Could Pengrowth Energy Corp Change Direction After Today’s Gap Up?

 Could Pengrowth Energy Corp Change Direction After Today's Gap Up?

The stock of Pengrowth Energy Corp (TSE:PGF) gapped up by $0.08 today and has $2.29 target or 3.00% above today’s $2.22 share price. The 7 months technical chart setup indicates low risk for the $1.45B company. The gap was reported on Dec, 1 by Barchart.com. If the $2.29 price target is reached, the company will be worth $43.50M 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 2.45 million shares traded hands or 104.17% up from the average. Pengrowth Energy Corp (TSE:PGF) has risen 6.81% since April 27, 2016 and is uptrending. It has outperformed by 0.88% the S&P500.

Pengrowth Energy Corp (TSE:PGF) Ratings Coverage

Out of 7 analysts covering Pengrowth Energy (TSE:PGF), 0 rate it a “Buy”, 3 “Sell”, while 4 “Hold”. This means 0 are positive. $4 is the highest target while $1 is the lowest. The $1.85 average target is -16.67% below today’s ($2.22) stock price. Pengrowth Energy has been the topic of 34 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Pengrowth Energy Corp (TSE:PGF) on Thursday, November 3 with “Sector Perform” rating. IBC initiated Pengrowth Energy Corp (TSE:PGF) rating on Wednesday, June 15. IBC has “Underperform” rating and $1.85 price target. The rating was maintained by Scotia Capital with “Sector Perform” on Friday, October 7. The rating was downgraded by Barclays Capital to “Equal Weight” on Thursday, October 29. The company was maintained on Wednesday, October 7 by Scotia Capital. Desjardins Securities maintained Pengrowth Energy Corp (TSE:PGF) rating on Tuesday, June 28. Desjardins Securities has “” rating and $2 price target. The rating was maintained by TD Securities on Friday, August 7 with “Hold”. TD Securities maintained Pengrowth Energy Corp (TSE:PGF) rating on Thursday, November 3. TD Securities has “Reduce” rating and $1.10 price target. As per Tuesday, August 11, the company rating was upgraded by Canaccord Genuity. RBC Capital Markets initiated it with “Sector Perform” rating and $1.50 target price in Monday, November 30 report.

More notable recent Pengrowth Energy Corp (TSE:PGF) news were published by: Fool.com which released: “Pengrowth Energy Corp. Continues to Take Baby Steps When It Has a Gigantic Problem” on November 22, 2016, also Fool.com with their article: “Better Buy: Encana Corp or Pengrowth Energy Corp” published on October 04, 2016, Fool.com published: “How Pengrowth Energy Corp Added $1 Billion in Value Virtually Overnight” on October 10, 2016. More interesting news about Pengrowth Energy Corp (TSE:PGF) were released by: Fool.com and their article: “Is Pengrowth Energy Corp.’s Survival Plan Working?” published on August 18, 2016 as well as Fool.com‘s news article titled: “Has Pengrowth Energy Corp Done Enough to Survive?” with publication date: May 31, 2016.

Pengrowth Energy Corporation is a resource company, which is engaged in the production, development, exploration and acquisition of oil and natural gas assets. The company has a market cap of $1.45 billion. The Firm owns and operates Lindbergh thermal project, which is located in the Cold Lake area of Alberta and encompasses over 42.5 sections of land. It currently has negative earnings. The Firm is focused on the Western Canadian Sedimentary Basin.

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