FBR Capital Cuts Price Target on Gastar Exploration (GST) Following 3Q
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FBR Capital maintained a Market Perform rating on Gastar Exploration Limited (NYSE: GST), and cut the price target to $1.00 (from $1.50), following the company's 3Q earnings report. GST reported 3Q16 Adjusted EPS of ($0.08), missing consensus by a penny. The company’s recent asset sale and JDA have enhanced its liquidity position and reduced its capex burden. FBR estimates that GST will finish the year with $88 million in cash.
Analyst Chad Mabry commented, "We maintain our Market Perform rating on shares of Gastar Exploration while lowering our price target to $1.00 (from $1.50). GST reported 3Q16 earnings after the close on Thursday, November 3, with investors intently focused on results from the company’s STACK drilling program. In our view, the lack of definitive data points from either the Osage or Oswego test is a net negative that increases the risk profile of GST’s position in the play. However, the joint venture drilling program is underway and should help accelerate delineation, which could cause us to reassess our rating."
Shares of Gastar Exploration Limited closed at $1.03 yesterday.
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