Grid Petroleum Corp – Price Index Target Double Current Price

UK based independent oil and gas exploration Company, Grid Petroleum Corp (NASD OTCBB:GRPR), has a new price target that’s 100% above its current trading price.

Research company, Cohen Independent Research, Inc., has evaluated Grid Petroleum and given it a new Price Index Target of $2.26 per share. The price is based off of Grid Petroleum’s global oil and gas expectations and their position in the oil and gas exploration industry.

If you’re looking for an oil and gas penny stock, this is one to research further.

According to the report, Grid Petroleum expects revenues of $5.4 million FYE 2010 and more than $145.7 million by 2016. The company has expanded its acreage with an acquisition and is looking to grow further.

GRPR.OB was trading at $1.31 per share, which is a 52-week high. It’s 52-week low is .98. Charts are showing a steady upswing.

Yahoo Finance: http://finance.yahoo.com/q?s=GRPR.OB