Glori Energy (GLRI) Reports In-Line 3Q EPS; Baird Cuts Price Target to $4
Baird maintained an Outperform rating on Glori Energy (NASDAQ: GLRI), and cut the price target to $4.00 (from $6.00), following the company's 3Q earnings. Revenue was $2.0M vs. consensus estimates of $3.0M. Non-GAAP EPS was ($0.10), in-line with consensus of ($0.10). GLRI continues to expect initial results from its first injector well with the AERO system over the next few months.
Analyst Ben Kallo commented, "Results missed on the top line but beat on bottom line. Importantly, GLRI will deploy its AERO technology on three to four additional wellbores at the Coke field and begin nutrient injection by Q1:16. Additionally, GLRI is seeing increasing inquiries in its Services segment and a larger number of acquisition opportunities. We believe a successful AERO deployment/uplift at the Coke field will help validate the technology and position GLRI for long-term success."
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Shares of Glori Energy closed at $0.90 yesterday.