Galp Energia SGPS (OTCMKTS:GLPEY) Shares Pass Above 50-Day Moving Average – Here’s What Happened

Galp Energia SGPS SA (OTCMKTS:GLPEY) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $10.99 and traded as high as $11.50. Galp Energia SGPS shares last traded at $11.4775, with a volume of 33,098 shares traded.

Analysts Set New Price Targets

GLPEY has been the subject of a number of research analyst reports. Morgan Stanley upgraded Galp Energia SGPS from an “overweight” rating to an “overweight” rating in a report on Friday, July 3rd. Zacks Research downgraded shares of Galp Energia SGPS from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold”.

Galp Energia SGPS Price Performance

The firm has a market cap of $15.44 billion, a price-to-earnings ratio of 13.22 and a beta of -0.06. The stock’s 50-day moving average price is $11.00 and its 200 day moving average price is $11.07. The company has a quick ratio of 1.38, a current ratio of 1.68 and a debt-to-equity ratio of 0.59.

Galp Energia SGPS (OTCMKTS:GLPEY) last issued its quarterly earnings results on Monday, July 27th. The energy company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.26. Galp Energia SGPS had a return on equity of 30.83% and a net margin of 5.43%.The firm had revenue of $8.02 billion for the quarter, compared to analyst estimates of $6.79 billion. Equities research analysts predict that Galp Energia SGPS SA will post 1.21 earnings per share for the current year.

About Galp Energia SGPS

Galp Energia SGPS is an integrated energy company headquartered in Lisbon, Portugal, with core operations spanning upstream exploration and production, midstream refining, and downstream distribution and marketing. In its upstream segment, the company explores and produces oil and natural gas in regions such as Brazil’s pre-salt basins, African offshore blocks in Angola and Mozambique, and domestic wells in Portugal. Its midstream activities include refining crude oil at the Sines facility and operating a network of pipelines, while downstream operations involve the distribution and retail sale of petroleum products through the Galp-branded service station network across the Iberian Peninsula.

In addition to its traditional oil and gas business, Galp has expanded into power generation and renewable energy.