Gastar Exploration (GST) PT Raised to $12 at Imperial Capital

Imperial Capital analyst Kim Pacanovsky reiterated an Outperform rating on Gastar Exploration Limited (NYSE: GST) and raised her price target to $12.00 (from $8.00) to more fully reflect our Risked Net Asset Value (RNAV) of the shares.

Pacanovsky comments, "Previously, we had a $15 RNAV and our price target of $8 represented a significant discount from this level. Due to GST’s recent comments regarding the high porosities (up to 17%, and averaging about 14%) seen in its 92 feet of Point Pleasant formation in Simms well – the first dry Utica well being drilled on GST acreage – we are raising our RNAV slightly to $16. Our Utica contribution still has considerable running room, as we give each location just 10 bcf, and discount the locations to a 15% probability. We still include no contribution for the Woodford or Meremac and thus continue to believe there is considerable potential upside to our RNAV estimate."

For an analyst ratings summary and ratings history on Gastar Exploration Limited click here. For more ratings news on Gastar Exploration Limited click here.

Shares of Gastar Exploration Limited closed at $8.99 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
• London Stock Exchange Group Plc. (LSEG:LN) (LNSTY) PT Raised to GBP88 at HSBC