We reiterate our Buy rating and 12.5p target price on Nighthawk Energy following a solid set of interim results. Nighthawk is focused on low-cost, conventional oil production from an underdeveloped onshore province in the US. The company remains profitable, even at these low oil prices, and, following the successful convertible loan issue, is funded to drill new wells that can drive production and cash flow growth in the near term. Nighthawk is currently trading at a 25% discount to core NAV.
05 Oct 2015
Profitable even at these low oil prices
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Profitable even at these low oil prices
Nighthawk Energy (HAWK:LON) | 0 0 -10.0% | Mkt Cap: 2.51m
- Published:
05 Oct 2015 -
Author:
Mark Henderson -
Pages:
4
We reiterate our Buy rating and 12.5p target price on Nighthawk Energy following a solid set of interim results. Nighthawk is focused on low-cost, conventional oil production from an underdeveloped onshore province in the US. The company remains profitable, even at these low oil prices, and, following the successful convertible loan issue, is funded to drill new wells that can drive production and cash flow growth in the near term. Nighthawk is currently trading at a 25% discount to core NAV.