The stock of Tourmaline Oil Corp (TSE:TOU) gapped up by $0.84 today and has $37.64 target or 3.00% above today’s $36.54 share price. The 9 months technical chart setup indicates low risk for the $8.51B company. The gap was reported on Nov, 30 by Barchart.com. If the $37.64 price target is reached, the company will be worth $255.30 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 333,910 shares traded hands. Tourmaline Oil Corp (TSE:TOU) has risen 21.92% since April 26, 2016 and is uptrending. It has outperformed by 16.69% the S&P500.
Tourmaline Oil Corp (TSE:TOU) Ratings Coverage
Out of 5 analysts covering Tourmaline Oil (TSE:TOU), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $46 is the highest target while $30 is the lowest. The $37.67 average target is 3.09% above today’s ($36.54) stock price. Tourmaline Oil has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was downgraded by BMO Capital Markets to “Market Perform” on Tuesday, December 22. On Monday, June 6 the stock rating was maintained by Raymond James with “”.
More important recent Tourmaline Oil Corp (TSE:TOU) news were published by: Marketwired.com which released: “Tourmaline Oil Corp. Enters Into Bought Deal Financing” on March 14, 2016, also Marketwired.com published article titled: “Tourmaline Oil Corp. Reserves Reach 1.1 Billion Barrels of Oil Equivalent”, Reuters.com published: “BRIEF-Tourmaline Oil Corp reports third quarter results and updates EP act…” on November 14, 2016. More interesting news about Tourmaline Oil Corp (TSE:TOU) was released by: Marketwired.com and their article: “Tourmaline Oil Corp. Provides Operations and Financial Update” with publication date: June 15, 2016.
Tourmaline Oil Corp. is a Canada-based intermediate natural gas and crude oil exploration and production company. The company has a market cap of $8.51 billion. The Firm is engaged in the acquisition, exploration, development and production of petroleum and natural gas properties. It currently has negative earnings. The Firm is focused on exploration and acquisition program in the Western Canadian Sedimentary Basin.
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