Eco (Atlantic) Oil & Gas (LON:ECO) Stock Price Passes Below Fifty Day Moving Average – Here’s Why

Eco (Atlantic) Oil & Gas Ltd. (LON:ECO) shares crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of GBX 58.03 and traded as low as GBX 55.80. Eco (Atlantic) Oil & Gas shares last traded at GBX 58, with a volume of 1,243,404 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Berenberg Bank restated a “buy” rating and set a GBX 125 price target on shares of Eco (Atlantic) Oil & Gas in a research report on Wednesday, March 11th. Canaccord Genuity Group increased their price objective on shares of Eco (Atlantic) Oil & Gas from GBX 100 to GBX 105 and gave the company a “speculative buy” rating in a report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of GBX 115.

Eco (Atlantic) Oil & Gas Stock Performance

The stock has a market cap of £208.29 million, a PE ratio of -199.33 and a beta of 0.99. The stock’s 50-day moving average is GBX 58.03 and its two-hundred day moving average is GBX 35.45.

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.