The stock of Birchcliff Energy Ltd. (TSE:BIR) gapped up by $0.2 today and has $10.42 target or 9.00% above today’s $9.56 share price. The 9 months technical chart setup indicates low risk for the $2.81B company. The gap was reported on Dec, 1 by Barchart.com. If the $10.42 price target is reached, the company will be worth $252.90 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 1.45M shares traded hands or 6.62% up from the average. Birchcliff Energy Ltd. (TSE:BIR) has risen 71.00% since April 27, 2016 and is uptrending. It has outperformed by 65.07% the S&P500.
Birchcliff Energy Ltd. (TSE:BIR) Ratings Coverage
Out of 7 analysts covering Birchcliff Energy Ltd. (TSE:BIR), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. Birchcliff Energy Ltd. has been the topic of 23 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was initiated by BMO Capital Markets with “Outperform” on Friday, February 12. The rating was maintained by Scotia Capital with “Focus Stock” on Monday, August 22. The company was maintained on Monday, June 6 by Raymond James. RBC Capital Markets maintained Birchcliff Energy Ltd. (TSE:BIR) on Friday, January 22 with “Sector Perform” rating. The rating was upgraded by RBC Capital Markets to “Outperform” on Thursday, February 11. Scotia Capital maintained Birchcliff Energy Ltd. (TSE:BIR) rating on Friday, August 12. Scotia Capital has “Focus Stock” rating and $12 price target.
More important recent Birchcliff Energy Ltd. (TSE:BIR) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on November 22, 2011, also Marketwired.com published article titled: “Birchcliff Energy Ltd. Increases Size of Bought Deal Financing”, Fool.ca published: “Birchcliff Energy Ltd. Just Went All-In on Rising Oil Prices” on September 12, 2016. More interesting news about Birchcliff Energy Ltd. (TSE:BIR) was released by: Business.Financialpost.com and their article: “Seymour Schulich lightens up on Birchcliff Energy ownership, sells for estate …” with publication date: August 09, 2016.
Birchcliff Energy Ltd. is an intermediate oil and natural gas company. The company has a market cap of $2.81 billion. The Firm is engaged in the exploration for and the development, production and acquisition of petroleum and natural gas reserves in Western Canada. It currently has negative earnings. The Company’s activities are concentrated within core area, the Peace River Arch, which is centered over 90 kilometers northwest of Grande Prairie, Alberta, adjacent to the Alberta/British Columbia border.
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