New Plays, Sunday, 02/06/2005
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New Long Plays
Petroleum Dev. - PETD - close: 41.33 chg: +0.55 stop: 38.95
Petroleum Development Corporation is an independent energy company engaged in the development, production and marketing of natural gas. The Company operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. During the third quarter of 2004, the Company was added to the S&P SmallCap 600 Index. Additionally, PDC was added to the Russell 3000 Index of companies in 2003. (source: company press release)
Why We Like It:
We've been doing well with the strength in the oil sector so we're adding another one to the list tonight. While many of its peers are hitting new all-time highs shares of PETD are breaking out from a two-month consolidation spent churning between the $35 and $41 levels. The stock recently broke through its two-month trend of lower highs as well. The move produced a new triple-top breakout buy signal on its P&F chart that now points to a $58 target. Our short-term target is the $45.00 level. The challenge here is that we want to get there before PETD's earnings report. Currently that report is expected between February 17th and February 27th. We'll publish the confirmed date as soon as we know it.
Picked on February 6 at $41.33
Gain since picked: + 0.00
Earnings Date 02/17/05 (confirmed)
Average Daily Volume: 643 thousand
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