Stifel Initiate Coverage Stifel’s Cody Kwong initiated coverage of Logan Energy Corp. (LGN-X) with a “buy” rating and $1.50 target. The average is $1.61.
“As a part of the successful value maximization exercise at Spartan Delta, the principals have spun out a pure play Montney vehicle dubbed Logan Energy,” said Mr. Kwong. “This screens as a differentiated investment opportunity within our coverage universe given its focus on growth instead of the recently popular return of capital business plans that have emerged over the past few years. Between a hot M&A market within the Montney, Management’s proven track record of being commercial, armed with over $100-million of cash in the bank for organic and inorganic growth, and a brimming catalog of exciting drilling locations, we believe Logan Energy will be a name of focus for both investors and inventory-hungry peers.”