Provident Energy Stock Gaps Up On Today's Open (PVX)

NEW YORK ( TheStreet) -- Shares of Provident Energy (NYSE: PVX) were gapping up Tuesday morning with an open price 17.9% higher than Friday's closing price. The stock closed at $9.31 Friday and opened today's trading at $10.98.

The average volume for Provident Energy has been 1.2 million shares per day over the past 30 days. Provident Energy has a market cap of $2.53 billion and is part of the basic materials sector and energy industry. Shares are down 3.9% year to date as of the close of trading on Friday.

Provident Energy Ltd. engages in the natural gas liquids (NGLs) infrastructure and marketing business in Canada and the United States. The company involves in the extraction, processing, storage, transportation, and marketing of NGLs, as well as offers these services to third party customers. The company has a P/E ratio of 20.7, above the average energy industry P/E ratio of 19.2 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Provident Energy as a buy. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, attractive valuation levels, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated. You can view the full Provident Energy Ratings Report.

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