The stock of Whitecap Resources Inc. (TSE:WCP) gapped up by $0.24 today and has $12.83 target or 4.00% above today’s $12.34 share price. The 7 months technical chart setup indicates low risk for the $5.19B company. The gap was reported on Dec, 1 by Barchart.com. If the $12.83 price target is reached, the company will be worth $207.60 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 1.69M shares traded hands or 20.71% up from the average. Whitecap Resources Inc. (TSE:WCP) has risen 22.90% since April 27, 2016 and is uptrending. It has outperformed by 16.97% the S&P500.
Whitecap Resources Inc. (TSE:WCP) Ratings Coverage
Out of 8 analysts covering Whitecap Resources Inc. (TSE:WCP), 6 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 75% are positive. Whitecap Resources Inc. has been the topic of 23 analyst reports since July 21, 2015 according to StockzIntelligence Inc. BMO Capital Markets initiated Whitecap Resources Inc. (TSE:WCP) on Thursday, January 14 with “Outperform” rating. The firm has “Outperform” rating given on Thursday, November 3 by Scotia Capital. The rating was maintained by Raymond James on Monday, June 6 with “”. TD Securities maintained the stock with “Buy” rating in Thursday, November 3 report. The firm has “Equal Weight” rating given on Wednesday, January 20 by Barclays Capital. As per Friday, July 8, the company rating was initiated by IBC.
Whitecap Resources Inc. is engaged in the acquisition, development, optimization and production of natural gas and crude oil in western Canada. The company has a market cap of $5.19 billion. The Firm is focused on providing sustainable monthly dividends and per share growth through a combination of accretive oil acquisitions and organic growth on existing and acquired assets. It currently has negative earnings. It has activities in Alberta, Saskatchewan and British Columbia.
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