Africa Oil Corp. (TSE:AOI) was upgraded by BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued on Thursday, AnalystRatings.Netreports. The firm currently has a C$3.00 price target on the stock, up from their previous price target of C$2.60. BMO Capital Markets’ target price points to a potential upside of 32.74% from the company’s current price.
Africa Oil Corp. (TSE:AOI) traded down 1.77% on Thursday, hitting $2.22. 21,990 shares of the company’s stock traded hands. Africa Oil Corp. has a 52-week low of $1.80 and a 52-week high of $7.34. The stock has a 50-day moving average of $2.47 and a 200-day moving average of $2.42. The company’s market cap is $827.23 million.
Other equities research analysts have also recently issued reports about the stock. Analysts at FirstEnergy Capital lowered their price target on shares of Africa Oil Corp. from C$5.00 to C$4.40 and set an “outperform” rating on the stock in a research note on Wednesday, June 24th. Analysts at Canaccord Genuity lowered their price target on shares of Africa Oil Corp. from C$4.00 to C$3.50 and set a “speculative buy” rating on the stock in a research note on Monday, June 1st. Analysts at Scotiabank lowered their price target on shares of Africa Oil Corp. from C$5.00 to C$4.50 and set an “outperform” rating on the stock in a research note on Friday, May 15th. Analysts at Dundee Securities lowered their price target on shares of Africa Oil Corp. from C$4.90 to C$4.35 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. Finally, analysts at TD Securities lowered their price target on shares of Africa Oil Corp. from C$5.00 to C$4.75 and set a “speculative buy” rating on the stock in a research note on Monday, May 4th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of C$4.13.
Africa Oil Corp. (TSE:AOI) is a Canada-based independent international upstream oil and gas exploration company. The Company has oil and gas interests in Kenya, Ethiopia and Puntland (Somalia). The Company holds interests in over 215,000 square kilometers (gross) of exploration property throughout several African rift basins, focusing primarily on East Africa. The Company’s blocks 10BA, 10BB, 12A, 13T, South Omo, and the Rift Basin Area are located in the East African Tertiary Rift trend which is an extension of the productive trend established in the Lake Albert area of Uganda where more than 1 billion barrels of recoverable oil has been discovered. Blocks 9 provide exposure to the Cretaceous Rift system that is productive in Sudan, where more than 6 billion barrels of recoverable oil have been discovered.
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