The stock of Resolute Energy Corp (NYSE:REN) gapped up by $0.46 today and has $50.30 target or 55.00% above today’s $32.45 share price. The 9 months technical chart setup indicates low risk for the $520.95M company. The gap was reported on Oct, 14 by Barchart.com. If the $50.30 price target is reached, the company will be worth $286.52 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 2.15 million shares traded hands or 31.10% up from the average. Resolute Energy Corp (NYSE:REN) has risen 824.92% since March 11, 2016 and is uptrending. It has outperformed by 819.47% the S&P500.
Analysts await Resolute Energy Corp (NYSE:REN) to report earnings on November, 14. They expect $0.31 earnings per share, up 144.29% or $1.01 from last year’s $-0.7 per share. REN’s profit will be $4.98 million for 26.13 P/E if the $0.31 EPS becomes a reality. After $-2.44 actual earnings per share reported by Resolute Energy Corp for the previous quarter, Wall Street now forecasts -112.70% EPS growth.
Resolute Energy Corp (NYSE:REN) Ratings Coverage
Out of 11 analysts covering Resolute Energy (NYSE:REN), 5 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 45% are positive. Resolute Energy has been the topic of 16 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was maintained on Thursday, October 6 by Wunderlich. The stock of Resolute Energy Corp (NYSE:REN) has “Buy” rating given on Monday, July 11 by Johnson Rice. The company was upgraded on Monday, July 11 by Wunderlich. The rating was upgraded by Capital One to “Equal-Weight” on Tuesday, November 24. Barclays Capital maintained the stock with “Underweight” rating in Tuesday, June 14 report. The firm has “Buy” rating by Wunderlich given on Monday, August 22. The firm has “Equal-Weight” rating by Barclays Capital given on Wednesday, July 13. The firm has “Neutral” rating given on Wednesday, August 12 by SunTrust. The firm has “Underweight” rating given on Wednesday, September 9 by Capital One. Northland Capital maintained Resolute Energy Corp (NYSE:REN) on Wednesday, August 12 with “Market Perform” rating.
According to Zacks Investment Research, “Resolute Energy Corporation, formerly Hicks Acquisition Company I, Inc. (HACI), is an independent oil and gas company engaged in the acquisition, exploitation and development of oil and gas properties. The company operates producing properties in Utah, which were legacy properties acquired from two major oil companies, in connection with a strategic alliance with Navajo Nation Oil and Gas Company (wholly owned by the Navajo Nation) and in Wyoming and Oklahoma, which were acquired through the acquisition of a privately held oil and gas producer. In addition, Resolute owns exploration properties in Wyoming and Alabama.”
More news for Resolute Energy Corp (NYSE:REN) were recently published by: Marketwired.com, which released: “Resolute Energy Corporation Announces $135 Million Delaware Basin Acquisition” on October 05, 2016. Seekingalpha.com‘s article titled: “Resolute Energy: In Position To Issue Equity” and published on October 09, 2016 is yet another important article.
REN Company Profile
Resolute Energy Corporation, incorporated on July 28, 2009, is an independent gas and oil company. The Firm is engaged in the exploitation, development, exploration for and acquisition of gas and oil properties. The Company’s asset base consists primarily of properties in Aneth Field located in the Paradox Basin in southeast Utah (the Aneth Field Properties or Aneth Field) and the Permian Basin in Texas and southeast New Mexico (the Permian Properties or Permian Basin Properties). The Firm has an interest in gas gathering and compression facilities located within and adjacent to its Aneth Field Properties.
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