VAALCO Energy (LON:EGY) Upgraded to Buy at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group upgraded VAALCO Energy to “buy” from its prior stance and raised the price target to GBX 665 from GBX 650.
• The new target implies about 53.4% upside from the stock’s previous close, signaling analyst confidence in further gains.
• VAALCO Energy is a Houston-based independent energy company with assets in West Africa, including a 31.1% working interest in the Etame Marin block offshore Gabon.

VAALCO Energy (LON:EGY - Get Free Report) was upgraded by stock analysts at Canaccord Genuity Group to a "buy" rating in a report issued on Monday,Digital Look reports. The firm currently has a GBX 665 price objective on the stock, up from their prior price objective of GBX 650. Canaccord Genuity Group's target price points to a potential upside of 53.40% from the stock's previous close.

VAALCO Energy Price Performance

Shares of VAALCO Energy stock opened at GBX 433.50 on Monday. The firm has a market cap of £463.90 million, a PE ratio of -10.84 and a beta of 1.17. The business's 50 day simple moving average is GBX 423.73 and its 200 day simple moving average is GBX 344.87. The company has a debt-to-equity ratio of 17.57, a quick ratio of 0.74 and a current ratio of 1.19. VAALCO Energy has a 52-week low of GBX 250.60 and a 52-week high of GBX 486.

VAALCO Energy Company Profile

VAALCO, founded in 1985, is a Houston, USA based, independent energy company with production, development and exploration assets in the West African region. The Company is an established operator within the region, holding a 31.1% working interest in the Etame Marin block, located offshore Gabon, which to date has produced over 110 MMBBL of crude oil and of which the Company holds operational control.

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