The stock of Kelt Exploration Ltd (TSE:KEL) gapped up by $0.22 today and has $6.55 target or 6.00% above today’s $6.18 share price. The 9 months technical chart setup indicates low risk for the $1.04 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $6.55 price target is reached, the company will be worth $62.40M 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 750,656 shares traded hands. Kelt Exploration Ltd (TSE:KEL) has risen 26.89% since April 26, 2016 and is uptrending. It has outperformed by 21.66% the S&P500.
Kelt Exploration Ltd (TSE:KEL) Ratings Coverage
Out of 4 analysts covering Kelt Exploration Ltd. (TSE:KEL), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $12 is the highest target while $4.75 is the lowest. The $7.27 average target is 17.64% above today’s ($6.18) stock price. Kelt Exploration Ltd. has been the topic of 32 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Tuesday, August 11 by IBC. Scotia Capital maintained it with “Outperform” rating and $8 target price in Friday, August 12 report. The firm earned “Buy” rating on Tuesday, August 11 by TD Securities. The rating was maintained by Raymond James with “” on Monday, June 6. On Tuesday, August 11 the stock rating was maintained by Paradigm Research with “Buy”. The stock has “Action List Buy” rating given by TD Securities on Friday, November 11. The firm has “” rating given on Tuesday, June 28 by Desjardins Securities. On Friday, November 11 the stock rating was maintained by Scotia Capital with “Outperform”. RBC Capital Markets maintained Kelt Exploration Ltd (TSE:KEL) on Tuesday, August 11 with “Outperform” rating. The firm has “Sector Performer” rating by IBC given on Wednesday, October 28.
Kelt Exploration Ltd. is an oil and gas firm based in Calgary, Alberta. The company has a market cap of $1.04 billion. The Firm is focused on the exploration, development and production of natural gas and crude oil resources, primarily in west central Alberta and northeastern British Columbia. It currently has negative earnings. The Company’s land holdings are located in Inga/Fireweed/Stoddart, British Columbia; Grande Prairie , Alberta; Karr, Alberta, and Grande Cache, Alberta.
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