Wunderlich Securities Initiates Coverage on NGAS Resources (NGAS) with a Hold; Great Prospects, But...
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Wunderlich Securities initiates coverage on NGAS Resources (Nasdaq: NGAS) with a Hold. Price target $2.50
Wunderlich analyst says, "While we like the acreage position and horizontal drilling results, the current focus is on debt reduction, which could cause production to be rather flat through 2010. Also, the oversupply of natural gas looks to keep prices depressed, though we do like NGAS hedging position and the premium pricing. We would look to take a position in NGAS once natural gas prices stabilize/increase, all else being equal, but given the current environment, we are initiating with a Hold."
"Management has experience and a stake in the game. President and CEO Bill Daugherty and management have built the company from the ground up in 1984 to a public company with a significant acreage position. The company's management, directors, and employees own about 5% of NGAS stock, which we believe links the company to its investors nicely."
To see more analyst ratings on RGAS Click Here.
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