Jesup & Lamont Raises Their Price Target on ENGlobal (ENG) to $14.50

June 11, 2008 9:28 AM EDT

Jesup & Lamont raises their price target on ENGlobal (NASDAQ: ENG) from $14 to $14.50 and maintains their Buy rating

The upgrade of ENG is driven by a large number of developments with respect to the expansion of the nation’s refining capabilities. Projects that the firm highlighted include: "(1) Motiva Enterprises, LLC is currently expanding an existing refinery to 600,000 bpd from 275,000 bpd in Port Arthur, Texas. (2) Voters in South Dakota’s Union County approved the construction of a 400,000 barrel per day oil refinery. (3) Marathon's estimated $3.2 billion Garyville, Louisiana, refinery expansion project is expected to increase its crude oil refining capacity by 180,000 barrels per day."

In light of these overall favorable developments, the firm is recalibrating and increasing their 2008 EPS estimate to $0.61 from $0.60, and establishing a 2009 EPS estimate of $0.68.

ENGlobal Corporation provides engineering and system design consulting services that are particularly applicable to energy-related operations.

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