Africa Oil Corp (AOI) Sets New 1-Year Low After Analyst Downgrade

Africa Oil Corp (CVE:AOI)’s share price reached a new 52-week low during mid-day trading on Wednesday after Scotiabank lowered their price target on the stock from C$2.75 to C$2.25. Scotiabank currently has a sector perform rating on the stock. Africa Oil Corp traded as low as C$1.47 and last traded at C$1.52, with a volume of 89638 shares changing hands. The stock had previously closed at C$1.55.

Several other equities research analysts have also commented on AOI. Royal Bank Of Canada lowered their price objective on Africa Oil Corp from C$3.20 to C$3.00 and set an “outperform” rating on the stock in a research report on Monday. CSFB decreased their target price on Africa Oil Corp from C$2.80 to C$2.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 20th.

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Africa Oil Corp Company Profile

Africa Oil Corp. (AOC) is a Canada-based international oil and gas exploration and development company. The Company has oil and gas interests in Kenya, Ethiopia, Puntland (Somalia), and Mali. The Company has acquired and commenced exploration activities on multiple exploration Blocks in East Africa. The Company holds exploration acreage of over 300,000 square kilometers (gross) in the exploration play fairway.

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