Touchstone Exploration (LON:TXP) Trading Down 1.8% After Analyst Downgrade

Touchstone Exploration Inc. (LON:TXP) dropped 1.8% during trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from GBX 34 to GBX 32. Canaccord Genuity Group currently has a speculative buy rating on the stock. Touchstone Exploration traded as low as GBX 11.04 and last traded at GBX 11.10. Approximately 207,820 shares changed hands during trading, a decline of 69% from the average daily volume of 676,029 shares. The stock had previously closed at GBX 11.30.

Separately, Shore Capital reaffirmed a “house stock” rating on shares of Touchstone Exploration in a research note on Thursday, August 14th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of GBX 46.

Insider Activity

In related news, insider Paul R. Baay purchased 22,004 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average price of GBX 28 per share, with a total value of £6,161.12. Corporate insiders own 3.68% of the company’s stock.

Touchstone Exploration Stock Down 12.7%

The company has a 50 day moving average of GBX 12.30 and a 200 day moving average of GBX 15.14. The firm has a market cap of £20.13 million, a price-to-earnings ratio of 6.20 and a beta of 0.70.

About Touchstone Exploration

Touchstone Exploration Inc is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. It is one of the largest independent onshore oil producers in Trinidad, with an experienced management and executive team that have a track record of delivering value to shareholders.

The Company’s strategy is to leverage the Board’s extensive oil recovery experience and capability to develop international onshore properties that create shareholder value.

In Trinidad, the Company’s interests in approximately 90,000 gross acres of exploration and development rights make it one of the largest independent onshore oil producers in Trinidad.