Roth Capital Starts Vaalco Energy (EGY) at Buy
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Roth Capital analyst John White initiates coverage on Vaalco Energy (NYSE: EGY) with a Buy rating and a price target of $4.00.
The analyst comments "We initiate coverage with a Buy rating and a $4.00 target price, which is based on our net asset value analysis. EGY checks all the boxes of the current investor wish list: free cash flow, a balance sheet with zero debt and expectation of year over year production growth in 2021 of 46%. EGY has further displayed strong execution with its successful 2019/2020 drilling program and all of EGY’s drilling efforts during 2018 through 2020 resulted in producing wells."
Shares of Vaalco Energy closed at $2.25 yesterday.
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