Could Canacol Energy Ltd Change Direction After Today’s Gap Up?

 Could Canacol Energy Ltd Change Direction After Today's Gap Up?

The stock of Canacol Energy Ltd (TSE:CNE) gapped up by $0.03 today and has $5.04 target or 8.00% above today’s $4.67 share price. The 9 months technical chart setup indicates low risk for the $775.11 million company. The gap was reported on Nov, 30 by Barchart.com. If the $5.04 price target is reached, the company will be worth $62.01M 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 394,509 shares traded hands or 30.99% up from the average. Canacol Energy Ltd (TSE:CNE) has risen 11.92% since April 26, 2016 and is uptrending. It has outperformed by 6.69% the S&P500.

Canacol Energy Ltd (TSE:CNE) Ratings Coverage

Out of 5 analysts covering Canacol Energy (TSE:CNE), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $6.90 is the highest target while $2.10 is the lowest. The $5.67 average target is 21.41% above today’s ($4.67) stock price. Canacol Energy has been the topic of 17 analyst reports since September 2, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Canacol Energy Ltd (TSE:CNE) rating on Wednesday, August 24. Scotia Capital has “Outperform” rating and $5.50 price target. Scotia Capital maintained the shares of CNE in a report on Thursday, September 22 with “Outperform” rating. The rating was maintained by TD Securities with “Buy” on Friday, November 11. As per Tuesday, June 7, the company rating was maintained by Scotia Capital.

More important recent Canacol Energy Ltd (TSE:CNE) news were published by: Finance.Yahoo.com which released: “Canacol Energy Ltd. Tests Nelson 6 Gas Discovery at 23 MMSCFPD (4035 BOEPD)” on November 14, 2016, also Marketwired.com published article titled: “Canacol Energy Ltd. Tests Nispero 1 Exploration Well at 28 MMSCFPD, Expands …”, Marketwired.com published: “Canacol Energy Ltd. Announces Closing of Private Placement” on August 02, 2016. More interesting news about Canacol Energy Ltd (TSE:CNE) was released by: Marketwired.com and their article: “Canacol Energy Ltd. Tests 26 MMSCFPD (4561 BOEPD) from First of Three Planned …” with publication date: February 24, 2016.

Canacol Energy Ltd. is a Canada-based gas and oil exploration and production company. The company has a market cap of $775.11 million. The Firm is engaged in petroleum and natural gas exploration and development activities in Colombia and Ecuador. It currently has negative earnings. It owns approximately 0.5% interest in Oleoducto Bicentenario de Colombia , which owns a pipeline system that focuses on linking Llanos basin oil production to the Cano Limon oil pipeline system.

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