Galp Energia SGPS (OTCMKTS:GLPEY) Shares Gap Up – Here’s What Happened

Galp Energia SGPS SA (OTCMKTS:GLPEY)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $11.9440, but opened at $12.39. Galp Energia SGPS shares last traded at $12.39, with a volume of 2,403 shares.

Analysts Set New Price Targets

Several research firms recently weighed in on GLPEY. Zacks Research cut Galp Energia SGPS from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Morgan Stanley raised Galp Energia SGPS from an “overweight” rating to an “overweight” rating in a report on Friday, July 3rd. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Galp Energia SGPS currently has an average rating of “Hold”.

Galp Energia SGPS Stock Up 1.8%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.38 and a current ratio of 1.68. The company has a market capitalization of $16.79 billion, a price-to-earnings ratio of 14.38 and a beta of -0.06. The firm’s 50-day simple moving average is $11.09 and its 200-day simple moving average is $11.19.

Galp Energia SGPS (OTCMKTS:GLPEY) last announced its quarterly earnings data on Monday, July 27th. The energy company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.26. Galp Energia SGPS had a net margin of 5.43% and a return on equity of 30.83%. The business had revenue of $8.02 billion during the quarter, compared to analyst estimates of $6.79 billion. Sell-side analysts forecast that Galp Energia SGPS SA will post 1.21 earnings per share for the current year.

Hedge Funds Weigh In On Galp Energia SGPS

A hedge fund recently bought a new stake in Galp Energia SGPS stock. Public Employees Retirement System of Ohio acquired a new position in Galp Energia SGPS SA (OTCMKTS:GLPEY) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 15,524 shares of the energy company’s stock, valued at approximately $164,000.

Galp Energia SGPS Company Profile

Galp Energia SGPS is an integrated energy company headquartered in Lisbon, Portugal, with core operations spanning upstream exploration and production, midstream refining, and downstream distribution and marketing. In its upstream segment, the company explores and produces oil and natural gas in regions such as Brazil’s pre-salt basins, African offshore blocks in Angola and Mozambique, and domestic wells in Portugal. Its midstream activities include refining crude oil at the Sines facility and operating a network of pipelines, while downstream operations involve the distribution and retail sale of petroleum products through the Galp-branded service station network across the Iberian Peninsula.

In addition to its traditional oil and gas business, Galp has expanded into power generation and renewable energy.