The stock of Painted Pony Petroleum Ltd (TSE:PPY) gapped up by $0.18 today and has $10.34 target or 9.00% above today’s $9.49 share price. The 8 months technical chart setup indicates low risk for the $909.94 million company. The gap was reported on Nov, 30 by Barchart.com. If the $10.34 price target is reached, the company will be worth $81.89 million 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 524,400 shares traded hands. Painted Pony Petroleum Ltd (TSE:PPY) has risen 58.84% since April 26, 2016 and is uptrending. It has outperformed by 53.62% the S&P500.
Painted Pony Petroleum Ltd (TSE:PPY) Ratings Coverage
Out of 5 analysts covering Painted Pony Petroleum (TSE:PPY), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $13 is the highest target while $4.75 is the lowest. The $9.50 average target is 0.11% above today’s ($9.49) stock price. Painted Pony Petroleum has been the topic of 18 analyst reports since October 28, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by TD Securities given on Friday, November 11. The firm has “” rating by Raymond James given on Monday, June 6. The stock of Painted Pony Petroleum Ltd (TSE:PPY) earned “Outperform” rating by Raymond James on Tuesday, January 12. The stock of Painted Pony Petroleum Ltd (TSE:PPY) earned “Market Perform” rating by BMO Capital Markets on Friday, February 12. Scotia Capital maintained the shares of PPY in a report on Friday, August 12 with “Outperform” rating. TD Securities maintained it with “Action List Buy” rating and $12.50 target price in Friday, August 12 report.
Painted Pony Petroleum Ltd. is a natural gas firm in Western Canada. The company has a market cap of $909.94 million. The Company’s principal business activity is the exploration, development and production of petroleum and natural gas resources in western Canada. It currently has negative earnings. It is focused on the development of natural gas and natural gas liquids from the Montney formation in Northeast British Columbia.
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