Savannah Petroleum (SAVP) Shares Up 7%

Savannah Petroleum PLC (LON:SAVP)’s share price shot up 7% on Thursday . The stock traded as high as GBX 27.50 ($0.36) and last traded at GBX 27.40 ($0.36). 1,007,349 shares were traded during mid-day trading, an increase of 15% from the average session volume of 876,753 shares. The stock had previously closed at GBX 25.60 ($0.33).

Several brokerages have recently weighed in on SAVP. Barclays lifted their price target on Savannah Petroleum from GBX 38 ($0.50) to GBX 55 ($0.72) and gave the company an “overweight” rating in a research report on Thursday, January 31st. Shore Capital restated a “buy” rating on shares of Savannah Petroleum in a research report on Thursday, January 24th.

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Savannah Petroleum Company Profile (LON:SAVP)

Savannah Petroleum Plc, an oil and gas company, engages in the exploration of hydrocarbons in the Republic of Niger. The company's principal assets are the R1/R2 and R3/R4 PSC that cover an area of 13,655 km2 located in the Agadem rift basin in South East Niger. Savannah Petroleum Plc was incorporated in 2014 and is based in London, the United Kingdom.

See Also: Depreciation

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