Gulf Keystone Petroleum (LON:GKP) Shares Down 8.8% - Time to Sell?

Key Points

• Gulf Keystone Petroleum Limited shares fell by 8.8%, closing at GBX 170 ($2.30) after trading as low as GBX 169.80.
• Analysts maintain a consensus "Buy" rating for the stock, with Canaccord Genuity Group raising the target price from GBX 205 to GBX 210.
• The company has a market capitalization of £368.13 million and operates in oil and gas exploration in the Kurdistan Region of Iraq.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report) dropped 8.8% on Thursday . The company traded as low as GBX 169.80 ($2.30) and last traded at GBX 170 ($2.30). Approximately 806,235 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 867,424 shares. The stock had previously closed at GBX 186.40 ($2.52).

Analyst Upgrades and Downgrades

GKP has been the topic of a number of analyst reports. Shore Capital reissued a "no recommendation" rating on shares of Gulf Keystone Petroleum in a research note on Thursday, August 28th. Canaccord Genuity Group upped their target price on shares of Gulf Keystone Petroleum from GBX 205 to GBX 210 and gave the company a "speculative buy" rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Gulf Keystone Petroleum presently has a consensus rating of "Buy" and an average price target of GBX 200.

Gulf Keystone Petroleum Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 0.97 and a quick ratio of 2.18. The stock has a market capitalization of £368.13 million, a P/E ratio of -44,684.21, a PEG ratio of 0.06 and a beta of 1.22. The company's 50 day simple moving average is GBX 174.35 and its two-hundred day simple moving average is GBX 169.52.

About Gulf Keystone Petroleum

Gulf Keystone Petroleum Limited engages in oil and gas exploration, development, and production in the Kurdistan Region of Iraq. The company operates Shaikan field that covers an area of approximately 280 square kilometers, which is located north-west of Erbil. It also provides management, support, geological, geophysical, and engineering services.

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