Canaccord maintains buy...raises price target to $11.00
In a report published Friday, Canaccord Genuity analyst Stephen Berman reiterated his Buy rating on Emerald Oil (NYSE: EOX [FREE Stock Trend Analysis]), and slightly raised his price target from $10.50 to $11.00.
In the report, Berman noted, “EOX is transitioning to an emphasis on operated drilling in the Williston Basin (WB) Bakken/Three Forks (TF) play in McKenzie/Dunn Counties of North Dakota. We believe EOX's successful transition to a balanced operated/non-operated model will act as a strong catalyst for the stock. Thus far, EOX has shown itself fully capable of transitioning to operatorship, and much anticipated 30-day rates for its initial three wells in McKenzie County should be made available in May. Four wells from a neighboring operator have averaged 30-day rates of ~680 Boe/d with EURs approaching 600-700 MBoe (EOX is only utilizing a 475 EUR assumption in its 2.6 MBoe/d exit rate guidance). Given its recent success in converting acreage, we expect net operated acreage to exceed guidance of 20K acres by year end.”
These analysts know nothing. I mean they actually use research and facts. That is just dumb. I, on the other hand, use statements that I just make up, based on my feelings and emotions. Everyone knows that is how you analyze a stock.