The stock of Savannah Petroleum PLC (LON:SAVP) gapped up by GBX 0.5 today and has GBX 30.19 target or 5.00% above today’s GBX 28.75 share price. The 8 months technical chart setup indicates low risk for the GBX 79.34 million company. The gap was reported on Nov, 30 by Barchart.com. If the GBX 30.19 price target is reached, the company will be worth GBX 3.97M 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%. The stock increased 5.02% or GBX 1.38 on November 30, hitting GBX 28.75. About 296,427 shares traded hands or 158.41% up from the average. Savannah Petroleum PLC (LON:SAVP) has risen 23.81% since May 3, 2016 and is uptrending. It has outperformed by 18.58% the S&P500.
Savannah Petroleum PLC (LON:SAVP) Ratings Coverage
Out of 2 analysts covering Savannah Petroleum Plc (LON:SAVP), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Savannah Petroleum Plc has been the topic of 6 analyst reports since August 27, 2015 according to StockzIntelligence Inc. The rating was maintained by Shore Capital on Thursday, November 17 with “Buy”. Panmure Gordon maintained it with “Buy” rating and GBX 70 target price in Tuesday, September 27 report. The firm earned “Buy” rating on Thursday, August 27 by Shore Capital. The rating was maintained by Panmure Gordon on Monday, November 16 with “Buy”.
Savannah Petroleum PLC is a United Kingdom gas and oil company. The company has a market cap of 79.34 million GBP. The Company’s principal activity is the management of its investment in Savannah Petroleum 1 Limited . It currently has negative earnings. SP1 is a subsidiary of the Company.
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