Touchstone Exploration (LON:TXP) Stock Price Up 7.7% – Here’s What Happened

Touchstone Exploration Inc. (LON:TXP) rose 7.7% during mid-day trading on Wednesday . The stock traded as high as GBX 6.79 and last traded at GBX 6.57. Approximately 976,624 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 870,524 shares. The stock had previously closed at GBX 6.10.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TXP shares. Shore Capital reiterated a “house stock” rating on shares of Touchstone Exploration in a report on Thursday, August 14th. Canaccord Genuity Group cut their price objective on shares of Touchstone Exploration from GBX 34 to GBX 32 and set a “speculative buy” rating on the stock in a research note on Thursday, November 13th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Touchstone Exploration presently has an average rating of “Buy” and an average target price of GBX 46.

Touchstone Exploration Trading Down 0.1%

The company has a market capitalization of £22.55 million, a price-to-earnings ratio of 6.95 and a beta of 0.70. The company has a fifty day moving average of GBX 11.67 and a 200-day moving average of GBX 14.75.

Insider Activity at Touchstone Exploration

In other Touchstone Exploration news, insider Paul R. Baay purchased 22,004 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of GBX 28 per share, with a total value of £6,161.12. 3.68% of the stock is owned by company insiders.

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.