Imperial Capital Raises Price Target on Gastar Exploration (GST) Following Announced Transactions
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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.
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