Rockhopper Exploration (LON:RKH) Shares Up 13% - Time to Buy?

Key Points

• Rockhopper Exploration shares surged by 13% during trading, reaching a high of GBX 89.80 ($1.21), with trading volume increasing by 170% from the average.
• Canaccord Genuity raised their price target for Rockhopper from GBX 49 to GBX 86 and assigned a "speculative buy" rating, reflecting analysts' growing confidence in the stock.
• The company operates primarily in the UK, focusing on oil and gas exploration in the North Falkland Basin and the Greater Mediterranean region, with a market cap of £577.02 million.

Rockhopper Exploration plc (LON:RKH - Get Free Report)'s stock price shot up 13% during trading on Friday . The stock traded as high as GBX 89.80 ($1.21) and last traded at GBX 87 ($1.17). 8,828,586 shares were traded during mid-day trading, an increase of 170% from the average session volume of 3,274,055 shares. The stock had previously closed at GBX 77 ($1.03).

Analysts Set New Price Targets

Separately, Canaccord Genuity Group raised their price target on shares of Rockhopper Exploration from GBX 49 to GBX 86 and gave the company a "speculative buy" rating in a research note on Monday, June 9th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of GBX 61.50.

Rockhopper Exploration Stock Up 3.5%

The company has a quick ratio of 2.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.12. The firm has a market cap of £577.02 million, a price-to-earnings ratio of 1,237.45, a price-to-earnings-growth ratio of 0.20 and a beta of 0.87. The stock's 50 day moving average is GBX 68.55 and its 200 day moving average is GBX 53.19.

About Rockhopper Exploration

Rockhopper Exploration plc operates as an oil and gas exploration and production company primarily in the United Kingdom. It engages in the exploration, appraisal, and exploitation of its oil and gas acreage primarily in the North Falkland Basin and the Greater Mediterranean region. The company holds 35% working interest in the PL003a, PL003b, PL004a, PL004b, PL004c, PL005, PL032, PL033 production licenses in North Falkland Basin.

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