After Today’s Gap Up, Is Bonavista Energy Corp’s Near-Term Analysis Positive

 After Today's Gap Up, Is Bonavista Energy Corp's Near Term Analysis Positive

The stock of Bonavista Energy Corp (TSE:BNP) gapped up by $0.06 today and has $5.16 target or 8.00% above today’s $4.78 share price. The 6 months technical chart setup indicates low risk for the $1.19 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $5.16 price target is reached, the company will be worth $95.20 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 1.27M shares traded hands or 58.39% up from the average. Bonavista Energy Corp (TSE:BNP) has risen 49.17% since April 27, 2016 and is uptrending. It has outperformed by 43.24% the S&P500.

Bonavista Energy Corp (TSE:BNP) Ratings Coverage

Out of 4 analysts covering Bonavista Energy (TSE:BNP), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. Bonavista Energy has been the topic of 25 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Bonavista Energy Corp (TSE:BNP) on Friday, June 17 with “Sector Perform” rating. The rating was maintained by RBC Capital Markets on Friday, October 28 with “Sector Perform”. TD Securities maintained it with “Buy” rating and $5.50 target price in Friday, November 4 report. The firm has “” rating given on Tuesday, June 28 by Desjardins Securities. The firm has “Sector Perform” rating given on Friday, November 4 by Scotia Capital. As per Friday, January 29, the company rating was maintained by RBC Capital Markets. The stock has “Market Perform” rating given by Raymond James on Tuesday, January 12. National Bank Canada maintained the stock with “Outperform” rating in Friday, November 4 report.

More news for Bonavista Energy Corp (TSE:BNP) were recently published by: Business.Financialpost.com, which released: “Bonavista Energy Corp upgraded as new assets ‘fit like a glove'” on September 07, 2016. Reuters.com‘s article titled: “BRIEF-Bonavista Energy Corp announces 2016 third quarter results” and published on November 03, 2016 is yet another important article.

Bonavista Energy Corporation is a resource firm engaged in the acquisition, exploration, development and production of oil and natural gas assets. The company has a market cap of $1.19 billion. The Company’s West Central Core Area is characterized by natural gas and light oil resources. It currently has negative earnings. West Central Core Area is located within the Western Canadian Sedimentary Basin between Calgary and Drayton Valley, Alberta.

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