EnQuest (LON:ENQ) Shares Up 27% – Here’s Why

EnQuest PLC (LON:ENQ)’s share price shot up 27% during mid-day trading on Wednesday . The company traded as high as GBX 24.75 and last traded at GBX 24.25. 107,977,680 shares traded hands during mid-day trading, an increase of 768% from the average session volume of 12,444,629 shares. The stock had previously closed at GBX 19.10.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ENQ. JPMorgan Chase & Co. lifted their price target on shares of EnQuest from GBX 25 to GBX 29 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Shore Capital Group reissued a “buy” rating on shares of EnQuest in a report on Thursday, April 23rd. Five 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 a consensus price target of GBX 23.20.

EnQuest Trading Down 2.1%

The company has a quick ratio of 0.75, a current ratio of 0.72 and a debt-to-equity ratio of 204.44. The business’s fifty day simple moving average is GBX 19.67 and its two-hundred day simple moving average is GBX 15.69. The company has a market cap of £474.58 million, a price-to-earnings ratio of 255.00, a PEG ratio of 0.07 and a beta of 0.00.

About EnQuest

EnQuest is providing creative solutions through the energy transition.

EnQuest is an independent energy company. We focus on mature late-life assets, responsibly optimising production to provide energy security. Where we can, we repurpose our infrastructure to deliver renewable energy and decarbonisation projects before executing world-class decommissioning.

Shares in the Company trade on the London Stock Exchange (ENQ.L).