Global Hunter Securities Starts Cobalt International Energy (CIE) at Buy
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Price: $0.21 --0%
Rating Summary:
8 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities initiates coverage on Cobalt International Energy (NYSE: CIE) with a Buy. PT $35.00.
The firm comments, "Cobalt International Energy (CIE) has proven to be an exceptional explorer, in our opinion, with large-scale discoveries under its belt in both the GOM and Angola. 2013 and 2014 should see a series of wells being drilled that, while high risk, could hold a net 1.4 Bboe in aggregate – not to mention near-term appraisals of discoveries at Cameia in Angola and Shenandoah in the GOM that are prospective for another 400-plus MMboe. A recent discovery at the North Platte prospect, with a mean 400 MMboe potential estimate, adds to the inventory. With ~$2.3B in pro forma working capital following a recent $1.38B debt raise, we see CIE funded for exploration through 2014. CIE is set for a string of shots at the deepwater pre-salt, any one of which could be a material discovery. We are initiating coverage of CIE with a Buy rating and a $35 price target, which represents 96% of our risked NAV estimate."
For an analyst ratings summary and ratings history on Cobalt International Energy click here. For more ratings news on Cobalt International Energy click here.
Shares of Cobalt International Energy closed at $25.04 yesterday.
The firm comments, "Cobalt International Energy (CIE) has proven to be an exceptional explorer, in our opinion, with large-scale discoveries under its belt in both the GOM and Angola. 2013 and 2014 should see a series of wells being drilled that, while high risk, could hold a net 1.4 Bboe in aggregate – not to mention near-term appraisals of discoveries at Cameia in Angola and Shenandoah in the GOM that are prospective for another 400-plus MMboe. A recent discovery at the North Platte prospect, with a mean 400 MMboe potential estimate, adds to the inventory. With ~$2.3B in pro forma working capital following a recent $1.38B debt raise, we see CIE funded for exploration through 2014. CIE is set for a string of shots at the deepwater pre-salt, any one of which could be a material discovery. We are initiating coverage of CIE with a Buy rating and a $35 price target, which represents 96% of our risked NAV estimate."
For an analyst ratings summary and ratings history on Cobalt International Energy click here. For more ratings news on Cobalt International Energy click here.
Shares of Cobalt International Energy closed at $25.04 yesterday.
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