painted Pony Petroleum has been the topic of 18 analyst reports since October 28, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital with “Outperform” on Friday, August 12. The stock of Painted Pony Petroleum Ltd (TSE:PPY) earned “Market Perform” rating by BMO Capital Markets on Friday, February 12. Raymond James maintained it with “” rating and $8.50 target price in Monday, June 6 report. The rating was downgraded by Raymond James on Tuesday, January 12 to “Outperform”. On Friday, August 12 the stock rating was maintained by TD Securities with “Action List Buy”. TD Securities maintained Painted Pony Petroleum Ltd (TSE:PPY) rating on Friday, November 11. TD Securities has “Buy” rating and $12.50 price target.

Painted Pony Petroleum Ltd. is a natural gas firm in Western Canada. The company has a market cap of $880.07 million. The Company’s principal business activity is the exploration, development and production of petroleum and natural gas resources in western Canada. It currently has negative earnings. It is focused on the development of natural gas and natural gas liquids from the Montney formation in Northeast British Columbia.

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