Africa Oil Gets a Buy Rating from GMP FirstEnergy

By Ryan Adsit

In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Africa Oil (TSX: AOI). Analyst Darren Engels from GMP FirstEnergy rated Africa Oil (TSX: AOI) a Buy, setting a C$2.50 price target.

According to TipRanks.com, Engels is ranked #4348 out of 4588 analysts.

Currently, the analyst consensus on Africa Oil is Strong Buy and the average price target is C$3, representing a 54.6% upside.

In a report issued on June 26, BMO Capital also reiterated a Buy rating on the stock with a C$2.80 price target.

The company has a one year high of C$2.81 and a one year low of C$1.72. Currently, Africa Oil has an average volume of 131.7K.

Africa Oil Corp. is an oil and gas exploration company based in Canada. It have assets in Kenya, Ethiopia, and Mali, as well as Puntland (Somalia) through its equity interest in Horn Petroleum Corp. The company was founded on March 29, 1983 and is headquartered in Vancouver, Canada.

The company’s shares closed on Tuesday at $1.94.