Time to Buy Nuvista Energy Ltd After Today’s Gap Up?

 Time to Buy Nuvista Energy Ltd After Today's Gap Up?

The stock of Nuvista Energy Ltd (TSE:NVA) gapped up by $0.16 today and has $7.23 target or 4.00% above today’s $6.95 share price. The 8 months technical chart setup indicates low risk for the $1.16B company. The gap was reported on Nov, 30 by Barchart.com. If the $7.23 price target is reached, the company will be worth $46.40 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 443,408 shares traded hands. Nuvista Energy Ltd (TSE:NVA) has risen 9.62% since April 26, 2016 and is uptrending. It has outperformed by 4.40% the S&P500.

Nuvista Energy Ltd (TSE:NVA) Ratings Coverage

Out of 8 analysts covering Nuvista Energy Ltd. (TSE:NVA), 7 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 88% are positive. $10.25 is the highest target while $4.85 is the lowest. The $8.02 average target is 15.40% above today’s ($6.95) stock price. Nuvista Energy Ltd. has been the topic of 28 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by Desjardins Securities on Thursday, August 11 with “Buy”. The company was maintained on Monday, June 6 by Raymond James. The rating was maintained by RBC Capital Markets with “Outperform” on Monday, October 31. Scotia Capital maintained it with “Outperform” rating and $8.25 target price in Thursday, August 11 report. The firm has “Buy” rating given on Friday, August 12 by TD Securities. The rating was maintained by TD Securities on Wednesday, August 12 with “Buy”. On Friday, February 12 the stock rating was initiated by BMO Capital Markets with “Market Perform”. Desjardins Securities maintained Nuvista Energy Ltd (TSE:NVA) rating on Tuesday, June 28. Desjardins Securities has “” rating and $7.50 price target.

More recent Nuvista Energy Ltd (TSE:NVA) news were published by: Marketwired.com which released: “NuVista Energy Ltd. Provides 5-Year Plan to 60000+ Boe/d, Announces New Gas …” on October 11, 2016. Also Marketwired.com published the news titled: “NuVista Energy Ltd. Announces Closing of Equity Financing” on October 28, 2016. Businessinsider.com‘s news article titled: “BRIEF-Nuvista Energy Ltd expects production for 2017 to average about 28000 …” with publication date: October 12, 2016 was also an interesting one.

NuVista Energy Ltd. is an exploration and production company, which is engaged in exploration, development and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin. The company has a market cap of $1.16 billion. The Company’s primary focus is on Montney formation in the Alberta Deep Basin (Wapiti Montney). It currently has negative earnings. The Company’s products include natural gas, and condensate and oil.

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