Gulf Keystone Petroleum (LON:GKP) Stock Price Down 9.3% – Here’s Why

Gulf Keystone Petroleum Limited (LON:GKP)’s share price traded down 9.3% during mid-day trading on Tuesday. The company traded as low as GBX 193 and last traded at GBX 204. 4,251,953 shares were traded during mid-day trading, an increase of 276% from the average session volume of 1,130,916 shares. The stock had previously closed at GBX 225.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GKP. Canaccord Genuity Group reissued a “speculative buy” rating and set a GBX 275 target price on shares of Gulf Keystone Petroleum in a research note on Wednesday, August 26th. Peel Hunt restated a “buy” rating and issued a GBX 277 price target on shares of Gulf Keystone Petroleum in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Gulf Keystone Petroleum presently has a consensus rating of “Buy” and an average target price of GBX 276.

Gulf Keystone Petroleum Trading Down 1.0%

The business’s 50 day simple moving average is GBX 194.79 and its two-hundred day simple moving average is GBX 185.99. The stock has a market cap of £451.19 million, a P/E ratio of 13.22, a PEG ratio of 0.06 and a beta of 0.12. The company has a quick ratio of 2.18, a current ratio of 2.00 and a debt-to-equity ratio of 0.25.

Insider Activity

In other news, insider Gabriel Papineau-Legris acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 20th. The shares were bought at an average price of GBX 197 per share, with a total value of £19,700. Also, insider Jon Harris acquired 14,000 shares of Gulf Keystone Petroleum stock in a transaction that occurred on Tuesday, October 20th. The shares were purchased at an average price of GBX 213 per share, for a total transaction of £29,820. In the last ninety days, insiders bought 28,761 shares of company stock worth $6,698,183. Insiders own 16.03% of the company’s stock.

Gulf Keystone Petroleum Company Profile

Gulf Keystone Petroleum Limited engages in oil and gas exploration, development, and production in the Kurdistan Region of Iraq. The company operates Shaikan field that covers an area of approximately 280 square kilometers, which is located north-west of Erbil. It also provides management, support, geological, geophysical, and engineering services. The company was incorporated in 2001 and is based in Hamilton, Bermuda.