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Gulf Keystone (GKP) Shares Surged 11.26% on Upbeat H1 Results, $100M Dividend

Simon Mugo trader
Updated 2 Sep 2021

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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.

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.

IG chart of Gulf Keystone share price 02-09-2021

Gulf Keystone shares surged 11.26% to trade at 173.9p, rising from Wednesday’s closing price of 156.3p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading