Touchstone Exploration (LON:TXP) Trading Down 1.2% – Here’s Why

Touchstone Exploration Inc. (LON:TXP) dropped 1.2% during trading on Thursday . The stock traded as low as GBX 8.50 and last traded at GBX 8.50. Approximately 483,067 shares changed hands during trading, a decline of 71% from the average daily volume of 1,683,976 shares. The stock had previously closed at GBX 8.60.

Analyst Ratings Changes

Separately, Canaccord Genuity Group dropped their target price on shares of Touchstone Exploration from GBX 34 to GBX 32 and set a “speculative buy” rating for the company in a research report on Thursday, November 13th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of GBX 32.

Touchstone Exploration Stock Down 0.5%

The firm has a market capitalization of £27.63 million, a P/E ratio of -8.51 and a beta of 0.70. The business’s 50-day simple moving average is GBX 8.73 and its 200 day simple moving average is GBX 10.67.

Insider Activity at Touchstone Exploration

In other Touchstone Exploration news, insider Peter William Nicol bought 650,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were bought at an average price of GBX 7 per share, for a total transaction of £45,500. Corporate insiders own 4.28% of the company’s stock.

About Touchstone Exploration

Touchstone Exploration Inc is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. It is one of the largest independent onshore oil producers in Trinidad, with an experienced management and executive team that have a track record of delivering value to shareholders.

The Company’s strategy is to leverage the Board’s extensive oil recovery experience and capability to develop international onshore properties that create shareholder value.

In Trinidad, the Company’s interests in approximately 90,000 gross acres of exploration and development rights make it one of the largest independent onshore oil producers in Trinidad.