Energean (OTCMKTS:EERGF) Trading 3% Higher – Time to Buy?

Shares of Energean plc (OTCMKTS:EERGF) shot up 3% on Wednesday . The company traded as high as $11.85 and last traded at $11.85. 2,300 shares were traded during trading, an increase of 124% from the average session volume of 1,029 shares. The stock had previously closed at $11.51.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut Energean from a “hold” rating to an “underperform” rating in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Energean Stock Performance

The stock has a 50 day simple moving average of $11.75 and a 200-day simple moving average of $12.07.

About Energean

Energean plc is an independent oil and gas exploration and production company with a primary focus on natural gas development in the Eastern Mediterranean and select North Sea territories. Headquartered in London, with operational offices in Athens and regional hubs in Tel Aviv and Cairo, the company is listed on the London Stock Exchange and trades in the United States under the ticker EERGF. Energean’s strategy centers on identifying and advancing mid- to late-stage hydrocarbon opportunities that offer rapid time to first production and strong cash-generating potential.

The company’s flagship developments are the Karish and Tanin offshore gas fields in Israel, where Energean sanctioned its first project in 2020 and achieved first gas in mid-2022.