Energean (OTCMKTS:EERGF) Trading 3% Higher – Time to Buy?

Energean plc (OTCMKTS:EERGF) shares were up 3% during trading on Wednesday . The company traded as high as $11.85 and last traded at $11.85. Approximately 2,300 shares changed hands during trading, an increase of 124% from the average daily volume of 1,029 shares. The stock had previously closed at $11.51.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group downgraded Energean from a “hold” rating to an “underperform” rating in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Energean has an average rating of “Sell”.

Energean Price Performance

The stock has a 50-day moving average price of $11.75 and a two-hundred day moving average price of $12.07.

About Energean

Energean plc is an independent oil and gas exploration and production company with a primary focus on natural gas development in the Eastern Mediterranean and select North Sea territories. Headquartered in London, with operational offices in Athens and regional hubs in Tel Aviv and Cairo, the company is listed on the London Stock Exchange and trades in the United States under the ticker EERGF. Energean’s strategy centers on identifying and advancing mid- to late-stage hydrocarbon opportunities that offer rapid time to first production and strong cash-generating potential.

The company’s flagship developments are the Karish and Tanin offshore gas fields in Israel, where Energean sanctioned its first project in 2020 and achieved first gas in mid-2022.