The stock of Parex Resources Inc. (TSE:PXT) gapped up by $0.4 today and has $18.60 target or 9.00% above today’s $17.06 share price. The 8 months technical chart setup indicates low risk for the $2.49 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $18.60 price target is reached, the company will be worth $224.10 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 149,312 shares traded hands. Parex Resources Inc. (TSE:PXT) has risen 30.99% since April 26, 2016 and is uptrending. It has outperformed by 25.76% the S&P500.
Parex Resources Inc. (TSE:PXT) Ratings Coverage
Out of 7 analysts covering Parex Resources Inc. (TSE:PXT), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $20 is the highest target while $10 is the lowest. The $16.58 average target is -2.81% below today’s ($17.06) stock price. Parex Resources Inc. has been the topic of 27 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Friday, July 8 by Scotia Capital. Paradigm Research maintained Parex Resources Inc. (TSE:PXT) rating on Tuesday, August 25. Paradigm Research has “Buy” rating and $12.25 price target. The stock of Parex Resources Inc. (TSE:PXT) has “Outperform” rating given on Friday, September 9 by FirstEnergy Capital. The firm has “Outperform” rating given on Friday, August 12 by Scotia Capital. The rating was maintained by Scotia Capital with “Outperform” on Wednesday, August 5. The stock of Parex Resources Inc. (TSE:PXT) has “Buy” rating given on Thursday, February 18 by TD Securities. On Friday, August 12 the stock rating was maintained by TD Securities with “Hold”.
Another recent and important Parex Resources Inc. (TSE:PXT) news was published by Seekingalpha.com which published an article titled: “Parex Resources: Heavily Undervalued Offering 98% Upside” on May 09, 2016.
Parex Resources, Inc. is a Canada-based gas and oil company. The company has a market cap of $2.49 billion. The Firm is engaged in crude oil exploration, development and production in Colombia. It currently has negative earnings. The Company’s divisions include Canada and Colombia.
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