Canaccord Genuity Maintains a 'Hold' on Talisman Energy (TLM); May 8 Eagle Ford Tour Could Be Trading Catalyst
Tweet
Share
E-mailGet Alerts TLM Hot Sheet
Price: $7.99 --0%
Rating Summary:
3 Buy, 9 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 9 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Canaccord Genuity maintains a 'Hold' on Talisman Energy (NYSE: TLM) price target of $14.00.
Analyst, Phil Skolnick, said, "The keys to TLM’s Q1 earnings release is that the company has partially written off Yme and taken it out of its growth outlook, and it has further reduced dry gas spending in North America. The update on Yme is not quite the “all she wrote” event that we were anticipating; however, in the mean time, once the dust settles, investors will likely look past it (until whenever a future update is planned). Due to the underperformance over the last four trading days, we do believe the May 8 Eagle Ford tour could be a positive catalyst for the stock as there is the potential for the company to provide visibility around egress adds. However, unless a large North Sea divesture program is unveiled at the May 9 Investor Day, which we don’t expect there will be, we don’t see the latter event to be much of a catalyst. We maintain our HOLD rating and $14 target on continued disappointments and delay in the transformational process. However, we recognize that the potential of getting flow test permits in Colombia in the next month or two could start making things interesting for the stock."
"We still believe that continued strategy changes are extending the transformational process and potential re-rating of the stock."
For an analyst ratings summary and ratings history on Talisman Energy click here. For more ratings news on Talisman Energy click here.
Shares of Talisman Energy closed at $12.70 yesterday.
Analyst, Phil Skolnick, said, "The keys to TLM’s Q1 earnings release is that the company has partially written off Yme and taken it out of its growth outlook, and it has further reduced dry gas spending in North America. The update on Yme is not quite the “all she wrote” event that we were anticipating; however, in the mean time, once the dust settles, investors will likely look past it (until whenever a future update is planned). Due to the underperformance over the last four trading days, we do believe the May 8 Eagle Ford tour could be a positive catalyst for the stock as there is the potential for the company to provide visibility around egress adds. However, unless a large North Sea divesture program is unveiled at the May 9 Investor Day, which we don’t expect there will be, we don’t see the latter event to be much of a catalyst. We maintain our HOLD rating and $14 target on continued disappointments and delay in the transformational process. However, we recognize that the potential of getting flow test permits in Colombia in the next month or two could start making things interesting for the stock."
"We still believe that continued strategy changes are extending the transformational process and potential re-rating of the stock."
For an analyst ratings summary and ratings history on Talisman Energy click here. For more ratings news on Talisman Energy click here.
Shares of Talisman Energy closed at $12.70 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Bernstein SocGen on Meta Platforms Inc. (META): 'Risk-reward remains attractive'
- Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS ViewRelated Entities
EarningsSign 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!
