RE:GEI Raised to Stong Buy with target of $32 by IA Globe says Gibson rating energized to "strong buy"
Ticker Symbol: C:GEI
Globe says Gibson rating energized to "strong buy"
Gibson Energy Inc (C:GEI)
Shares Issued 121,734,929
Last Close 11/13/2013 $25.99
Thursday November 14 2013 - In the News
The Globe and Mail reports in its Thursday edition that the dramatic growth in oil and natural gas production in North America has added to Gibson Energy's ($25.99) bottom line, resulting in Industrial Alliance Securities analyst Al Nagaraj hiking his rating to "strong buy" from "buy." The Globe's Darcy Keith, Eric Atkins and Stephanie Chan write in the Eye On Equities column that Mr. Nagaraj also boosted his price target to $32 from $29. Mr. Nagaraj notes consulting firm ICF International predicts an additional $230-billion will be put into developing oil and gas infrastructure in North America by 2035. Gibson Energy announced earlier this year that it would develop a new crude by rail terminal in Alberta with the help of a United States partner. Mr. Nagaraj says, "Demand for Gibson's services -- centred on the midstream value channel with services for storage, transportation, environmental services, and distribution -- will expand for many years to come due to the projected expansion in infrastructure." The average Street target among analysts is $29. Newman Group senior wealth adviser Greg Newman recommended buying Gibson Energy in The Globe on May 1, 2012. The shares could then be had for $22.64.
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