Eco (Atlantic) Oil & Gas (LON:ECO) Shares Break Above Fifty Day Moving Average – What’s Next?

Shares of Eco (Atlantic) Oil & Gas Ltd. (LON:ECO) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of GBX 41.76 and traded as high as GBX 41.90. Eco (Atlantic) Oil & Gas shares last traded at GBX 41.90, with a volume of 301,363 shares traded.

Analysts Set New Price Targets

Separately, Berenberg Bank reissued a “buy” rating and set a GBX 125 price target on shares of Eco (Atlantic) Oil & Gas in a research report on Tuesday, September 22nd. Two research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Eco (Atlantic) Oil & Gas currently has an average rating of “Buy” and a consensus price target of GBX 126.50.

Eco (Atlantic) Oil & Gas Stock Performance

The firm’s fifty day moving average price is GBX 41.76 and its 200 day moving average price is GBX 49.50. The firm has a market cap of £154.07 million, a P/E ratio of -18.22 and a beta of 0.95.

About Eco (Atlantic) Oil & Gas

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.