Could Raging River Exploration Inc Change Direction After Today’s Gap Up?

 Could Raging River Exploration Inc Change Direction After Today's Gap Up?

The stock of Raging River Exploration Inc (TSE:RRX) gapped up by $0.64 today and has $10.75 target or 4.00% above today’s $10.34 share price. The 7 months technical chart setup indicates low risk for the $2.30 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $10.75 price target is reached, the company will be worth $92.00M 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 1.02M shares traded hands or 54.70% up from the average. Raging River Exploration Inc (TSE:RRX) has declined 7.99% since April 26, 2016 and is downtrending. It has underperformed by 13.21% the S&P500.

Raging River Exploration Inc (TSE:RRX) Ratings Coverage

Out of 7 analysts covering Raging River Exploration (TSE:RRX), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $14 is the highest target while $9 is the lowest. The $11.75 average target is 13.64% above today’s ($10.34) stock price. Raging River Exploration has been the topic of 22 analyst reports since August 12, 2015 according to StockzIntelligence Inc. The rating was maintained by Paradigm Research on Wednesday, August 12 with “Buy”. The rating was maintained by RBC Capital Markets on Thursday, July 21 with “Outperform”. The stock of Raging River Exploration Inc (TSE:RRX) has “Market Perform” rating given on Tuesday, November 29 by Raymond James. Scotia Capital maintained Raging River Exploration Inc (TSE:RRX) rating on Wednesday, November 9. Scotia Capital has “Sector Perform” rating and $12 price target. TD Securities maintained it with “Buy” rating and $14 target price in Wednesday, November 9 report. The stock of Raging River Exploration Inc (TSE:RRX) earned “Outperform” rating by RBC Capital Markets on Thursday, February 4. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, November 9. Scotia Capital maintained the stock with “Sector Perform” rating in Tuesday, November 29 report.

More news for Raging River Exploration Inc (TSE:RRX) were recently published by: Reuters.com, which released: “BRIEF-Raging River Exploration Inc announces $58 million Dodsland Viking p…” on November 28, 2016. Finance.Yahoo.com‘s article titled: “Raging River Exploration Inc. Announces $58 Million Dodsland Viking Property …” and published on November 28, 2016 is yet another important article.

Raging River Exploration Inc is a Canada gas and oil company. The company has a market cap of $2.30 billion. The Firm is engaged in oil and natural gas production, exploitation and acquisition in the Dodsland area of southwest Saskatchewan. It has a 248.5 P/E ratio. The Company’s area of activities is located in the Viking light oil fairway at the greater Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta.

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