National Bank Financial Resumes Coverage with Outperform Rating for Storm Resources (TSXV:SRX) - Video Research Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 21, 2013 - National Bank Financial has
resumed coverage on Storm Resources (TSXV:SRX). Following the release of the
3rd quarter results, analyst Don Payne gives the company an outperform rating,
and a12-month target of $4.75, a premium of 32% to the $3.60 price the day the
report was issued.
InvestmentPitch.com has produced a "video research alert" about Storm Resources
based on this report. If this link is not enabled, please visit
www.InvestmentPitch.com and enter "Storm" in the search box.
The company reported 3rd quarter production of 3,800 barrels of oil equivalent,
of which 73% was gas, and associated cash flow per share of $0.08.
During the quarter, the company realized a cash netback of approximately $17.50
per barrel of oil equivalent, up 9% over the prior quarter.
This was driven primarily by higher liquids production and associated revenue,
in addition to lower general and administrative costs.
Storm holds a deep inventory of unconventional prospects at Umbach (112
sections) and the Horn River Basin (137 sections) that provide "company-maker"
potential while the smaller oil-weighted Grande Prairie region (61 sections)
yields a stable cash flow base to help fund long-term growth objectives.
Analyst Don Payne stated, "Storm Resources continues to be one of our most
favoured junior gas names, with an excellent management team guiding the
successful delineation of an emerging Montney play, which should continue to add
shareholder value."
The company recently completed a bought deal financing priced at $3.55 per
share, for gross proceeds of $30,150,000, through a syndicate of underwriters
led by FirstEnergy Capital corp.
Proceeds of the financing will be used to accelerate the development of the
company's Umbach Montney project, for which the company announced an $81 million
capital budget to provide for the drilling of 11 net horizontal Montney wells at
Umbach (10.6 net completed/tied in).
The company currently trades at $3.60, below the $4.75 target price, and with
87.5 million shares outstanding, the company is capitalized at $315 million.
For background information, Storm Resources was spun off from Storm Exploration
which was sold to ARC Resources in August 2010.
For more information, please visit the company's website
www.stormresourcesltd.com or contact Carol Knudsen, Manager, Corporate Affairs
at 403-817-6145.
For more information about National Bank Financial or to obtain a copy of their
research report, contact your nearest National Bank Financial office. Their
branches are listed on their website at www.nbf.ca.
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 21.11.2013 - 16:01 Uhr
Sprache: Deutsch
News-ID 319315
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