Galp Energia SGPS (OTCMKTS:GLPEY) Shares Gap Up – Here’s What Happened

Galp Energia SGPS SA (OTCMKTS:GLPEY) gapped up prior to trading on Tuesday . The stock had previously closed at $11.9440, but opened at $12.39. Galp Energia SGPS shares last traded at $12.39, with a volume of 2,403 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently commented on GLPEY. Zacks Research cut Galp Energia SGPS from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Morgan Stanley raised shares of Galp Energia SGPS from an “overweight” rating to an “overweight” rating in a report on Friday, July 3rd. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Galp Energia SGPS has a consensus rating of “Hold”.

Galp Energia SGPS Price Performance

The stock has a market cap of $16.79 billion, a price-to-earnings ratio of 14.38 and a beta of -0.06. The company has a quick ratio of 1.38, a current ratio of 1.68 and a debt-to-equity ratio of 0.59. The company’s 50-day moving average is $11.09 and its 200-day moving average is $11.19.

Galp Energia SGPS (OTCMKTS:GLPEY) last released its quarterly earnings data on Monday, July 27th. The energy company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $8.02 billion for the quarter, compared to the consensus estimate of $6.79 billion. Equities research analysts expect that Galp Energia SGPS SA will post 1.21 earnings per share for the current fiscal year.

Institutional Trading of Galp Energia SGPS

An institutional investor recently bought a new position in Galp Energia SGPS stock. Public Employees Retirement System of Ohio purchased a new stake in Galp Energia SGPS SA (OTCMKTS:GLPEY) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,524 shares of the energy company’s stock, valued at approximately $164,000.

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.