We have adjusted our EPS estimates and target price to reflect the funds received and shares issued in the company’s successful placement and open offer. The adjusted target price is now 123p offering 35% upside. We continue to rate the stock as a Buy as we believe the fundamental qualities of the business, the impact of the reduced cost base and strengthened balance sheet could put it in a strong position as and when the oil market recovers.
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New financials following fund raising
- Published:
04 May 2016 -
Author:
Alastair Stewart -
Pages:
3
We have adjusted our EPS estimates and target price to reflect the funds received and shares issued in the company’s successful placement and open offer. The adjusted target price is now 123p offering 35% upside. We continue to rate the stock as a Buy as we believe the fundamental qualities of the business, the impact of the reduced cost base and strengthened balance sheet could put it in a strong position as and when the oil market recovers.