The stock of Baytex Energy Corp (TSE:BTE) gapped up by $0.21 today and has $6.71 target or 7.00% above today’s $6.27 share price. The 5 months technical chart setup indicates low risk for the $1.54B company. The gap was reported on Dec, 1 by Barchart.com. If the $6.71 price target is reached, the company will be worth $107.80 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 5.92 million shares traded hands or 8.03% up from the average. Baytex Energy Corp (TSE:BTE) has declined 12.99% since April 27, 2016 and is downtrending. It has underperformed by 18.92% the S&P500.
Baytex Energy Corp (TSE:BTE) Ratings Coverage
Out of 5 analysts covering Baytex Energy Trust (TSE:BTE), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $27.50 is the highest target while $5.50 is the lowest. The $7.40 average target is 18.02% above today’s ($6.27) stock price. Baytex Energy Trust has been the topic of 31 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The rating was maintained by FirstEnergy Capital on Monday, August 31 with “Market Perform”. On Monday, June 6 the stock rating was maintained by Raymond James with “”. The rating was initiated by IBC with “Sector Perform” on Wednesday, June 15. The firm has “Outperform” rating given on Friday, July 29 by Scotia Capital. As per Thursday, November 3, the company rating was maintained by TD Securities. The stock has “Outperform” rating given by Scotia Capital on Thursday, November 3. The stock has “” rating given by Desjardins Securities on Tuesday, June 28. The rating was initiated by RBC Capital Markets with “Sector Perform” on Monday, December 7. The rating was maintained by RBC Capital Markets with “Sector Perform” on Friday, December 11.
More notable recent Baytex Energy Corp (TSE:BTE) news were published by: Fool.ca which released: “Baytex Energy Corp.: Time to Buy or Run for Cover?” on November 30, 2016, also Foxbusiness.com with their article: “Baytex Energy Corp. Goes Shopping” published on November 23, 2016, Fool.com published: “3 Things Baytex Energy Corp.’s CEO Wants You to Know About Its Q3 Results” on November 22, 2016. More interesting news about Baytex Energy Corp (TSE:BTE) were released by: Fool.ca and their article: “Baytex Energy Corp.: Should You Buy the Bounce?” published on November 21, 2016 as well as Fool.com‘s news article titled: “Baytex Energy Corp.’s Q3 Results Show Progress Where It Matters Most” with publication date: November 03, 2016.
Baytex Energy Corp. is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada and in the United States (Texas). The company has a market cap of $1.54 billion. The Company’s natural gas and crude oil activities are organized into three business units: Lloydminster, Central and United States. It currently has negative earnings. Each business unit has a portfolio of mineral leases, operated and non-operated properties and development prospects.
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