Touchstone Exploration (LON:TXP) Trading 10.9% Higher – Should You Buy?

Touchstone Exploration Inc. (LON:TXP) shares shot up 10.9% on Friday . The stock traded as high as GBX 25 ($0.32) and last traded at GBX 24.18 ($0.31). 2,622,209 shares traded hands during trading, an increase of 403% from the average session volume of 520,923 shares. The stock had previously closed at GBX 21.80 ($0.28).

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TXP shares. Canaccord Genuity Group reaffirmed a “speculative buy” rating and issued a GBX 60 ($0.76) price objective on shares of Touchstone Exploration in a research note on Friday. Shore Capital reissued a “house stock” rating on shares of Touchstone Exploration in a research note on Friday.

Touchstone Exploration Price Performance

The stock’s fifty day simple moving average is GBX 30.70 and its 200-day simple moving average is GBX 31.63. The company has a market capitalization of £58.52 million, a P/E ratio of -618.75 and a beta of 0.70.

About Touchstone Exploration

Touchstone Exploration Inc engages in the exploration, development, acquisition, production, and sale of petroleum and natural gas properties in the Republic of Trinidad and Tobago. Its primary exploration focus is the Ortoire exploration block. The company was formerly known as Petrobank Energy and Resources Ltd.