TSX:NBZ - Post Discussion
Post by
birdie22 on Dec 07, 2016 8:57am
Globe says Northern Blizzard hiked to "market perform"
Globe says Northern Blizzard hiked to "market perform" Northern Blizzard Resources Inc (C:NBZ)
Shares Issued 121,443,799
Last Close 12/6/2016 $3.70
Wednesday December 7 2016 - In the News
The Globe and Mail reports in its Wednesday, Dec. 7, edition that BMO Nesbitt Burns analyst Ray Kwan says Northern Blizzard Resources ($3.70) has "set the right tone for 2017." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwan upgraded his rating to "market perform" from "underperform." Mr. Kwan raised his share target price for the stock to $4.50 from $3.75. Analysts on average target the shares at $4.36. Mr. Kwan says in a note: "Northern Blizzard intends to commence an issuer bid to cancel up to $75-million or 18.75 million of its shares at $4 per share (4-per-cent premium to Friday close). The offer is expected to remain open until the second half of January, 2017. The offer is not conditional on a minimum number of shares to be tendered, and note NGP and Riverstone (who collectively own 71.3 per cent of the common shares) have indicated their intention to tender all their shares pursuant to the offer. In our view, the company provides investors with the means to leverage higher heavy oil prices." Mr. Kwan rated Northern Blizzard "underperform" in new coverage in the Eye column on Sept. 12. He set a target of $4. The shares could then be had for $4.03.
© 2016 Canjex Publishing Ltd.
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