Eco (Atlantic) Oil & Gas (LON:ECO) Stock Price Up 16.5% – Still a Buy?

Eco (Atlantic) Oil & Gas Ltd. (LON:ECO)’s stock price shot up 16.5% during mid-day trading on Tuesday. The company traded as high as GBX 41 and last traded at GBX 39.60. Approximately 3,271,056 shares changed hands during trading, an increase of 57% from the average daily volume of 2,083,774 shares. The stock had previously closed at GBX 34.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Berenberg Bank reissued a “buy” rating and issued a GBX 125 target price on shares of Eco (Atlantic) Oil & Gas in a report on Tuesday, September 22nd. Canaccord Genuity Group reaffirmed a “speculative buy” rating and issued a GBX 128 price target on shares of Eco (Atlantic) Oil & Gas in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of GBX 126.50.

Eco (Atlantic) Oil & Gas Price Performance

The firm’s 50 day moving average price is GBX 44.61 and its 200-day moving average price is GBX 52.64. The stock has a market cap of £133.24 million, a P/E ratio of -16.57 and a beta of 0.95.

Eco (Atlantic) Oil & Gas Company Profile

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.

Eco has interests in Guyana, South Africa and Namibia, proven jurisdictions with great hydrocarbon potential, and aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in these stable emerging markets, in partnership with major oil companies.