Pantheon Resources (LON:PANR) Stock Price Down 12% - Here's What Happened

Key Points

• Pantheon Resources' shares fell by 12% during mid-day trading, closing at GBX 27.50 ($0.37) after reaching a low of GBX 27.20 ($0.37).
• Despite the recent decline, analysts have maintained a "speculative buy" rating with a price target of GBX 70, indicating future growth potential.
• Pantheon Resources focuses on developing oil fields in Alaska's North Slope, claiming over 1 billion barrels of marketable liquids in certified contingent resources.

Shares of Pantheon Resources Plc (LON:PANR - Get Free Report) were down 12% during mid-day trading on Wednesday . The company traded as low as GBX 27.20 ($0.37) and last traded at GBX 27.50 ($0.37). 12,978,874 shares were traded during trading, an increase of 60% from the average daily volume of 8,121,754 shares. The stock had previously closed at GBX 31.25 ($0.42).

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reissued a "speculative buy" rating and issued a GBX 70 price objective on shares of Pantheon Resources in a research report on Monday. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Pantheon Resources currently has an average rating of "Buy" and a consensus price target of GBX 70.

Pantheon Resources Trading Down 12.0%

The stock has a 50-day moving average of GBX 25.89 and a 200 day moving average of GBX 37.01. The company has a quick ratio of 20.28, a current ratio of 0.79 and a debt-to-equity ratio of 7.35. The stock has a market cap of £340.67 million, a PE ratio of -2,722.77 and a beta of -0.36.

About Pantheon Resources

Pantheon Resources plc is an AIM listed Oil & Gas company focused on developing the Ahpun and Kodiak fields located on state land on the Alaska North Slope ("ANS"), onshore USA where, following issue of the new leases, it will have a 100% working interest in c. 259,000 acres. Certified contingent resources attributable to these projects exceeds 1 billion barrels of marketable liquids, located adjacent to Alaska's Trans Alaska Pipeline System ("TAPS"). Pantheon's stated objective is to demonstrate sustainable market recognition of a value of $5-$10/bbl of recoverable resources by end 2028.

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