Gulf Keystone Petroleum (LON:GKP) Shares Down 8.8% - Here's What Happened

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) shares traded down 8.8% during mid-day trading on Thursday . The stock traded as low as GBX 169.80 ($2.32) and last traded at GBX 170 ($2.32). 806,235 shares were traded during mid-day trading, a decline of 7% from the average session volume of 867,424 shares. The stock had previously closed at GBX 186.40 ($2.54).

Analysts Set New Price Targets

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

Gulf Keystone Petroleum Stock Up 4.0%

The stock has a fifty day simple moving average of GBX 173.59 and a two-hundred day simple moving average of GBX 168.98. The firm has a market cap of £382.44 million, a PE ratio of -46,421.05, a price-to-earnings-growth ratio of 0.06 and a beta of 1.22. The company has a current ratio of 0.97, a quick ratio of 2.18 and a debt-to-equity ratio of 0.03.

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.