Could Husky Energy Inc. See a Reversal After Having a Gap Up Today?

 Could Husky Energy Inc. See a Reversal After Having a Gap Up Today?

The stock of Husky Energy Inc. (TSE:HSE) gapped up by $0.15 today and has $17.51 target or 8.00% above today’s $16.21 share price. The 8 months technical chart setup indicates low risk for the $17.48 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $17.51 price target is reached, the company will be worth $1.40B 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 887,079 shares traded hands. Husky Energy Inc. (TSE:HSE) has declined 0.82% since April 27, 2016 and is downtrending. It has underperformed by 6.74% the S&P500.

Husky Energy Inc. (TSE:HSE) Ratings Coverage

Out of 7 analysts covering Husky Energy Inc. (TSE:HSE), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $32 is the highest target while $16 is the lowest. The $18.83 average target is 16.16% above today’s ($16.21) stock price. Husky Energy Inc. has been the topic of 25 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Wednesday, December 9 the stock rating was maintained by RBC Capital Markets with “Outperform”. The firm has “” rating given on Monday, June 6 by Raymond James. The stock of Husky Energy Inc. (TSE:HSE) has “Outperform” rating given on Monday, November 2 by BMO Capital Markets. The company was maintained on Wednesday, October 26 by RBC Capital Markets. The firm earned “Outperform” rating on Thursday, November 5 by FirstEnergy Capital. Desjardins Securities upgraded it to “Buy” rating and $21 target price in Tuesday, June 28 report.

More notable recent Husky Energy Inc. (TSE:HSE) news were published by: Wsj.com which released: “Husky Energy to Sell Stake in Assets to Li Ka-shing-Controlled Companies” on April 26, 2016, also Wsj.com with their article: “Husky Energy Swings to Profit on Gains” published on October 27, 2016, Wsj.com published: “Canada’s Husky Energy Slashes Budget, Suspends Dividend” on January 19, 2016. More interesting news about Husky Energy Inc. (TSE:HSE) were released by: Moodys.com and their article: “Moody’s confirms Husky Energy’s Baa2 rating; outlook stable” published on February 19, 2016 as well as Bloomberg.com‘s news article titled: “Husky Said Near Deals to Sell 5 E&P Packages for C$400 Million” with publication date: May 11, 2016.

Husky Energy Inc. is an integrated energy company. The company has a market cap of $17.48 billion. The Company’s Upstream segment includes exploration, development and production of crude oil, bitumen, natural gas and natural gas liquids, and marketing of the Company’s and other producers’ crude oil, natural gas, natural gas liquids, sulfur and petroleum coke, pipeline transportation, the blending of natural gas and crude oil, and storage of crude oil, diluent and natural gas. It has a 26.04 P/E ratio. Upstream activities are located primarily in Western Canada, offshore East Coast of Canada, offshore China and offshore Indonesia.

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