The stock of Whitecap Resources Inc. (TSE:WCP) gapped down by $0.13 today and has $10.05 target or 6.00% below today’s $10.69 share price. The 5 months technical chart setup indicates high risk for the $3.81 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $10.05 price target is reached, the company will be worth $228.60 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 284,740 shares traded hands. Whitecap Resources Inc. (TSE:WCP) has risen 12.05% since April 25, 2016 and is uptrending. It has outperformed by 6.79% the S&P500.
Whitecap Resources Inc. (TSE:WCP) Ratings Coverage
Out of 8 analysts covering Whitecap Resources Inc. (TSE:WCP), 6 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 75% are positive. $18 is the highest target while $7.50 is the lowest. The $13.63 average target is 27.50% above today’s ($10.69) stock price. Whitecap Resources Inc. has been the topic of 23 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was initiated on Thursday, January 14 by BMO Capital Markets. Barclays Capital downgraded the shares of WCP in a report on Wednesday, January 20 to “Equal Weight” rating. The firm earned “Outperform” rating on Thursday, November 3 by Scotia Capital. The stock has “” rating given by Raymond James on Monday, June 6. The company was initiated on Friday, July 8 by IBC. TD Securities maintained the shares of WCP in a report on Thursday, November 3 with “Buy” rating.
Another recent and important Whitecap Resources Inc. (TSE:WCP) news was published by Seekingalpha.com which published an article titled: “Whitecap Resources: Emerging Strong From Oil’s Downturn” on May 17, 2016.
Whitecap Resources Inc. is engaged in the acquisition, development, optimization and production of natural gas and crude oil in western Canada. The company has a market cap of $3.81 billion. The Firm is focused on providing sustainable monthly dividends and per share growth through a combination of accretive oil acquisitions and organic growth on existing and acquired assets. It currently has negative earnings. It has activities in Alberta, Saskatchewan and British Columbia.
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