Kelt Exploration (TSE:KEL) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Kelt Exploration Ltd. (TSE:KEL)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$7.30 and traded as high as C$8.46. Kelt Exploration shares last traded at C$8.46, with a volume of 367,130 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce lifted their target price on shares of Kelt Exploration from C$10.50 to C$11.00 in a research note on Friday, November 14th. TD Securities set a C$9.50 price objective on shares of Kelt Exploration and gave the stock a “buy” rating in a report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$9.63.

Kelt Exploration Stock Up 2.6%

The firm has a market capitalization of C$1.73 billion, a P/E ratio of 29.93 and a beta of -0.36. The company has a fifty day simple moving average of C$7.90 and a 200 day simple moving average of C$7.31. The company has a quick ratio of 0.61, a current ratio of 0.50 and a debt-to-equity ratio of 4.53.

Insider Activity at Kelt Exploration

In related news, insider Patrick William George Miles sold 94,300 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of C$8.03, for a total value of C$757,229.00. Following the transaction, the insider directly owned 911,855 shares of the company’s stock, valued at approximately C$7,322,195.65. This represents a 9.37% decrease in their position. Also, insider Bruce Douglas Gigg sold 80,000 shares of Kelt Exploration stock in a transaction on Thursday, January 29th. The stock was sold at an average price of C$8.09, for a total value of C$647,200.00. Following the completion of the sale, the insider directly owned 224,574 shares of the company’s stock, valued at approximately C$1,816,803.66. The trade was a 26.27% decrease in their position. In the last three months, insiders have sold 224,500 shares of company stock valued at $1,808,529. 15.87% of the stock is owned by corporate insiders.

About Kelt Exploration

Kelt Exploration Ltd is an oil and gas company that focuses on the exploration, development, and production of crude oil and natural gas in Canada. Assets for production are acquired through the purchase of other corporate entities or through a full-cycle exploration program. Kelt traditionally focuses its exploration activities on areas with multizone hydrocarbon potential in Canada. The company owns pipeline infrastructure in some of its core regions to help move its products to domestic markets.