Eco (Atlantic) Oil & Gas (LON:ECO) Trading Down 3% – Here’s What Happened

Shares of Eco (Atlantic) Oil & Gas Ltd. (LON:ECO) dropped 3% during trading on Wednesday . The stock traded as low as GBX 50.60 and last traded at GBX 51.20. Approximately 4,254,283 shares were traded during mid-day trading, an increase of 43% from the average daily volume of 2,967,469 shares. The stock had previously closed at GBX 52.80.

Wall Street Analyst Weigh In

ECO has been the subject of several analyst reports. Canaccord Genuity Group increased their target price on shares of Eco (Atlantic) Oil & Gas from GBX 100 to GBX 105 and gave the company a “speculative buy” rating in a report on Thursday, March 12th. Berenberg Bank reiterated a “buy” rating and issued a GBX 125 target price on shares of Eco (Atlantic) Oil & Gas in a report on Wednesday, May 20th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of GBX 115.

Eco (Atlantic) Oil & Gas Price Performance

The business’s fifty day moving average is GBX 60.11 and its 200-day moving average is GBX 42.71. The firm has a market cap of £185.78 million, a PE ratio of -177.33 and a beta of 0.99.

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.