Touchstone Exploration (LON:TXP) Trading 7.7% Higher – Time to Buy?

Touchstone Exploration Inc. (LON:TXP)’s share price was up 7.7% on Wednesday . The company traded as high as GBX 6.79 and last traded at GBX 6.57. Approximately 976,624 shares were traded during trading, an increase of 12% from the average daily volume of 870,524 shares. The stock had previously closed at GBX 6.10.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TXP. Shore Capital restated a “house stock” rating on shares of Touchstone Exploration in a report on Thursday, August 14th. Canaccord Genuity Group cut their price objective on Touchstone Exploration from GBX 34 to GBX 32 and set a “speculative buy” rating on the stock in a research report on Thursday, November 13th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of GBX 46.

Touchstone Exploration Stock Up 8.7%

The company’s fifty day simple moving average is GBX 11.97 and its 200 day simple moving average is GBX 14.86. The firm has a market capitalization of £21.53 million, a PE ratio of 6.63 and a beta of 0.70.

Insider Buying and Selling at Touchstone Exploration

In other news, insider Paul R. Baay purchased 22,004 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were bought at an average cost of GBX 28 per share, for a total transaction of £6,161.12. 3.68% of the stock is 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.