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

Key Points

• Gulf Keystone Petroleum's share price increased by 14.1% during trading, reaching a last traded price of GBX 199.40 ($2.69).
• Analyst firm Canaccord Genuity raised its price target for Gulf Keystone from GBX 205 to GBX 210, maintaining a "speculative buy" rating.
• The company has a market capitalization of £432.31 million and operates in oil and gas exploration in the Kurdistan Region of Iraq.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report)'s stock price was up 14.1% 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 changed 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 Ratings Changes

A number of equities analysts recently weighed in on GKP shares. Shore Capital restated a "no recommendation" rating on shares of Gulf Keystone Petroleum in a research report on Thursday, August 28th. Canaccord Genuity Group increased 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 report on Thursday, August 28th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of GBX 200.

Gulf Keystone Petroleum Stock Up 3.1%

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 company's 50-day simple moving average is GBX 174.42 and its 200 day simple moving average is GBX 168.87. The firm has a market cap of £445.53 million, a P/E ratio of -54,078.95, a price-to-earnings-growth 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.