The stock of Baytex Energy Corp (TSE:BTE) gapped up by $0.32 today and has $5.77 target or 8.00% above today’s $5.34 share price. The 6 months technical chart setup indicates low risk for the $1.09B company. The gap was reported on Nov, 30 by Barchart.com. If the $5.77 price target is reached, the company will be worth $87.20M 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 6.88 million shares traded hands or 35.43% up from the average. Baytex Energy Corp (TSE:BTE) has declined 21.75% since April 26, 2016 and is downtrending. It has underperformed by 26.97% the S&P500.
Baytex Energy Corp (TSE:BTE) Ratings Coverage
Out of 5 analysts covering Baytex Energy Trust (TSE:BTE), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $27.50 is the highest target while $5.50 is the lowest. The $7.40 average target is 38.58% above today’s ($5.34) stock price. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The stock of Baytex Energy Corp (TSE:BTE) has “” rating given on Tuesday, June 28 by Desjardins Securities. The firm has “Market Perform” rating given on Monday, August 31 by FirstEnergy Capital. RBC Capital Markets initiated it with “Sector Perform” rating and $8 target price in Monday, December 7 report. TD Securities maintained the shares of BTE in a report on Thursday, November 3 with “Hold” rating. As per Wednesday, June 15, the company rating was initiated by IBC. On Thursday, November 3 the stock rating was maintained by Scotia Capital with “Outperform”. The stock of Baytex Energy Corp (TSE:BTE) earned “Outperform” rating by Scotia Capital on Friday, July 29. On Friday, December 11 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The stock has “” rating given by Raymond James on Monday, June 6.
More notable recent Baytex Energy Corp (TSE:BTE) news were published by: Foxbusiness.com which released: “Baytex Energy Corp. Goes Shopping” on November 23, 2016, also Fool.ca with their article: “Baytex Energy Corp.: Time to Buy or Run for Cover?” published on November 30, 2016, Fool.com published: “3 Things Baytex Energy Corp.’s CEO Wants You to Know About Its Q3 Results” on November 22, 2016. More interesting news about Baytex Energy Corp (TSE:BTE) were released by: Fool.ca and their article: “Baytex Energy Corp.: Should You Buy the Bounce?” published on November 21, 2016 as well as Fool.com‘s news article titled: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” with publication date: November 03, 2016.
Baytex Energy Corp. is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada and in the United States (Texas). The company has a market cap of $1.09 billion. The Company’s natural gas and crude oil activities are organized into three business units: Lloydminster, Central and United States. It currently has negative earnings. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects.
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