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Bullboard - Stock Discussion Forum Logan Energy Corp V.LGN

Alternate Symbol(s):  LOECF

Logan Energy Corp is a Canada-based company, which is engaged in the acquisition, production and exploration of oil and natural gas. The Company is focused in the Pouce Coupe and Simonette areas of north-west Alberta on the Montney resource trend, and in the Flatrock area of north-east British Columbia. The Company has approximately 193,000 net acres of working interest, 95% Montney Crown land... see more

TSXV:LGN - Post Discussion

Logan Energy Corp > Eight Capital
View:
Post by retiredcf on Aug 02, 2023 8:26am

Eight Capital

Given targets from Scotiabank and National Bank, not sure about the "only analyst" covering the company but here you go. GLTA

Eight Capital analyst Phil Skolnick sees Logan Energy Corp.  as “a highly differentiated company by virtue of its ability to generate significant growth and get rewarded for it.” 

In a research report released Wednesday titled An Eruption of Growth, he initiated coverage of the Calgary-based company, which began trading on the Venture Exchange on July 18, with a “buy” recommendation.

“The company is targeting organic growth of over four times to about 20 MBOE/d [thousand barrels of oil equivalent per day] in less than five years,” said Mr. Skolnick. “The key is that there has been little to no capital deployed on LGN’s asset base as SDE was largely focused on the development of its oil-weighted Montney assets. We estimate that LGN has the inventory and wherewithal to generate 40-50-per-cent average annual production growth with liquids weighting to grow from the current 24 per cent. This is supported by over 500 identified drilling locations that lie across 193,000 net acres of liquid-rich natural gas Montney lands held at an average 95-per-cent w.i. The company also has a 50-per-cent w.i. in the 120 MMcf/d 13-11 Simonette gas plant, which has 80 per cent of unutilized capacity, all of which is available to LGN.

“We see upside potential in the guidance as LGN is not accounting for improvements from more modern drilling & completion techniques. The company’s near-term guidance assumes conservative cost and well performance ... Testing more modern completion techniques should yield increased production growth expectations, in our view. To that end, even when using a blend of modern and legacy type curves, we are almost 15 per cent and 10 per cent above consensus 2024 and 2025 estimated production, respectively.”

Believing Logan has the balance sheet strength to “provide top-tier per share growth” and expressing confidence in its management’s “ability to deliver,” the analyst thinks Logan will eventually will sell itself to a larger peer.

“But the fundamentals speak for themselves, and therefore, we support owning the stock,” he said.

Currently the lone analyst covering the stock, Mr. Skolnick set a target of $2.20, representing 203-per-cent upside to Tuesday’s closing price.

Comment by revelator5 on Aug 02, 2023 8:36am
This post has been removed in accordance with Community Policy
Comment by bvanisi on Aug 02, 2023 8:44am
This post has been removed in accordance with Community Policy
Comment by Fyordian on Aug 02, 2023 3:50pm
I've been wondering where the EC coverage has been. Guess they had to shore up their own position before putting out the research. Can't blame them for that, but they put their money where the mouth is and have been holding the $1.00 price point all day. Thanks for the heads up that the report is finally out and it should be a good 29 page read. House Positions for C ...more  
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