Genel downgraded by Canaccord

Canaccord Genuity has moderated its investment rating on Genel Energy (LON:GENL) and moved to a ‘speculative buy’ position from outright ‘buy’ following the company’s latest trading and operations update.

The broker commented: “The combination of the poor production figures on Taq Taq, the lukewarm update on the gas projects (the update focuses mostly on on the challenges to value realisation), the increase of the payment receivables, and the Chia Surkh denouement makes for unappealing reading.”

Analysts have cut their target price to 150 pence per share from 195 pence.

Meanwhile, Numis reaffirmed its ‘buy’ call but cut its target to 180 pence (from 210 pence).

At 2:31pm: (LON:GENL) Genel Energy PLC share price was -7.25p at 85.75p

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