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

Key Points

• Gulf Keystone Petroleum shares rose by 14.1% amid increased trading volume, reaching up to GBX 204 ($2.76).
• Brokerages have set new price targets, with Canaccord Genuity raising their target from GBX 205 to GBX 210 and maintaining a "speculative buy" rating.
• The company specializes in oil and gas exploration in the Kurdistan Region of Iraq, operating in the Shaikan field which spans approximately 280 square kilometers.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report) shares shot up 14.1% during mid-day trading on Tuesday . The stock traded as high as GBX 204 ($2.76) and last traded at GBX 199.40 ($2.69). 3,157,962 shares were traded during mid-day trading, an increase of 261% from the average session volume of 873,957 shares. The stock had previously closed at GBX 174.80 ($2.36).

Analysts Set New Price Targets

Several brokerages have issued reports on GKP. Canaccord Genuity Group upped their target price on Gulf Keystone Petroleum from GBX 205 to GBX 210 and gave the stock a "speculative buy" rating in a research note on Thursday, August 28th. Shore Capital reaffirmed a "no recommendation" rating on shares of Gulf Keystone Petroleum in a research note on Thursday, August 28th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Gulf Keystone Petroleum has an average rating of "Buy" and a consensus price target of GBX 200.

Gulf Keystone Petroleum Stock Up 3.0%

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 company has a 50-day simple moving average of GBX 174.42 and a two-hundred day simple moving average of GBX 168.87. The stock has a market cap of £445.42 million, a P/E ratio of -54,064.74, a P/E/G ratio of 0.06 and a beta of 1.22.

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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