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

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

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group cut 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 equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of GBX 32.

Touchstone Exploration Price Performance

The firm’s 50 day simple moving average is GBX 8.75 and its two-hundred day simple moving average is GBX 10.64. The firm has a market capitalization of £27.69 million, a P/E ratio of -8.53 and a beta of 0.70.

Insiders Place Their Bets

In other news, insider Peter William Nicol bought 650,000 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were purchased at an average price of GBX 7 per share, for a total transaction of £45,500. 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.