Birchcliff Energy Ltd. Gaps Up; Strong Momentum for Buyers

 Birchcliff Energy Ltd. Gaps Up; Strong Momentum for Buyers

The stock of Birchcliff Energy Ltd. (TSE:BIR) gapped up by $0.28 today and has $9.35 target or 9.00% above today’s $8.58 share price. The 5 months technical chart setup indicates low risk for the $2.18 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $9.35 price target is reached, the company will be worth $196.20M 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 665,012 shares traded hands. Birchcliff Energy Ltd. (TSE:BIR) has risen 55.85% since April 26, 2016 and is uptrending. It has outperformed by 50.63% the S&P500.

Birchcliff Energy Ltd. (TSE:BIR) Ratings Coverage

Out of 7 analysts covering Birchcliff Energy Ltd. (TSE:BIR), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $12.50 is the highest target while $4.85 is the lowest. The $10.13 average target is 18.07% above today’s ($8.58) stock price. Birchcliff Energy Ltd. has been the topic of 23 analyst reports since July 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained Birchcliff Energy Ltd. (TSE:BIR) rating on Friday, January 22. RBC Capital Markets has “Sector Perform” rating and $6 price target. The firm earned “Outperform” rating on Thursday, February 11 by RBC Capital Markets. The stock of Birchcliff Energy Ltd. (TSE:BIR) has “Focus Stock” rating given on Friday, August 12 by Scotia Capital. BMO Capital Markets initiated Birchcliff Energy Ltd. (TSE:BIR) on Friday, February 12 with “Outperform” rating. The rating was maintained by Scotia Capital on Monday, August 22 with “Focus Stock”. The firm has “” rating by Raymond James given on Monday, June 6.

More notable recent Birchcliff Energy Ltd. (TSE:BIR) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on November 22, 2011, also Marketwired.com with their article: “Birchcliff Energy Ltd. Increases Size of Bought Deal Financing” published on June 22, 2016, Fool.ca published: “Birchcliff Energy Ltd. Just Went All-In on Rising Oil Prices” on September 12, 2016. More interesting news about Birchcliff Energy Ltd. (TSE:BIR) were released by: Business.Financialpost.com and their article: “Seymour Schulich lightens up on Birchcliff Energy ownership, sells for estate …” published on August 09, 2016 as well as Marketwired.com‘s news article titled: “Birchcliff Energy Ltd. Announces Closing of Strategic Montney/Doig Acquisition …” with publication date: July 28, 2016.

Birchcliff Energy Ltd. is an intermediate oil and natural gas company. The company has a market cap of $2.18 billion. The Firm is engaged in the exploration for and the development, production and acquisition of petroleum and natural gas reserves in Western Canada. It currently has negative earnings. The Company’s activities are concentrated within core area, the Peace River Arch, which is centered over 90 kilometers northwest of Grande Prairie, Alberta, adjacent to the Alberta/British Columbia border.

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