Jennings Capital Increases Target Price on Geodrill Limited (TSX:GEO) Based on Stronger Revenue & Adjusted Earnings - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, March 7, 2012 - Jennings Capital analyst, Russell
Stanley, has increased his 12 month target for Geodrill Limited (TSX:GEO) from
$4.50 to $5.25, following reported revenue and adjusted earnings, that were both
stronger than forecast. Adjusted earnings were approximately $0.09 a share, well
ahead of the forecast of $0.03 a share.
InvestmentPitch.com has produced a "video news alert" based on this report. If
this link is not enabled, please visit www.InvestmentPitch.com and enter
"Geodrill" in the search box.
The company is a leading West African based drilling company currently operating
in Ghana and Burkina Faso, where the company specializes in providing reverse
circulation, diamond core, and air-core drilling services using a modern fleet
of drill rigs. Jennings Capital expects the company to exit 2012 and 2013 with
40 and 50 operational rigs, respectively.
CEO Dave Harper commented that "the company is considering potential
acquisitions of drillers with strong operating histories, complementary
customers and new contracts. The exploration market in West Africa remains
strong, and we believe the company is well positioned to benefit, with its
significant rig fleet growth plans and the construction on new camps and
workshop facilities."
As we mentioned earlier, Jennings gives Geodrill a buy recommendation with a 12
month price target of $5.25, a 60% premium to today's $3.30 price. The company
has 42.5 million shares outstanding, and is capitalized at $140 million.
Jennings continues to give the company an above average risk rating.
For a more information on Geodrill please visit their website at
www.geodrillgh.com.
Their investor relations is handled by Joanna Longo. For more information or a
copy of the Jennings Research report, phone her at 416-238-1414 or email
jlongo(at)terrepartners.com.
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 07.03.2012 - 23:43 Uhr
Sprache: Deutsch
News-ID 122945
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