The stock of Whitecap Resources Inc. (TSE:WCP) gapped up by $0.24 today and has $13.44 target or 8.00% above today’s $12.44 share price. The 8 months technical chart setup indicates low risk for the $5.23B company. The gap was reported on Dec, 1 by Barchart.com. If the $13.44 price target is reached, the company will be worth $418.40 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 1.04M shares traded hands. 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. $18 is the highest target while $7.50 is the lowest. The $13.63 average target is 9.57% above today’s ($12.44) stock price. Whitecap Resources Inc. has been the topic of 23 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Whitecap Resources Inc. (TSE:WCP) rating on Thursday, November 3. Scotia Capital has “Outperform” rating and $14.50 price target. BMO Capital Markets initiated the stock with “Outperform” rating in Thursday, January 14 report. TD Securities maintained the shares of WCP in a report on Thursday, November 3 with “Buy” rating. Raymond James maintained Whitecap Resources Inc. (TSE:WCP) rating on Monday, June 6. Raymond James has “” rating and $13 price target. The firm has “Equal Weight” rating given on Wednesday, January 20 by Barclays Capital. IBC initiated the shares of WCP in a report on Friday, July 8 with “Outperform” rating.
Another recent and important Whitecap Resources Inc. (TSE:WCP) news was published by Seekingalpha.com which published an article titled: “Whitecap Resources: Emerging Strong From Oil’s Downturn” on May 17, 2016.
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 $5.23 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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