Gulf Keystone Petroleum (LON:GKP) Shares Up 14.1% - Should You Buy?

Key Points

• Gulf Keystone Petroleum Limited shares increased by 14.1% during trading, reaching a high of GBX 204 ($2.75).
• Analysts have generally maintained a Buy rating for Gulf Keystone, with Canaccord Genuity recently raising its price target to GBX 210.
• The company operates in the Kurdistan Region of Iraq, focusing on oil and gas exploration and production, notably in the Shaikan field.

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

Wall Street Analyst Weigh In

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

Gulf Keystone Petroleum Trading Up 14.1%

The firm has a market capitalization of £432.31 million, a price-to-earnings ratio of -52,473.68, a P/E/G ratio of 0.06 and a beta of 1.22. The firm's 50-day moving average is GBX 174.42 and its 200 day moving average is GBX 168.87. The company has a current ratio of 0.97, a quick ratio of 2.18 and a debt-to-equity ratio of 0.03.

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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