After Today’s Gap Up, Is Bonavista Energy Corp’s Near-Term Analysis Positive

 After Today's Gap Up, Is Bonavista Energy Corp's Near Term Analysis Positive

The stock of Bonavista Energy Corp (TSE:BNP) gapped up by $0.18 today and has $4.61 target or 3.00% above today’s $4.48 share price. The 6 months technical chart setup indicates low risk for the $1.12B company. The gap was reported on Nov, 30 by Barchart.com. If the $4.61 price target is reached, the company will be worth $33.60M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 546,754 shares traded hands. Bonavista Energy Corp (TSE:BNP) has risen 41.11% since April 26, 2016 and is uptrending. It has outperformed by 35.89% the S&P500.

Bonavista Energy Corp (TSE:BNP) Ratings Coverage

Out of 4 analysts covering Bonavista Energy (TSE:BNP), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. $9.25 is the highest target while $2.25 is the lowest. The $4.90 average target is 9.38% above today’s ($4.48) stock price. Bonavista Energy has been the topic of 25 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock has “Sector Perform” rating given by Scotia Capital on Friday, November 4. The firm has “Outperform” rating by National Bank Canada given on Friday, November 4. RBC Capital Markets maintained the stock with “Sector Perform” rating in Friday, January 29 report. TD Securities maintained the shares of BNP in a report on Friday, November 4 with “Buy” rating. Scotia Capital maintained Bonavista Energy Corp (TSE:BNP) on Friday, June 17 with “Sector Perform” rating. The firm earned “Sector Perform” rating on Friday, October 28 by RBC Capital Markets. As per Tuesday, January 12, the company rating was downgraded by Raymond James. The stock has “” rating given by Desjardins Securities on Tuesday, June 28.

More recent Bonavista Energy Corp (TSE:BNP) news were published by: Business.Financialpost.com which released: “Bonavista Energy Corp upgraded as new assets ‘fit like a glove'” on September 07, 2016. Also Marketwired.com published the news titled: “Bonavista Energy Corporation Announces 2016 Second Quarter Results” on July 26, 2016. Reuters.com‘s news article titled: “BRIEF-Bonavista Energy Corp announces 2016 third quarter results” with publication date: November 03, 2016 was also an interesting one.

Bonavista Energy Corporation is a resource firm engaged in the acquisition, exploration, development and production of oil and natural gas assets. The company has a market cap of $1.12 billion. The Company’s West Central Core Area is characterized by natural gas and light oil resources. It currently has negative earnings. West Central Core Area is located within the Western Canadian Sedimentary Basin between Calgary and Drayton Valley, Alberta.

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