The stock of Kelt Exploration Ltd (TSE:KEL) gapped down by $0.11 today and has $5.47 target or 7.00% below today’s $5.88 share price. The 9 months technical chart setup indicates high risk for the $1.01 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $5.47 price target is reached, the company will be worth $70.70M 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 631,392 shares traded hands. Kelt Exploration Ltd (TSE:KEL) has risen 36.32% since April 25, 2016 and is uptrending. It has outperformed by 31.06% the S&P500.
Kelt Exploration Ltd (TSE:KEL) Ratings Coverage
Out of 4 analysts covering Kelt Exploration Ltd. (TSE:KEL), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $12 is the highest target while $4.75 is the lowest. The $7.27 average target is 23.64% above today’s ($5.88) stock price. Kelt Exploration Ltd. has been the topic of 32 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The stock of Kelt Exploration Ltd (TSE:KEL) earned “Outperform” rating by IBC on Tuesday, August 11. As per Tuesday, June 28, the company rating was maintained by Desjardins Securities. TD Securities maintained the shares of KEL in a report on Tuesday, August 11 with “Buy” rating. The firm has “Buy” rating by Paradigm Research given on Tuesday, August 11. IBC downgraded the shares of KEL in a report on Wednesday, October 28 to “Sector Performer” rating. On Tuesday, August 11 the stock rating was maintained by RBC Capital Markets with “Outperform”. As per Friday, August 12, the company rating was maintained by Scotia Capital. Scotia Capital maintained Kelt Exploration Ltd (TSE:KEL) on Friday, November 11 with “Outperform” rating. The company was maintained on Tuesday, August 11 by Credit Suisse. The firm earned “” rating on Monday, June 6 by Raymond James.
Kelt Exploration Ltd. is an oil and gas firm based in Calgary, Alberta. The company has a market cap of $1.01 billion. The Firm is focused on the exploration, development and production of natural gas and crude oil resources, primarily in west central Alberta and northeastern British Columbia. It currently has negative earnings. The Company’s land holdings are located in Inga/Fireweed/Stoddart, British Columbia; Grande Prairie , Alberta; Karr, Alberta, and Grande Cache, Alberta.
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