Challenger Energy Group (LON:CEG) Trading 7.4% Higher – Here’s Why

Challenger Energy Group PLC (LON:CEG) shares shot up 7.4% during mid-day trading on Wednesday . The stock traded as high as GBX 13.50 and last traded at GBX 13. 2,492,772 shares changed hands during mid-day trading, an increase of 288% from the average session volume of 642,823 shares. The stock had previously closed at GBX 12.10.

Analysts Set New Price Targets

Separately, Shore Capital restated a “no recommendation” rating on shares of Challenger Energy Group in a report on Tuesday, September 9th.

Challenger Energy Group Stock Performance

The firm’s 50-day simple moving average is GBX 11.77 and its 200 day simple moving average is GBX 9.28. The stock has a market capitalization of £31.16 million, a P/E ratio of -7.62 and a beta of 1.53.

About Challenger Energy Group

Challenger Energy focuses on high impact, globally material assets. Its flagship assets are in Uruguay, a new global exploration hotspot, where they have assets with multiple billion-barrel prospects. The Company holds two high impact offshore exploration licences (AREA OFF-1 and AREA OFF-3), totalling 19,000km2 (gross), making it one of the largest acreage holder offshore Uruguay, and is the only junior with a position in this exciting new exploration province.