FBR Capital Reiterates an 'Outperform' on Endeavour International (END); Rochelle Complex Takes an Important Step Forward
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Price: $0.16 --0%
Rating Summary:
1 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital reiterates an 'Outperform' on Endeavour International (NYSE: END), PT $18.
FBR analyst says, "This morning, Endeavour announced an agreement of commercial terms with the owners of the Scott platform for the processing and transportation of gas from East Rochelle. This is an important step forward, as it materially de-risks commercialization. As a result, we are increasing our base-case NAV estimate by $8.30/share to $21/share. Also, we are more comfortable with our estimate that production could double by year-end 2011 and double again by early 2013. Additionally, exploratory efforts planned during 3Q11 for the U.K. could yield materially positive results. Domestically, potential progress on Heath Oil Shale and Alabama Gas Shale will be key drivers of long-term stock price appreciation."
For more ratings news on Endeavour International click here and for the rating history of Endeavour International click here.
Shares of Endeavour International closed at $14.61 yesterday.
FBR analyst says, "This morning, Endeavour announced an agreement of commercial terms with the owners of the Scott platform for the processing and transportation of gas from East Rochelle. This is an important step forward, as it materially de-risks commercialization. As a result, we are increasing our base-case NAV estimate by $8.30/share to $21/share. Also, we are more comfortable with our estimate that production could double by year-end 2011 and double again by early 2013. Additionally, exploratory efforts planned during 3Q11 for the U.K. could yield materially positive results. Domestically, potential progress on Heath Oil Shale and Alabama Gas Shale will be key drivers of long-term stock price appreciation."
For more ratings news on Endeavour International click here and for the rating history of Endeavour International click here.
Shares of Endeavour International closed at $14.61 yesterday.
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