Genel Energy (LON:GENL) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Genel Energy's share price has crossed above its 200-day moving average, reaching a trading high of GBX 62.81 ($0.84), which indicates positive market momentum.
• Canaccord Genuity Group has reiterated a "speculative buy" rating on Genel Energy, setting a price target of GBX 80, aligning with the average "Buy" rating among analysts.
• The company operates in the Kurdistan Region of Iraq, focusing on low-cost, low-carbon oil production, with plans to restart regular dividend payments for shareholders.

Genel Energy plc (LON:GENL - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 59.45 ($0.80) and traded as high as GBX 62.81 ($0.85). Genel Energy shares last traded at GBX 62 ($0.84), with a volume of 186,442 shares traded.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reiterated a "speculative buy" rating and set a GBX 80 target price on shares of Genel Energy in a research note on Wednesday, August 6th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Genel Energy has an average rating of "Buy" and a consensus price target of GBX 80.

Genel Energy Trading Up 1.0%

The firm has a 50 day simple moving average of GBX 61.15 and a 200 day simple moving average of GBX 59.34. The company has a current ratio of 5.26, a quick ratio of 5.87 and a debt-to-equity ratio of 59.32. The firm has a market capitalization of £217.73 million, a PE ratio of -10.28, a P/E/G ratio of -0.03 and a beta of 1.13.

About Genel Energy

Genel Energy is a socially responsible oil producer with a low-cost and low-carbon production asset in the Kurdistan Region of Iraq and exploration assets in Oman, Morocco and Somaliland and listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). Genel's strategy is designed to build a business with resilient and diversified cash flows that delivers sustainable value to shareholders, and with the aim of restarting the payment of a regular dividend.