Shares of Gulf Keystone Petroleum Limited (LON: GKP) after the company reported a half-year profit of $65 million compared to the $33 million loss reported in a similar period last year.
The company also announced a $100 million, which translates to a 22% yield at current prices.
GKP is under new leadership with its CEO Jon Harris keen on transforming the firm’s fortunes and taking it in an entirely new direction.
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The company whose main asset is located in Kurdistan, and the company has announced that previous tussles with the local governments are now behind it.
Harris said: “We continue to deliver against our commitment to balance investment in growth and returns to shareholders. Today, we are pleased to declare an interim dividend for 2021 of $50 million, bringing total dividends this year to $100 million.”
Today’s rally saw the company’s shares rally to lift its market capitalisation to a whooping £360 million, which is still way below its previous highs.
Investors looking to buy GKP shares should wait for a pullback to the 160p support zone before jumping in. However, a break below this level would invalidate the bullish thesis.
*This is not investment advice.
Gulf Keystone share price.
Gulf Keystone shares surged 11.26% to trade at 173.9p, rising from Wednesday’s closing price of 156.3p.
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