Gulf Keystone Petroleum (LON:GKP) Trading Up 15.2% - Here's What Happened

Key Points

• Gulf Keystone Petroleum's shares surged by 15.2%, reaching a trading price of GBX 201.33 ($2.71), with a significant increase in trading volume of 182% compared to the average session.
• Analysts have a consensus rating of "Buy" for Gulf Keystone Petroleum, with a target price adjustment from GBX 205 to GBX 210 by Canaccord Genuity Group.
• The company's market cap is approximately £436.49 million, and it operates in the Kurdistan Region of Iraq focusing on oil and gas exploration and production.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report) shares shot up 15.2% on Monday . The stock traded as high as GBX 201.33 ($2.72) and last traded at GBX 201.33 ($2.72). 2,450,590 shares were traded during mid-day trading, an increase of 182% from the average session volume of 870,092 shares. The stock had previously closed at GBX 174.80 ($2.36).

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GKP. Shore Capital reissued a "no recommendation" rating on shares of Gulf Keystone Petroleum in a research report on Thursday, August 28th. Canaccord Genuity Group raised their target price on 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. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of GBX 200.

Gulf Keystone Petroleum Stock Performance

The stock 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 firm has a 50-day moving average of GBX 174.42 and a 200 day moving average of 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.

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.