Stifel Canada Upgrades Petrus Resources Ltd (PRQ:CN) (PTRUF) to Buy
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Stifel Canada analyst Cody Kwong upgraded Petrus Resources Ltd (PRQ:CN) (OTC: PTRUF) from Speculative Buy to Buy with a price target of Cdn$2.15 (from Cdn$1.50).
Analyst comments: "Petrus bring in the new year with a high impact IP30 rate from its first 100% WI well in North Ferrier. This success helps reduce the risk of meeting or beating compelling production growth bogeys set at >50% y/y (based on exit volumes). Marrying this with a WTI oil quote that has increased over US$20.00/bbl within the last two months and a constructive natural gas price backdrop, we are making a material increase to our new target price of $2.15/sh while also upgrading the stock from Speculative Buy to BUY. This level of success replicated in a much busier drilling program slated for 2H22 is likely to attracted outsized returns to shareholders over the next 12 months."
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