Touchstone Exploration (LON:TXP) Trading Down 1.8% – Here’s Why

Touchstone Exploration Inc. (LON:TXP) shares fell 1.8% during mid-day trading on Thursday . The stock traded as low as GBX 11.04 and last traded at GBX 11.10. 207,820 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 676,029 shares. The stock had previously closed at GBX 11.30.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Shore Capital restated a “house stock” rating on shares of Touchstone Exploration in a report on Thursday, August 14th. Canaccord Genuity Group cut their target price on Touchstone Exploration from GBX 35 to GBX 34 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Touchstone Exploration presently has a consensus rating of “Buy” and a consensus price target of GBX 47.

Touchstone Exploration Stock Performance

The company has a fifty day moving average price of GBX 12.63 and a two-hundred day moving average price of GBX 15.30. The company has a market cap of £24.03 million, a P/E ratio of 7.40 and a beta of 0.70.

Insiders Place Their Bets

In related news, insider Paul R. Baay purchased 22,004 shares of the stock in a transaction on Wednesday, September 3rd. The shares were purchased at an average price of GBX 28 per share, with a total value of £6,161.12. 3.68% of the stock is currently owned by corporate 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.