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

Eco (Atlantic) Oil & Gas Ltd. (LON:ECO)’s share price passed 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.

Analysts Set New Price Targets

ECO has been the topic of several research reports. Berenberg Bank reissued a “buy” rating and set a GBX 125 price objective on shares of Eco (Atlantic) Oil & Gas in a research report on Wednesday, March 11th. Canaccord Genuity Group raised their price objective on shares of Eco (Atlantic) Oil & Gas from GBX 100 to GBX 105 and gave the stock a “speculative buy” rating in a research report on Thursday, March 12th. Two investment 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 target price of GBX 115.

Eco (Atlantic) Oil & Gas Stock Up 3.1%

The stock has a market cap of £208.29 million, a PE ratio of -199.33 and a beta of 0.99. The business’s fifty day moving average is GBX 58.03 and its 200 day moving average is GBX 35.45.

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.