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Rockhopper Exploration
(LSE:RKH)
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Rating:51Neutral
Price Target:
66.00 p
â–¼(-9.84% Downside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by weak and inconsistent operating fundamentals (negligible revenue and recurring operating losses) partially offset by a solid equity-backed balance sheet and improved operating/free cash flow in 2024–2025. Technicals are only moderately supportive (short-term strength but below key longer-term averages), while valuation is a notable headwind due to the very high P/E.
Positive Factors
Equity-backed balance sheet
A sizable and expanding equity base provides Rockhopper with financial flexibility while debt remains moderate relative to equity. This can help preserve strategic options for advancing or monetizing its core project and offers some protection if operating performance remains uneven.
Negative Factors
Negligible revenue and recurring losses
The absence of meaningful recurring revenue and the persistence of negative EBIT and EBITDA indicate that the core business is not yet generating dependable operating profitability. This weak earnings base limits self-funded growth and leaves results highly dependent on project milestones or non-operating items.
Read all positive and negative factors
Positive Factors
Negative Factors
Equity-backed balance sheet
A sizable and expanding equity base provides Rockhopper with financial flexibility while debt remains moderate relative to equity. This can help preserve strategic options for advancing or monetizing its core project and offers some protection if operating performance remains uneven.
Read all positive factors
Rockhopper Exploration (RKH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£668.89M
Dividend YieldN/A
Average Volume (3M)4.20M
Price to Earnings (P/E)88.2
Beta (1Y)0.82
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees9
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,071,985,700
10 Day Avg. Volume2,638,548
30 Day Avg. Volume4,197,447
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.76
Price to Sales (P/S)0.00
P/FCF Ratio25.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£135.00Price Target Upside84.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)N/A
Rockhopper Exploration Business Overview & Revenue Model
Company Description
Rockhopper Exploration plc is an oil and gas firm primarily focused on discovering and extracting hydrocarbons, with its main operations based in the United Kingdom. The company conducts exploration, evaluation, and development of its oil and gas ...
How the Company Makes Money
Rockhopper’s potential earnings are tied to upstream oil and gas project value creation rather than a diversified set of operating business lines. The company is expected to make money primarily through (1) monetization of its interest in the Sea ...
Rockhopper Exploration Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 652.00K | 839.00K |
| Gross Profit | -85.36K | -92.91K | -107.70K | -870.00K | -1.31M | -302.00K |
| EBITDA | -10.06M | -10.20M | -3.87M | -4.30M | 562.00K | -4.37M |
| Net Income | 7.99M | -40.51M | 47.61M | -4.55M | 35.55M | -7.76M |
Balance Sheet | ||||||
| Total Assets | 629.52M | 550.95M | 355.54M | 267.25M | 264.46M | 258.28M |
| Cash, Cash Equivalents and Short-Term Investments | 147.72M | 171.11M | 20.88M | 7.99M | 9.79M | 4.82M |
| Total Debt | 117.27M | 52.51M | 15.35M | 246.00K | 553.00K | 1.13M |
| Total Liabilities | 275.11M | 203.61M | 107.16M | 67.13M | 63.99M | 103.76M |
| Stockholders Equity | 354.41M | 347.34M | 248.38M | 200.12M | 200.47M | 154.52M |
Cash Flow | ||||||
| Free Cash Flow | -27.33M | 23.77M | 9.55M | -5.70M | -4.35M | -6.06M |
| Operating Cash Flow | 15.84M | 23.82M | 11.38M | -4.41M | -2.55M | -2.58M |
| Investing Cash Flow | -95.59M | 910.71K | -16.38M | 3.24M | -10.49M | -3.58M |
| Financing Cash Flow | 157.61M | 134.25M | 2.20M | 3.55M | 9.32M | -587.00K |
Rockhopper Exploration Technical Analysis
Negative
73.20
Price Trends
64.27
Negative
68.43
Negative
72.37
Negative
Market Momentum
0.26
Negative
54.20
Neutral
83.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RKH, the sentiment is Negative. The current price of 73.2 is above the 20-day moving average (MA) of 55.85, above the 50-day MA of 64.27, and above the 200-day MA of 72.37, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 54.20 is Neutral, neither overbought nor oversold. The STOCH value of 83.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:RKH.
Rockhopper Exploration Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £456.84M | 17.65 | 7.38% | 3.66% | 5.77% | 100.39% | |
68 Neutral | £593.68M | 5.89 | 27.37% | 2.51% | 3.33% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | £162.17M | -8.11 | -7.79% | 10.50% | -38.72% | 52.39% | |
51 Neutral | £668.89M | 88.21 | 2.28% | ― | ― | ― | |
50 Neutral | £132.96M | -9.25 | -4.94% | ― | ― | 69.79% |
* Energy Sector Average
GB:RKH
Rockhopper Exploration
62.60
-17.91
-22.25%
GB:GENL
Genel Energy
58.90
-6.60
-10.08%
GB:ENQ
Enquest
31.90
20.38
176.79%
GB:PANR
Pantheon Resources
9.12
-17.78
-66.10%
GB:GKP
Gulf Keystone Petroleum
210.00
35.82
20.57%
Rockhopper Exploration Corporate Events
Executive/Board ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Rockhopper issues new shares to pay director fees and updates AIM share capital
Neutral
Oct 16, 2026
Rockhopper Exploration has issued 16,968 new ordinary shares at 66.3 pence each to satisfy the non‑executive director fees of Barak Mashraki for the period from 1 July to 30 September 2026. Mashraki, appointed in June, has agreed to receive ...
Business Operations and StrategyM&A Transactions
Rockhopper commits US$44m to Sea Lion FPSO acquisition
Positive
Oct 7, 2026
Rockhopper Exploration has agreed to acquire a 35% pro rata participating interest in the OSX‑1 floating production, storage and offloading vessel via a subscription in a special purpose vehicle. The move is aimed at supporting the accelerat...
Business Operations and StrategyRegulatory Filings and Compliance
Rockhopper flags contractor changes as Argentina pressures Falklands oil project
Negative
Oct 5, 2026
Rockhopper said project operator Navitas Petroleum is moving to replace two contractors that have withdrawn from the Sea Lion oil development in the North Falkland Basin, after Argentina stepped up efforts to impose sanctions on parties involved i...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and Financing
Rockhopper Boosts Sea Lion Valuation as Falklands Project Funding and FPSO Expansion Advance
Positive
Sep 30, 2026
Rockhopper Exploration reported a landmark half-year marked by full funding and sanctioning of the first Northern Development Area phase of the Sea Lion project, targeting initial production in early 2028 via the upgraded Aoka Mizu FPSO. Developme...
Business Operations and StrategyPrivate Placements and Financing
Rockhopper Raises US$20m in Oversubscribed Open Offer to Fund Sea Lion Push
Positive
Sep 16, 2026
Rockhopper Exploration has secured strong shareholder backing for its latest equity raise, completing an oversubscribed open offer to investors. Valid acceptances totalled more than the shares available, resulting in pro rata scaling of excess app...
Business Operations and StrategyRegulatory Filings and Compliance
Rockhopper and Navitas play down Falklands political risk to Sea Lion project
Positive
Sep 4, 2026
Rockhopper Exploration has moved to reassure investors after media reports linked to Argentine President Javier Milei’s comments on the Falkland Islands and the Sea Lion oil project. The company highlighted a statement from project operator ...
Business Operations and StrategyPrivate Placements and Financing
Rockhopper Launches US$20m Open Offer to Fund Falklands Development
Neutral
Aug 28, 2026
Rockhopper Exploration has moved to bolster its finances with a proposed capital raising that includes an open offer to existing shareholders. The offer, which could raise up to about US$20 million if fully subscribed, is aimed at supporting the c...
Business Operations and StrategyPrivate Placements and Financing
Rockhopper raises US$180m in oversubscribed placing to fund Sea Lion field
Positive
Aug 27, 2026
Rockhopper Exploration has completed a significantly oversubscribed placing, raising about US$180 million via the issue of 189.2 million new shares at 70 pence each to existing and new institutional investors. The new shares represent roughly 22% ...
Business Operations and StrategyPrivate Placements and Financing
Rockhopper launches US$200m equity raise to accelerate Falklands Sea Lion development
Positive
Aug 27, 2026
Rockhopper Exploration plans to raise about US$180 million through a placing of new ordinary shares, supplemented by an open offer of up to US$20 million at 70 pence per share, a modest discount to the recent 30‑day average price. The capita...
Business Operations and StrategyFinancial Disclosures
Rockhopper Sees Major Value Uplift in Updated Sea Lion Reserves Report
Positive
Aug 26, 2026
Rockhopper Exploration has published an updated independent technical report on the Sea Lion field, showing higher gross resource volumes and net present values versus the prior assessment. The study by NSAI reflects revised development plans and ...
Business Operations and StrategyPrivate Placements and Financing
Rockhopper Plans Equity Raise as Sea Lion Expansion Advances
Positive
Aug 24, 2026
Rockhopper Exploration has highlighted a significant step forward in the Sea Lion project after operator Navitas exercised an option to acquire a second FPSO, the OSX-1, for around US$125 million. The vessel is intended to accelerate development o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.