The stock of TORC OIL AND GAS LTD (TSE:TOG) gapped up by $0.09 today and has $9.17 target or 3.00% above today’s $8.90 share price. The 6 months technical chart setup indicates low risk for the $1.54 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $9.17 price target is reached, the company will be worth $46.20 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 450,862 shares traded hands. TORC OIL AND GAS LTD (TSE:TOG) has declined 4.86% since April 27, 2016 and is downtrending. It has underperformed by 10.79% the S&P500.
TORC OIL AND GAS LTD (TSE:TOG) Ratings Coverage
Out of 6 analysts covering Torc Oil & Gas (TSE:TOG), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. $12 is the highest target while $5.25 is the lowest. The $8.83 average target is -0.79% below today’s ($8.9) stock price. Torc Oil & Gas has been the topic of 18 analyst reports since August 13, 2015 according to StockzIntelligence Inc. On Friday, August 19 the stock rating was maintained by TD Securities with “Buy”. On Wednesday, November 9 the stock rating was maintained by Scotia Capital with “Outperform”. RBC Capital Markets maintained TORC OIL AND GAS LTD (TSE:TOG) on Tuesday, December 15 with “Outperform” rating.
More news for TORC OIL AND GAS LTD (TSE:TOG) were recently published by: Business.Financialpost.com, which released: “TORC Oil & Gas Ltd leads Canadian energy stock rebound” on April 15, 2015. Marketwired.com‘s article titled: “TORC Oil & Gas Announces Strategic Acquisitions in Southeast Saskatchewan …” and published on July 25, 2016 is yet another important article.
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