OTCQB:PSHIF - Post by User
Post by
venuson Apr 18, 2019 3:58pm
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Post# 29646619
Negative press
Negative press Globe says PetroShale lowered to "speculative buy"
2019-04-12 06:47 ET - In the News
The Globe and Mail reports in its Friday, April 12, edition that Canaccord Genuity analyst Dennis Fong lowered his rating for PetroShale ($1.24) to "speculative buy" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Fong continues to target the shares at $2.75. Analysts on average target the shares at $2.25. On Wednesday, PetroShale reported production for the fourth quarter of 6,014 barrels of oil equivalent per day, missing the forecast of both Mr. Fong and the Street. Adjusted cash flow per share of five cents matched expectations. Mr. Fong says in a note: "PetroShale was negatively impacted by weather delays in the North Dakota Bakken resulting from colder-than-expected temperatures (and the impact of the polar vortex in Q4) as well as high winds, which hindered drilling and workover rigs. Further to this, the company had to shut-in wells to protect from offset third-party hydraulic fracturing. While we do not have concerns around the well productivity in the heart of the Fort Berthold Bakken, we see an increased risk of production shut-ins and one-time delays which could have large impacts on a company of PetroShale's size."