Endeavour (END) Shares Continue to Climb on Acquisition News, Rodman & Renshaw Upgrade
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Price: $0.16 --0%
Rating Summary:
1 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
1 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Endeavour International (NYSE: END) shares are ramping once again Wednesday morning following an earlier upgrade at Rodman & Renshaw. The stock last traded at $9.10, up 14.6 percent from Tuesday's close.
The firm boosted its investment rating on the stock from Market Perform to Market Outperform and set a $12.50 price target.
Shares ran up more than 24 percent on Tuesday after the company announced its subsidiary, Endeavour Energy UK Limited, entered into a purchase and sale agreement to acquire ConocoPhillips' (NYSE: COP) interest in three producing U.K. oil fields in the Central North Sea for $330 million, including approximately $94 million of tax attributes.
Endeavour's Chairman and CEO said, "...Upon completion of this transaction and after the start-up of Bacchus and the Greater Rochelle development projects, Endeavour will become one of the largest independent producers in the U.K. North Sea."
Pro forma for the acquisition, Endeavour's proved plus probable reserves would increase to almost 80 million barrels of oil equivalent from 44 mmboe at December 31, 2010. Production would increase from current levels of approximately 4,500 boe per day to in excess of 20,000 boepd with the start up of Bacchus and Greater Rochelle anticipated in 2012 and the closing of the acquisition.
The firm boosted its investment rating on the stock from Market Perform to Market Outperform and set a $12.50 price target.
Shares ran up more than 24 percent on Tuesday after the company announced its subsidiary, Endeavour Energy UK Limited, entered into a purchase and sale agreement to acquire ConocoPhillips' (NYSE: COP) interest in three producing U.K. oil fields in the Central North Sea for $330 million, including approximately $94 million of tax attributes.
Endeavour's Chairman and CEO said, "...Upon completion of this transaction and after the start-up of Bacchus and the Greater Rochelle development projects, Endeavour will become one of the largest independent producers in the U.K. North Sea."
Pro forma for the acquisition, Endeavour's proved plus probable reserves would increase to almost 80 million barrels of oil equivalent from 44 mmboe at December 31, 2010. Production would increase from current levels of approximately 4,500 boe per day to in excess of 20,000 boepd with the start up of Bacchus and Greater Rochelle anticipated in 2012 and the closing of the acquisition.
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