Gulf Keystone Petroleum (LON:GKP) Trading Up 14.1% - Time to Buy?

Key Points

• Gulf Keystone Petroleum's stock surged by 14.1%, reaching a high of GBX 204 ($2.75) during mid-day trading, with a significant trading volume increase of 261% over the average daily volume.
• Analysts have generally rated the stock as a "Buy," with Canaccord Genuity raising their price target from GBX 205 to GBX 210 and a consensus target price of GBX 200.
• The company's strong fundamentals include a low debt-to-equity ratio of 0.03 and a quick ratio of 2.18, indicating solid financial health in its operations focused in the Kurdistan Region of Iraq.

Gulf Keystone Petroleum Limited (LON:GKP - Get Free Report) shares shot up 14.1% during trading 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 traded hands 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).

Wall Street Analyst Weigh In

A number of brokerages have commented on GKP. 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 research report 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 equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of GBX 200.

Gulf Keystone Petroleum Trading Up 14.1%

The company has a 50 day moving average of GBX 173.99 and a two-hundred day moving average of GBX 168.77. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.18 and a current ratio of 0.97. The stock has a market capitalization of £432.31 million, a PE ratio of -52,473.68, a P/E/G 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.

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