Eco (Atlantic) Oil & Gas (LON:ECO) Shares Up 10.6% – Time to Buy?

Eco (Atlantic) Oil & Gas Ltd. (LON:ECO) shot up 10.6% during trading on Monday . The company traded as high as GBX 62 and last traded at GBX 60.85. 58,187,309 shares traded hands during mid-day trading, an increase of 1,238% from the average session volume of 4,349,307 shares. The stock had previously closed at GBX 55.

Analysts Set New Price Targets

A number of brokerages have commented on ECO. Berenberg Bank restated a “buy” rating and issued a GBX 125 target price on shares of Eco (Atlantic) Oil & Gas in a research note on Wednesday, March 11th. Canaccord Genuity Group boosted their target price on Eco (Atlantic) Oil & Gas from GBX 100 to GBX 105 and gave the company a “speculative buy” rating in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, Eco (Atlantic) Oil & Gas presently has an average rating of “Buy” and a consensus price target of GBX 115.

Eco (Atlantic) Oil & Gas Stock Up 11.8%

The business has a 50-day simple moving average of GBX 47.60 and a two-hundred day simple moving average of GBX 26.86. The company has a market cap of £212.59 million, a price-to-earnings ratio of -204.90 and a beta of 1.05.

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.