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

Key Points

• Gulf Keystone Petroleum shares surged by 14.1% following a trading session where the stock reached up to GBX 204 ($2.76), significantly increasing its trading volume by 261% compared to average daily levels.
• Wall Street analysts have a favorable outlook on the stock, with an average rating of "Buy" and a target price of GBX 200, reflecting growing investor confidence.
• The company operates in the Kurdistan Region of Iraq, focusing on oil and gas exploration and has a market cap of approximately £432.31 million.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report) shares were up 14.1% during trading on Monday . The company traded as high as GBX 204 ($2.76) and last traded at GBX 199.40 ($2.69). Approximately 3,157,962 shares were traded during mid-day 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).

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GKP shares. Shore Capital reissued a "no recommendation" rating on shares of Gulf Keystone Petroleum in a report on Thursday, August 28th. Canaccord Genuity Group upped their price objective 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 research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of GBX 200.

Gulf Keystone Petroleum Stock Up 14.1%

The company's 50 day moving average price is GBX 174.42 and its two-hundred day moving average price is GBX 168.87. The company has a quick ratio of 2.18, a current ratio of 0.97 and a debt-to-equity ratio of 0.03. The stock has a market cap of £432.31 million, a P/E ratio of -52,473.68, a P/E/G ratio of 0.06 and a beta of 1.22.

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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