http://www.afr.com/p/markets/market_wrap/nexus_energy_nxs
Commonwealth Bank of Australia has retained its “sell” recommendation on Nexus Energyand downgraded its price target to 13¢.
The oil and gas company’s first-half result on Thursday showed an underlying loss after tax of $15.3 million, well below CBA’s forecast for a net profit of $1 million. Differences related to higher-than-expected production costs, depreciation and amortisation charges and finance costs.
The broker says that development of the company’s Crux project in the Browse Basin, offshore Western Australia, was a positive but delaying development by a decade reduces upside potential.
CBA also notes that its concerns about a downgrade of Longtom reserves have been confirmed.
End.
and yeah I know the analyst, hard to argue with his research.
There's a couple of others I'll post when I get the chance... much the same unfortunately.
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