OTCQX:GXOCF - Post by User
Post by
traderlong2on May 03, 2019 7:53am
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Post# 29705197
Analyst Raise Price of GXO in the news today
Analyst Raise Price of GXO in the news today
Globe says Molnar raises Granite Oil to "outperform"
2019-05-03 07:25 ET - In the News
The Globe and Mail reports in its Friday edition that after a "return to solid footing," Raymond James analyst Kurt Molnar raised his rating for Granite Oil to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Molnar increased his target for the stock to $2 from $1.40, which exceeds the consensus of $1.27. Mr. Molnar says in a note: "The update was very good news that has us upgrading the stock. The ops update included the company's first new well operation since May, 2018, and ongoing frack innovation appears to be paying dividends. The new well was reported with a well test of 838 b/d. While this is clearly early data, it is an impressive start and is additive to continued reservoir management efforts that delivered 1Q19 average production of 1,585 Boed (vs. 1,618Boed in 4Q18) despite no new wells in the quarter. All of this info, along with improved oil differentials derive full year 2019 guidance of $17-million of cash flow from only $6-million of capex (vs. our prior estimates of $13-million of cash flow from $10-million of capex). This means exit 2019 estimated debt and run rate cash flows should be at levels last seen by the company in late 2017."