Gulf Keystone Petroleum (LON:GKP) Stock Breaks Below 200-Day Moving Average – Time to Sell?

Gulf Keystone Petroleum Limited (LON:GKP)’s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of GBX 189.93 and traded as low as GBX 186.90. Gulf Keystone Petroleum shares last traded at GBX 187, with a volume of 8,554,391 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GKP. Peel Hunt restated a “buy” rating and set a GBX 277 price objective on shares of Gulf Keystone Petroleum in a research report on Monday, July 13th. Canaccord Genuity Group restated a “speculative buy” rating and issued a GBX 275 target price on shares of Gulf Keystone Petroleum in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of GBX 276.

Gulf Keystone Petroleum Stock Performance

The firm has a fifty day simple moving average of GBX 199.68 and a 200-day simple moving average of GBX 189.93. The company has a quick ratio of 2.18, a current ratio of 2.00 and a debt-to-equity ratio of 0.25. The company has a market cap of £405.75 million, a PE ratio of 11.89, a price-to-earnings-growth ratio of 0.06 and a beta of 0.12.

Insider Activity

In other news, insider Jon Harris purchased 14,000 shares of the company’s 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. Also, insider David Howard Thomas purchased 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The shares were purchased at an average price of GBX 203 per share, for a total transaction of £4,995.83. In the last three months, insiders bought 28,761 shares of company stock valued at $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.