The stock of Bonterra Energy Corp (TSE:BNE) gapped up by $0.23 today and has $30.20 target or 9.00% above today’s $27.71 share price. The 6 months technical chart setup indicates low risk for the $1.07 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $30.20 price target is reached, the company will be worth $96.30M 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 149,912 shares traded hands or 100.48% up from the average. Bonterra Energy Corp (TSE:BNE) has declined 2.97% since April 27, 2016 and is downtrending. It has underperformed by 8.89% the S&P500.
Bonterra Energy Corp (TSE:BNE) Ratings Coverage
Out of 6 analysts covering Bonterra Energy Corp (TSE:BNE), 4 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 67% are positive. Bonterra Energy Corp has been the topic of 26 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Bonterra Energy Corp (TSE:BNE) on Friday, November 11 with “Sector Perform” rating. The firm earned “” rating on Tuesday, June 28 by Desjardins Securities. As per Wednesday, June 15, the company rating was initiated by IBC. The firm has “Buy” rating given on Friday, August 12 by TD Securities. On Monday, June 6 the stock rating was maintained by Raymond James with “”. The company was maintained on Friday, August 12 by Scotia Capital.
Bonterra Energy Corp. is an gas and oil firm that is primarily focused on the development of its Cardium land within the Pembina and Willesden Green areas located in central Alberta. The company has a market cap of $1.07 billion. The Firm operates in the development and production of oil and natural gas in the Western Canadian Sedimentary Basin segment. It currently has negative earnings. The Company’s assets consist of natural gas and crude oil assets.
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