Ann: Buffalo Project Update, page-271

Above post was from 19/10/21 not 21/10.

Also via FNArena - looks like MacQuarie and Ords see CVN as a takeover target (from earlier commentary).

Sentiment Indicator 0.5 No. Of Recommendations 2

BROKERDATERATINGRECOMMENDATIONTARGET PRICE% TO REACH TARGET

Macquarie 02/09/2021 3 Neutral $0.33 (06/10/2021)

3.13%

• COMMENTARY

  Macquarie marks-to-market Energy sector earnings for the latest commodity prices estimates and Australian dollar forecast, and also incorporates company specific adjustments following the reporting season.

  The sector is in a consolidation phase, ultimately led by global decarbonisation trends pressuring the global oil demand peak to now be within a visible time horizon, explains the broker.

  A model roll-forward and revisions to future employee expenses and new venture advisory costs drove reductions to EPS forecasts for Carnarvon Petroleum, explains the broker. The price target falls to $0.27 from $0.30 and the Neutral rating is unchanged.

  FORECAST
  Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus -0.42 cents.
  Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus -0.77 cents.

Ord Minnett 06/07/2021 1 Upgrade to Buy from Hold $0.38

(07/10/2021)

18.75%

• COMMENTARY

  Ord Minnett believes M&A could be the catalyst for equity performance and remains positive on most stocks in the Energy and Utilities sector. It's felt compelling valuations could prompt corporate activity across the sector, with a number of assets up for sale.

  All energy stocks the broker covers are trading below estimated valuation. The rating for Carnarvon Petroleum is raised to Buy from Hold based on valuation and the target price lifts to $0.35 from $0.33.

  FORECAST
  Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.00 cents.
  Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.