Galp Energia SGPS (OTCMKTS:GLPEY) Share Price Crosses Above 50-Day Moving Average – Here’s Why

Galp Energia SGPS SA (OTCMKTS:GLPEY)’s share price crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $11.07 and traded as high as $12.0060. Galp Energia SGPS shares last traded at $11.9440, with a volume of 26,357 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Galp Energia SGPS from an “overweight” rating to an “overweight” rating in a research note on Friday, July 3rd. Zacks Research downgraded shares of Galp Energia SGPS from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold”.

Galp Energia SGPS Price Performance

The stock has a market capitalization of $16.22 billion, a price-to-earnings ratio of 13.89 and a beta of -0.06. The company has a 50-day simple moving average of $11.07 and a two-hundred day simple moving average of $11.16. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.68 and a quick ratio of 1.38.

Galp Energia SGPS (OTCMKTS:GLPEY) last announced its quarterly earnings results on Monday, July 27th. The energy company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.26. The company had revenue of $8.02 billion during the quarter, compared to analyst estimates of $6.79 billion. Galp Energia SGPS had a return on equity of 30.83% and a net margin of 5.43%. On average, equities research analysts predict that Galp Energia SGPS SA will post 1.21 earnings per share for the current year.

Galp Energia SGPS Company Profile

Galp Energia SGPS is an integrated energy company headquartered in Lisbon, Portugal, with core operations spanning upstream exploration and production, midstream refining, and downstream distribution and marketing. In its upstream segment, the company explores and produces oil and natural gas in regions such as Brazil’s pre-salt basins, African offshore blocks in Angola and Mozambique, and domestic wells in Portugal. Its midstream activities include refining crude oil at the Sines facility and operating a network of pipelines, while downstream operations involve the distribution and retail sale of petroleum products through the Galp-branded service station network across the Iberian Peninsula.

In addition to its traditional oil and gas business, Galp has expanded into power generation and renewable energy.