Petro Matad (LON:MATD) Shares Up 18% – Here’s What Happened

Petro Matad Limited (LON:MATD) shares shot up 18% on Tuesday . The company traded as high as GBX 1.75 ($0.02) and last traded at GBX 1.74 ($0.02). 5,361,474 shares traded hands during trading, a decline of 5% from the average session volume of 5,651,477 shares. The stock had previously closed at GBX 1.48 ($0.02).

Analyst Upgrades and Downgrades

Separately, Shore Capital reaffirmed a “house stock” rating on shares of Petro Matad in a research note on Thursday, March 13th.

Petro Matad Trading Up 18.0 %

The business’s 50 day moving average price is GBX 1.45 and its two-hundred day moving average price is GBX 1.83. The stock has a market cap of £32.33 million, a P/E ratio of -3.68 and a beta of 2.24.

Petro Matad Company Profile

Petro Matad Limited, together with its subsidiaries, engages in the exploration, development, and production of oil in Mongolia. It holds 100% interests in production sharing contract blocks, including Ongi Block V that covers an area of approximately 7,937 square kilometers; and Matad Block XX that consists of an area of approximately 214 square kilometers in Mongolia.