Petrel Resources (LON:PET) Stock Price Up 16.4% – Should You Buy?

Petrel Resources Plc (LON:PET)’s share price traded up 16.4% during mid-day trading on Tuesday . The company traded as high as GBX 2.20 ($0.03) and last traded at GBX 1.63 ($0.02). 1,065,037 shares traded hands during trading, an increase of 349% from the average session volume of 237,453 shares. The stock had previously closed at GBX 1.40 ($0.02).

Petrel Resources Stock Performance

The company has a market capitalization of £4.72 million, a price-to-earnings ratio of -9.87 and a beta of 0.57. The business’s 50-day simple moving average is GBX 1.21 and its 200-day simple moving average is GBX 0.98.

Petrel Resources Company Profile

Petrel Resources Plc, together with its subsidiaries, operates as an oil and gas exploration company. The company holds a 100% interest in the Frontier exploration license 3/14 located in Ireland. It also holds a 30% working interest in the Tano 2A Block covering an area of 1,532 square kilometers in Ghana; and holds interest in the Western Desert Block 6 located in Iraq.