analyst target set for $6.20 after PNG rig dealI think your supposed to insert HWO wherever they have Pengrowth in this story
Globe says Pow continues to rate Pengrowth "buy"
High Arctic Energy Services Inc (2) (C:HWO)
Shares Issued 53,276,039
Last Close 7/12/2017 $4.43
Thursday July 13 2017 - In the News
The Globe and Mail reports in its Thursday edition that High Arctic Energy Services has entered into negotiations to exchange three of its rigs for two rigs that it operates under long-term management contracts in Papua New Guinea. The Globe's Gillian Livingston writes in the Eye On Equities column that Acumen Capital analyst Brian Pow says in a note: "[Pengrowth] has entered into negotiations to exchange an equal share of its owned rigs (rigs 102, 115 and 116) for an equal share of the rigs that it has historically managed for its key customer (Oil Search Ltd.) under long-term management agreements (rigs 103, and 104) in a company to be jointly owned by High Arctic and its customer. It's expected that negotiations could be completed by year end. ... We view the proposed transaction as positive long term, as it improves the go-forward visibility of [Pengrowth's] operation in [Papua New Guinea]." Mr. Pow continues to rate Pengrowth "buy," but he shaved his share target by 60 cents to $6.20. Analysts on average target the shares at $7.24. The Eye column reported that Mr. Pow said there was "significant upside" in High Arctic on Sept. 7, 2016. He rated the shares "buy" in new coverage when they were worth $3.85.