Albania’s Problematic Bankers Petroleum Given Consensus Recommendation of “Hold” by Brokerages

Bankers Installation Patos-Marinza
A Bankers installation in the Patos-Marinza Oilfield in Southern Albania

Tirana, Oct 25 (Tirana Echo) – Bankers Petroleum, Albania’s Canada based oil giant which has recently been acquired by Chinese based Geo-Jade Petroleum, has been assigned an average rating of “Hold” from the fourteen brokerages that are covering the company.

One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is C$3.41.

Separately, TD Securities reissued a “tender” rating and issued a C$2.20 price target on shares of Bankers Petroleum in a research report on Friday, July 8th.

Bankers Petroleum (TSE:BNK) remained flat at $2.20 during mid-day trading on Monday. The stock had a trading volume of 454,650 shares. The firm’s market capitalization is $576.40 million. Bankers Petroleum has a 12 month low of $0.60 and a 12 month high of $2.68. The stock’s 50-day moving average is $2.07 and its 200 day moving average is $1.99.

‘Hold’ is an analyst’s recommendation to neither buy nor sell a security. A company with a ‘hold’ recommendation generally is expected to perform with the market or at the same pace as comparable companies. This rating is better than sell but worse than buy, meaning that investors with existing long positions shouldn’t sell, but investors without a position shouldn’t purchase either.

During the last year, Bankers Petroleum Ltd. which has focused on petroleum assets in Patos-Marinza and Kucova oilfields in southern Albania since 2004, has faced a series of tough clashes with the Albanian Government related to ‘tax evasion’ allegations.

Earlier in September 2016 the Canada-based oil exploration and production company announced the closing of its previously announced plan of arrangement with affiliates of Geo-Jade Petroleum Corporation which have acquired all the issued and outstanding common shares of Bankers through its affiliates for a cash price of C$2.20 per Bankers Share.

Later in October 2016 Albania’s National Agency of Natural Resources (AKBN) appealed at the International Court of Arbitration against the report of the international auditor who determined that Canadian oil and gas exploration company Bankers Petroleum had correctly stated its 2011 expenses.

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