Gulf Keystone Petroleum (LON:GKP) Shares Up 14.1% - Here's What Happened

Key Points

• Gulf Keystone Petroleum's stock surged by 14.1%, closing at GBX 199.40 ($2.69) after trading as high as GBX 204 ($2.76), with a significant increase in trading volume.
• Analysts have rated the stock with a consensus rating of "Buy" and an average price target of GBX 200, with Canaccord Genuity recently raising their target to GBX 210.
• The company operates in the Kurdistan Region of Iraq, focusing on oil and gas exploration, development, and production, particularly in the Shaikan field.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report)'s stock price was up 14.1% during trading on Monday . The stock traded as high as GBX 204 ($2.76) and last traded at GBX 199.40 ($2.69). Approximately 3,157,962 shares traded hands during trading, an increase of 261% from the average daily volume of 873,957 shares. The stock had previously closed at GBX 174.80 ($2.36).

Analyst Upgrades and Downgrades

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

Gulf Keystone Petroleum Stock 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 £432.31 million, a price-to-earnings ratio of -52,473.68, a price-to-earnings-growth ratio of 0.06 and a beta of 1.22. The firm has a fifty day moving average of GBX 174.42 and a 200 day moving average of GBX 168.87.

Gulf Keystone Petroleum Company Profile

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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