Gulf Keystone Petroleum (LON:GKP) Trading 14.7% Higher - Still a Buy?

Key Points

• Gulf Keystone Petroleum's shares surged 14.7% during mid-day trading, reaching a last traded price of GBX 200.50 ($2.70).
• Analysts have set a new target price of GBX 210 with a "speculative buy" rating from Canaccord Genuity Group, while the consensus rating remains at "Buy" with an average price target of GBX 200.
• The company operates in the Kurdistan Region of Iraq and focuses on oil and gas exploration, development, and production, specifically managing the Shaikan field.

Shares of Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report) traded up 14.7% during mid-day trading on Monday . The stock traded as high as GBX 204 ($2.75) and last traded at GBX 200.50 ($2.70). 3,558,831 shares were traded during mid-day trading, an increase of 306% from the average session volume of 876,148 shares. The stock had previously closed at GBX 174.80 ($2.35).

Analysts Set New Price Targets

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

Gulf Keystone Petroleum Trading Up 14.1%

The business's 50-day moving average price is GBX 173.99 and its two-hundred day moving average price is GBX 168.77. The company has a market capitalization of £432.31 million, a P/E ratio of -52,473.68, a PEG ratio of 0.06 and a beta of 1.22. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.97 and a quick ratio of 2.18.

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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