Imperial Capital Raises Price Target on Gastar Exploration (GST) Following Announced Transactions
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Imperial Capital reiterated an Outperform rating on Gastar Exploration Limited (NYSE: GST), and raised the price target to $1.75 (from $1.30), following the company's announced joint development agreement and $71.0mn sale of its “Southern STACK” properties.
Analyst Kim Pacanovsky commented, "On 10/20/16, GST announced two transactions: the first was a joint development agreement whereby the partner will fund 90% of the capital costs to drill three tranches of 20 wells, for an initial 80% WI (details discussed herein) and the second is the $71.0mn sale of its “Southern STACK” properties. The combination of the two transactions results in a low cost method of derisking its properties while providing a cash infusion to give GST extra liquidity padding during the process. Both of these events are very positive for GST, and lead us to increase our price target to $1.75 from $1.30."
Shares of Gastar Exploration Limited closed at $1.39 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- KLR Group Raises Price Target on PDC Energy (PDCE) to $90
- Benchmark Remains Bullish as Marcus Corporation (MCS) Announces Wehrenberg Theaters Acquisition
- Micron (MU) PT Raised to $25 at Brean Capital; Upbeat on Low Inventories
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesImperial Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!