Kelt Exploration (KEL) Stock Price Down 8% Following Analyst Downgrade

Shares of Kelt Exploration Ltd (TSE:KEL) dropped 8% during trading on Friday after CIBC lowered their price target on the stock from C$10.00 to C$9.00. The stock traded as low as C$4.49 and last traded at C$4.58. Approximately 498,984 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 807,129 shares. The stock had previously closed at C$4.98.

KEL has been the topic of several other reports. Raymond James reduced their price objective on Kelt Exploration from C$12.50 to C$11.50 and set a “strong-buy” rating on the stock in a research note on Monday, November 12th. Royal Bank of Canada reduced their price objective on Kelt Exploration from C$11.00 to C$9.00 and set an “outperform” rating on the stock in a research note on Monday, November 12th. Eight Capital reduced their price objective on Kelt Exploration from C$11.00 to C$10.50 in a research note on Monday, November 12th. TD Securities reduced their price objective on Kelt Exploration from C$12.00 to C$9.50 and set a “buy” rating on the stock in a research note on Monday, November 12th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a C$13.00 price objective on shares of Kelt Exploration in a research note on Tuesday, July 31st. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of C$10.66.

In related news, insider David John Wilson purchased 210,000 shares of Kelt Exploration stock in a transaction that occurred on Wednesday, November 14th. The shares were purchased at an average cost of C$4.73 per share, with a total value of C$993,300.00. Also, insider Bruce Douglas Gigg purchased 10,000 shares of Kelt Exploration stock in a transaction that occurred on Tuesday, November 20th. The shares were bought at an average cost of C$4.75 per share, for a total transaction of C$47,500.00. Insiders bought a total of 225,000 shares of company stock worth $1,064,550 over the last ninety days.

The company has a debt-to-equity ratio of 23.89, a current ratio of 0.52 and a quick ratio of 0.48.

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Kelt Exploration Company Profile (TSE:KEL)

Kelt Exploration Ltd., an oil and gas company, engages in the exploration, development, and production of crude oil and natural gas resources primarily in northwestern Alberta and northeastern British Columbia, Canada. As of December 31, 2017, the company holds petroleum and natural gas rights in 637,823 net acres of undeveloped land.

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