The stock of PetroChina Company Limited (ADR) (NYSE:PTR) gapped up by $0.5 today and has $89.99 target or 24.00% above today’s $72.57 share price. The 5 months technical chart setup indicates low risk for the $229.30B company. The gap was reported on Dec, 2 by Barchart.com. If the $89.99 price target is reached, the company will be worth $55.03 billion 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%. The stock increased 1.91% or $1.36 during the last trading session, hitting $72.57. About 156,681 shares traded hands. PetroChina Company Limited (ADR) (NYSE:PTR) has declined 45.84% since April 28, 2015 and is downtrending. It has underperformed by 44.21% the S&P500.
Out of 3 analysts covering PetroChina Company Limited (NYSE:PTR), 1 rate it “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. PetroChina Company Limited was the topic in 3 analyst reports since August 25, 2015 according to StockzIntelligence Inc.
According to Zacks Investment Research, “PETROCHINA ADR is engaged in a broad range of petroleum-related activities, including: the exploration, development and production of crude oil and natural gas; refining, transportation, storage and marketing, including import and export, of crude oil and petroleum products; production and sale of chemical products; and the transmission, marketing and sale of natural gas.” Get a free copy of the Zacks research report on PetroChina Company Limited (ADR) (PTR)
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